The Zhitong Finance App learned that Dongwu Securities International released its first coverage research report on July 31, giving multi-spectral AI perception leader Haiqing Zhiyuan (01392) a “buy” rating, with a target price of HK$76.24. As of the close of trading on July 31, the company's stock price range was HK$14.64-15.87, corresponding to a potential increase of 380%-421%, with significant room for growth.
The company landed on the main board of the Hong Kong Stock Exchange on June 22, 2026, with an issue price of HK$7.2 million and a net capital raising of HK$537 million. It is the “first physical AI stock” in Hong Kong, a national-level specialized, new and key small giant enterprise. The company has built a full-stack closed loop of “multispectral hardware+end-side AI inference + industry vertical big model”. It specializes in modules, sensing terminals, and customized large model services, and is deeply involved in IDC, energy storage, and smart grid physical security tracks.
At the industry level, the domestic multispectral AI market is 21 billion yuan in 2025, and is expected to exceed 60 billion yuan in 2028, with a compound annual growth rate of over 40%. According to 2025 revenue statistics, the company's overall industry market share is 3.3%, and the market share for segmented multispectral AI large model services has reached 23%, and its leading position is stable; it has accumulated more than ten years of industrial multispectral imaging data, and has launched more than 70 leading IDC benchmark projects, with an accuracy rate of 94% for identifying hidden hazards, building data and scene barriers that are difficult to replicate.
On the financial side, the company's revenue for 2023-2025 was 1.17/5.23/669 million yuan, respectively, with a three-year compound growth rate of 138.9%; adjusted net profit of 55.25 million yuan in 2025, and profit continued to increase after excluding one-time listing expenses. The business structure continues to be optimized, and the share of large model service revenue rose to 53.1% in 2025, becoming the core driving force for growth. The bank pointed out that in 2025, the gross margin of the big model service fell from 50% to 30.4%, mainly due to the expansion of pre-hardware investment in new scenarios. As the project repurchase rate increases, the gross margin is expected to recover to 35% in the second half of 2026 and rise back to the 40%-45% range in 2027.
On July 31, the company released a major technology catalyst: it has completed the migration of the large model to the NVIDIA Jetson end-side platform, getting rid of dependency on high-performance servers, drastically reducing customer deployment costs, opening up the market space for standardized products for small and medium-sized customers, and becoming the core driver for short-term valuation repair.
According to an international analysis by Dongwu Securities, in terms of valuation, the current stock price is only 17-18 times the adjusted PE in 2025, but the benchmark scenario should give 83 times the expected PE in 2026, corresponding to the target price of HK$76.24; the target prices for the conservative and optimistic scenarios are HK$56.6 and HK$94.3, respectively. Compared with A-shares and track-sensing companies averaging 68.35 times P/S, the scarce nature of Hong Kong stocks brings significant room for valuation repair.
The research report suggests that medium- to long-term core catalysts include positive operating cash flow, order execution for new energy storage/power grid scenarios, and first order execution for overseas SaaS business; investors need to focus on tracking the three major indicators of quarterly large-scale model gross profit margin, IDC project orders, and the progress of commercialization of end-side AI products.
At the same time, the bank pointed out that the company is deeply involved in the IDC circuit, the core customer cooperation is stable, and the supply chain system continues to be optimized and improved; with the gradual large-scale promotion of end-side AI products and the orderly expansion of the domestic and international business layout, superimposed on the attributes of scarce multi-spectral AI targets in Hong Kong stocks, the long-term growth potential is outstanding, and the pace of subsequent value release can focus on tracking changes in the three core operating indicators.