Guotai Haitong: Initiates "buy" rating on QINIU (02567) with a target price of HK$1.1.

Guotai Haitong released a research report stating that they are initiating coverage on QINIU (02567) with a "Buy" rating. They forecast revenues of 16.9/20.3/24.6 billion RMB for the years 2025-2027, with the company's main business structure being clear and having a significant technological advantage. Based on a PS valuation, they ultimately give the company a valuation of 1.0x PS for 2026, corresponding to a reasonable market value of 2.03 billion RMB, with a target price for the company of 1.1 Hong Kong dollars (converted at 1 HKD = 0.92 RMB). Guotai Haitong's main points are as follows: QINIU has a strong foundation in digitalization, with multiple businesses advancing simultaneously Founded in 2011, QINIU is China's leading audio and video cloud service provider. Its core businesses include MPaaS (audio and video platform as a service) and APaaS (application platform as a service). In terms of market position, in 2023, QINIU was the third largest audio and video PaaS service provider in China, as well as the second largest APaaS provider. As a leading audio and video cloud service provider in China, with both MPaaS and APaaS driving growth, and under the push of AI technology development, the company is able to provide more intelligent features and scenario-based solutions, with future performance growth expected to exceed expectations. QINIU has a strong layout on the client side, with AI business realization and support from the Alibaba ecosystem jointly driving enterprise growth As China's leading audio and video cloud service provider, QINIU, with its strong foundation in MPaaS technology, continuously innovates through its dual strategy of "audio and video + AI". By the first half of 2025, AI-related business revenue accounted for 22.2%, showing strong growth momentum; the company actively lays out on the client side, with its low-code APaaS platform effectively reducing development barriers, helping customers quickly deploy intelligent audio and video solutions. Additionally, with Alibaba's Taobao China Holding as an important strategic investor (holding approximately 16.27%), it not only provides ecological resource synergy but also strengthens the company's competitive edge in the cloud computing market. QINIU's deep layout Client-side AI and the synergistic fission of Siasun Robot & Automation's Android ecology. QINIU's client-side AI layout highlights a strategic ambition to transform from a technology tool provider to an ecological platform. The company has launched the "Lingsi AI" natural interaction platform based on its audio and video cloud genes, which integrates natural language understanding and situational response in the intelligent home and service scenarios of Siasun Robot & Automation. Its low-latency, high-precision technology solutions developed for Siasun Robot & Automation's interaction modules form a unique position in the upcoming wave of embodied intelligence, in strategic synergy with the company's APaaS business. At an industry level, the release of the "Wisely Open Things" universal embodied intelligence platform marks the arrival of the "Android Moment" in the Siasun Robot & Automation field. As the Siasun Robot & Automation industry transitions from the "feature phone" era to the "smartphone" era, QINIU, with its multi-modal technology accumulation and client-side interaction capabilities, is poised to capture system-level dividends in the ecological explosion. Risk Warning: Risks include intensified market competition, new products and solutions not being accepted by the market, and unsuccessful expansion of solutions into new vertical industries.