研報掘金丨中金:首次覆蓋第四範式給予“跑贏行業”評級,目標價55港元
中金8月7日發佈研報,首次覆蓋第四範式(6682.HK)給予“跑贏行業”評級,目標價55.00港元。中金稱,第四範式是國內領先的企業端AI平台及解決方案供應商,其依託領先AI技術支持的AIOS平台+解決方案+服務商業模式,以及以金融為代表的先發案例,實現收入持續高增長。中金指出:第四範式以AIOS平台+解決方案+服務模式,賦能企業數字化轉型。企業數字化轉型空間廣闊,公司定位行業模型具備卡位優勢。2022年,第四範式在國內以平台為核心的決策AI市場佔有率22.6%,位列第一。商業模式維度,第四範式對標Palantir,希望以平台型產品規範項目制需求。第四範式通過對於工行、招行的方案快速打造金融標杆案例,據公司招股書,獲得 5 家國有大行投資,並帶動能源電力、交通運輸、電信、製造等多行業案例,帶來先發壁壘。另外,第四範式以平台支撐解決方案和服務的商業模式,有望帶來業務拓張延展性。
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