Macquarie: First assigns DEEPEXI TECH (01384) an "Outperform" rating with a target price of HKD 62.

Macquarie has released a research report stating that it has initiated coverage on DEEPEXI TECH (01384) with an "Outperform" rating and a target price of HKD 62. The bank noted that DeepexiOS has become the company's growth engine, as the company evolves from a project-based solution provider to a scalable enterprise AI operating system and intelligent agent infrastructure platform. DeepexiOS's revenue in the first half of this year grew by 209% year-on-year, accounting for nearly 80% of the group's revenue. Macquarie expects DEEPEXI TECH's revenue compound annual growth rate (CAGR) to reach 79% from 2026 to 2028, and anticipates the company will break even in 2026. The forecasted CAGR for earnings per share from 2026 to 2028 is expected to be 261%, with the company's gross margin forecast to expand from 55.1% for the full year of 2025 to 56.5% in the first half of this year. Additionally, following the IPO and subsequent financing, the bank expects the company's net cash by the end of 2026 to be around RMB 2.5 billion, with limited liquidity and leverage risk in the near term.