20260826-招银国际-海致科技集团-02706.HK-1H26_review_robust_revenue_growth_on_upgrade_of_Agent_Harness_solutions_5页_1021kb
报告摘要
Haizhi Technology (2706 HK) Summary
Core Content and Key Highlights
Haizhi Technology (2706 HK) reported strong performance in 1H26, with total revenue increasing by 70% YoY to RMB296mn, driven primarily by the Atlas AI Agent business, which grew by 136% YoY to RMB115mn. The adjusted net loss narrowed by 32% YoY to RMB19.6mn, attributed to gross margin expansion and operating leverage.
The company's Atlas Graph Solution revenue also saw a 45% YoY increase to RMB181mn, representing 61% of total revenue, with 59 customers and an average revenue per customer of RMB3.1mn. The Atlas AI Agent business accounted for 39% of total revenue, with 29 customers and a customer conversion rate of 69% from Graph Solution to AI Agent.
Haizhi is enhancing its Agent Harness solutions to become industrial-grade. This includes:
- Deepening cooperation with industry leaders such as Hygon Information, Z.AI, and Bank of Ningbo.
- Upgrading Atlas Harness from a single-task orchestration framework to a standardized operating platform.
- Enhancing Atlas Graph Database to support multi-model data analysis.
These upgrades are expected to help Haizhi strengthen its position in the China enterprise AI agent market.
Revenue and Profitability Forecasts
The company has revised its FY26-28 revenue forecasts upward by 4-5%, due to strong AI demand and Haizhi's execution capabilities. The target price has been increased by 4% to HK$88.0, based on a 34x FY26E P/S multiple, leading to a total valuation of HK$35.6bn.
Forecast Revisions (US$ mn)
| Metric | FY26E | FY27E | FY28E | Change (%) |
|---|---|---|---|---|
| Revenue | 908 | 1,179 | 1,407 | 3.6% |
| Gross profit | 409 | 548 | 666 | 3.2% |
| Adjusted net profit | 56 | 87 | 130 | 3.0% |
Profitability Metrics
| Metric | FY26E | FY27E | FY28E |
|---|---|---|---|
| Gross margin (%) | 45.1% | 46.4% | 47.3% |
| Adjusted net margin (%) | 6.2% | 7.4% | 9.2% |
Valuation and Market Position
Haizhi's valuation is based on the average P/S multiple of enterprise AI solution companies, with a target price of HK$88.0 reflecting its strong positioning in the Chinese market and comprehensive AI agent solutions. The P/S multiple for FY26E is 34x, which is premium to Chinese AI agent providers but discount to Palantir.
Peer Valuation Comparison
| Company | Ticker | 2026E P/S | 2027E P/S | Sales YoY 2026E | Sales YoY 2027E | Sales CAGR 2025-2027E |
|---|---|---|---|---|---|---|
| Palantir | PLTR US | 35.9 | 23.8 | 84% | 51% | 66% |
| Xunce | 3317 HK | 12.9 | 8.1 | 87% | 59% | 72% |
| Mininglamp | 2718 HK | 6.5 | 4.8 | 36% | 35% | 36% |
| Average | - | 18.4 | 12.3 | - | - | - |
Financial Summary
Income Statement (RMB mn)
| Metric | FY23A | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|---|
| Revenue | 376 | 503 | 621 | 908 | 1,179 | 1,407 |
| Gross profit | 132 | 182 | 269 | 409 | 548 | 666 |
| Adjusted net profit | -84 | 17 | 24 | 56 | 87 | 130 |
Balance Sheet (RMB mn)
| Metric | FY23A | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|---|
| Total assets | 1,063 | 634 | 936 | 1,617 | 1,765 | 1,932 |
| Total liabilities | 2,296 | 1,984 | 2,388 | 408 | 469 | 506 |
| Total shareholders equity | -1,234 | -1,351 | -1,451 | 1,209 | 1,296 | 1,426 |
Cash Flow (RMB mn)
| Metric | FY23A | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|---|
| Net cash from operations | -140 | -39 | -55 | 12 | 103 | 164 |
| Net cash from investing | -1 | -2 | -24 | -6 | -8 | -10 |
| Net cash from financing | 256 | 19 | 346 | 576 | -1 | -1 |
Key Risks
- Intensifying competition
- R&D and S&M investment affecting margins
- Softening enterprise AI demand
Analyst Ratings and Recommendations
- BUY: Stock with potential return of over 15% over the next 12 months
- HOLD: Stock with potential return of +15% to -10% over the next 12 months
- SELL: Stock with potential loss of over 10% over the next 12 months
Stock Data and Shareholding
- Market Cap (HK$ mn): 21,302.5
- Average 3 mths t/o (HK$ mn): 190.4
- Total Issued Shares (mn): 404.2
Shareholding Structure
| Holder | Percentage |
|---|---|
| Legend Capital | 12.7% |
| Haikuo Fenxiang | 9.9% |
Share Performance
| Period | Absolute (%) | Relative (%) |
|---|---|---|
| 1-mth | 88.2% | 84.2% |
| 3-mth | -16.2% | -15.9% |
| 6-mth | -51.2% | -48.8% |
Analysts
- Saiyi HE, CFA: (852) 3916 1739 | hesaiyi@cmbi.com.hk
- Wentao LU, CFA: luwentao@cmbi.com.hk
- Ye TAO, CFA: (852) 3850 5226 | franktao@cmbi.com.hk
- Shuyin GUO: (852) 3916 3716 | guoshuyin@cmbi.com.hk
Disclosures and Disclaimers
This report is not individually tailored and does not guarantee accuracy or completeness. Past performance is not indicative of future results. The value and returns of investments are uncertain and may fluctuate. CMBIGM is not liable for any reliance on the report. Investors should consult with a financial advisor for personalized advice.
Important Notes
- This report is for intended recipients only.
- It may not be reproduced, reprinted, sold, redistributed, or published without prior written consent from CMBIGM.
- The report is not an offer or solicitation to buy or sell any securities.
- CMBIGM may have investment banking relationships with the companies mentioned in this report.
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