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[Brokerage Focus] Zhongtai Securities maintains a "buy" rating on Bairong Cloud (06608), citing its deep cultivation in AI research and development, with stable revenue growth in the first half of the year.
Kingwu Financial News | Zhongtai Securities released a research report recently, stating that Bairong Cloud (06608) has issued its mid-year financial report for 2024. In H1 of 2024, the company achieved revenue of 1.321 billion yuan, a year-on-year growth of 6.3%; the adjusted net income was 0.197 billion yuan, a year-on-year decrease of 13%. Looking at different businesses, the company's Mobility as a Service (MaaS) revenue reached 0.421 billion yuan, a 2% year-on-year decrease. The MaaS business actively expanded into various areas, achieving scene implementation in diverse fields such as e-commerce and manpower. The company's Business as a Service (BaaS) revenue reached 0.9 billion yuan, a year-on-year growth of 11%, of which BaaS-
Bairong Posts Lower H1 Profit; Revenue Rises 6%
BAIRONG-W: 2024 INTERIM REPORT
[Brokerage Focus] Anxin International maintains a "buy" rating for Baorong Cloud (06608), pointing out that the dual driving force of MaaS and BaaS businesses will drive performance growth.
Jingu Financial News | Guotai Junan International issued a research report indicating that Borong Cloud (06608) announced its performance in the first half of 2024, with a 6% year-on-year increase in revenue, a 1.1pp increase in gross margin, and a 32% year-on-year decline in net income attributable to the parent company. The bank stated that the company continues to expand its business in vertical markets through underlying technologies such as generative AI and decision-based AI, achieving steady growth in revenue. The revenue for the first half of 2024 reached 13.21 billion yuan, a 6% year-on-year increase. Among them, the MaaS business charges service fees or annual fees based on the query volume, with a slight 2% year-on-year decline in revenue to 4.21 billion yuan in the first half of the year, but has gradually started to recover from June.
Why is the interim report of Bai Rongyun (6608.HK) better than its peers when they are all AI?
The two AI businesses of Bai Rongyun have always been based on the business model of 'AI as a service'.
Baifengyun-W (06608.HK): Adjusted net income of 0.197 billion yuan, with generative AI as the core engine.
As the mid-year reporting season draws to a close, the AI sector's performance is gradually becoming clear. Against the backdrop of high investment in generative AI technology and unstable business models, as well as tightening downstream customer spending, AI companies that can maintain stable profitability and even achieve growth appear particularly precious. Bai Rong Yun Chuang is such a rare AI company. Its semi-annual financial report data shows that through the strong performance of AI core business, the company not only achieved an adjusted net income of 0.197 billion yuan, with a net income margin reaching 15%, successfully joining the ranks of few consistently profitable AI technology companies. Particularly noteworthy is that Bai Rong Yun Chuang's gross margin has been consistently maintained at a high level.
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