Target price of 205 Hong Kong dollars! CITIC SEC upgrades XUNCE (03317) to "buy" rating, optimistic about TokenOS operating system seizing opportunities in the enterprise-level AI blue ocean.

Recentlty, CITIC SEC's latest research report pointed out that the recent stock price adjustment of XUNCE (03317) was due to the market mistakenly comparing it to large model companies. In fact, the ecological barriers of the two are not the same. The bank is optimistic about XUNCE TokenOS positioning in the enterprise-level AI blue ocean, raising its target price to 205 Hong Kong dollars, and upgrading its rating from "hold" to "buy", implying a 50% increase compared to the closing price on June 17th (136.8 Hong Kong dollars), a 28% increase from the previous target price of 160 Hong Kong dollars. The bank expects XUNCE to achieve a net profit of 176 million yuan in 2026, turning losses into profits, and further increasing to 720 million yuan and 1.318 billion yuan in 2027 and 2028 respectively. In terms of revenue, it is estimated to be 2.369 billion, 3.5 billion, and 4.5 billion yuan in 2026-2028 respectively. With a valuation of 24.6 times the PS in 2026, corresponding to a market value of 66.2 billion Hong Kong dollars, the current stock price has significant upside potential. Enterprise AI enters a new stage, and the knowledge worker group becomes the next core battleground. The research report believes that the AI industry is undergoing a key transition from "general capabilities display" to "deep cultivation in vertical scenarios", and the knowledge worker group will be the core battleground for AI landing in the next stage. Financial analysts, lawyers, consultants, and other groups deal with exponentially increasing amounts of information on a daily basis, but traditional toolchains still remain at the level of "information retrieval". With years of deep cultivation in vertical fields, XUNCE will have a first-mover advantage, block ecological barriers, differentiate from general large model companies, and although their billing models are both Tokenized, their ecological moat is more robust. ARPU doubles year-on-year, business model upgrades to "Tokenization". The company's core growth DRIVE is shifting from expanding the number of customers to deepening the value of single customers. With the total number of customers stabilizing (230 in 2025 vs. 232 in 2024), ARPU doubled to 5.59 million yuan year-on-year. The company recently launched the TokenOS operating system and a business model based on Token billing, aiming to become the core supplier of "data Tokens" connecting multiple computational bases and multi-model vendors, poised to grasp pricing power in the wave of AI commercialization, and build a "value-based pricing" commercial loop. TokenOS operating system: Architectural innovation, different from traditional data service providers. The research report points out that the TokenOS operating system is not just a simple data integration tool, but a "data flow operating system" designed for high-frequency decision-making scenarios such as finance and energy by converting multi-source heterogeneous data in real-time into standardized Token data units, achieving millisecond-level data governance and AI-ready output. Enterprise AI deployment relies on the workflow and data infrastructure of the enterprise itself, which is where XUNCE's ecological barriers lie, distinguishing it from traditional data service providers and general AI middle platform vendors.