China Securities Co., Ltd.: First to rate MININGLAMP-W (02718) "buy" with high growth seen in new business Agentic Services landing and cashing in immediately.

China Securities Co., Ltd. issued a research report stating that MININGLAMP-W (02718) was given a "buy" rating for the first time. The company is currently at a crucial stage of transitioning from traditional data intelligence to Agentic AI strategy. The new business, Agentic Services, landed in the second half of last year and achieved high growth, with revenue expected to exceed 100 million yuan by 2025. The bank predicts that the company's net profit in 2026-2028 will be -190 million yuan, 48 million yuan, and 320 million yuan respectively. In 2026, due to a significant increase in research and development investment, the company will shift from profit to loss. In 2027, with the improvement of the gross profit margin of the agentic services business and a slowdown in research and development investment, the company will shift from loss to profit. In 2028, profits will see a significant increase. China Securities Co., Ltd.'s main points are as follows: The future growth points of Agentic Services come from: 1) Strong demand for AI, with the enterprise AIAgent track being a trillion-dollar market, with ample long-term growth potential. 2) Expansion of scenarios: Agentic Services is currently mainly landing in marketing scenarios, with the possibility of expanding to e-commerce operations, short-form content generation, and other scenarios in the future. 3) Landing of new platforms and business models: Octo, a platform that combines human and agent collaboration, has been launched and is expected to charge based on tokens in the future. 4) Relying on equity and business cooperation with Tencent, deep cooperation in the AI application field, and the potential to open up growth space. The company's strategic transformation is well regarded, and its layout of Agentic AI's core advantages comes from the industry experience accumulated by Wuxi Online Offline Communication Information Technology Co., Ltd. over 20 years, as well as its self-developed DeepMiner intelligent body platform and other technical systems. Agentic Services is the core driver of future growth: 1) The enterprise AIAgent market space is vast. From 2025 to 2029, the domestic AIAgent marketing market alone will reach a trillion yuan in size, with over 70% of marketing practitioners using generative AI as a norm. Enterprises have a strong demand for intelligent services that are automated and result-oriented; the adoption rates of large, medium, and small enterprise AIAgents are expected to increase from 3%, 0.5% to 25%, 15% respectively by 2028. 2) The Agentic Services business officially landed in 2025, generating over 100 million yuan in revenue that year. The company began laying out AgenticAI in 2023, gradually building the DeepMiner underlying platform, and supporting decision-making with Cito and execution with Mano. The new business currently serves over 50 brands, having landed in the marketing field first, with new customers contributing to 30% from this sector. It is the core engine driving the company's long-term growth. 3) The launch of the Octo multi-agent collaboration platform this year deepens the company's layout and is expected to deepen cooperation in the AI product field through equity and business cooperation with Tencent. Tencent is the company's largest external shareholder, with over 25% ownership after the IPO; in October 2025, the two parties signed an agreement for deep cooperation in marketing/operational intelligence, industry solutions, and cloud services. The company's private domain tools (such as Weihelper) are rooted in WeChat/WeChat ecosystem, and in the future, AIAgent products like Octo are expected to deepen their cooperation with Tencent in the enterprise AIAgent landing and AI application fields. Marketing intelligence + operational intelligence is a solid foundation for stability: Marketing intelligence covers scenarios such as ad monitoring, social media operations, and private domain traffic management; operational intelligence mainly provides digital store operation solutions. In 2025, the combined income of these two businesses reached 1.247 billion yuan, accounting for 88%, with a customer retention rate of 85%-93%, covering 135 Fortune 500 companies, providing a stable income base. Financial analysis forecast: The bank predicts that the company's operating income will reach 1.69/2.51/3.38 billion yuan in 2026/2027/2028, with year-on-year growth of 18.2%/49.0%/34.5%. Revenue growth will mainly come from the continuous efforts of the Agentic Services business, including scenario extensions and incremental revenue brought by the launch of new platforms like Octo. In terms of gross profit margin, it is expected to be between 50%-56% from 2022 to 2025, showing an upward trend. The company's gross profit margins are predicted to be 54.3%/54.9%/55.5% in 2026/2027/2028. Looking ahead to 2026-2028, Agentic Services is still in the investment phase, with the company needing to continue product development, scenario verification, and customer expansion, along with a certain level of cost investment. As its revenue grows rapidly and its proportion increases, the overall gross profit margin is expected to initially decrease and then increase. In terms of expenses, the company's expense ratio is expected to decrease from 2022 to 2025. It is predicted that in 2026-2028, sales expenses and management expenses will further dilute with the expansion of the revenue scale; research and development expenses are expected to grow rapidly due to the company's strong focus on Agentic Services in 2025. This will lead to an increase in expenses; however, the research and development expense ratio will show an upward trend followed by a downward trend.