The Zhitong Finance App learned that on September 13, CITIC Securities once again covered Dipu Technology (01384) and published a review of Dipu Technology's 2026 interim report. According to the report, Dipu Technology's profit inflection point was evident: the company's revenue continued to grow rapidly in the first half of this year, and the enterprise-level AI business became the main growth engine. At the same time, with the expansion of revenue scale and cost dilution, the company's profitability improved markedly, and the second quarter turned a loss into a profit.
CITIC Securities believes that the company is entering a phase of transition from rapid revenue expansion to the release of profitability, maintaining a target market value of HK$23.7 billion in 2026, corresponding to a target price of HK$68, and maintaining a “buy” rating.
According to financial data, Dipu Technology achieved revenue of 284 million yuan in the first half of 2026, a significant increase of 115% over the same period last year; the gross profit margin was as high as 56.5%, an increase of 1.5 percentage points over the previous year. During the reporting period, the company's net loss was 31.916 million yuan, a sharp decrease of 89.6% over the same period last year. The adjusted net loss was 26.889 million yuan, a significant decrease of 48.5% over the same period last year. What is more noteworthy is that the company's revenue in the second quarter surged by 326.6% month-on-month, and net profit reached 30.1 million yuan in a single quarter, turning a loss into a profit. At the same time, operating cash flow also improved in the second quarter.
Judging from the revenue structure, enterprise-level AI has become the business segment with the most obvious growth in Dipu Technology. In the first half of 2026, DeepExios AI-level enterprise operating system platform solutions directly related to AI applications achieved revenue of 226 million yuan, a sharp increase of 209.2% over the same period last year, accounting for 79.6% of the company's total revenue. As product upgrades and delivery efficiency improved, the business's gross margin increased by 2 percentage points to 57.2% year over year.
At the product level, in the first half of this year, Dipu Technology further upgraded its previous Fastagi enterprise artificial intelligence solution to the DeepExiOS AI-level enterprise operating system platform, forming a product system composed of the enterprise intelligence platform DeepWorks, the enterprise model Deepexi, and the enterprise entity data set Deepology and Skills. The company has now accumulated enterprise data sets and more than 2,000 enterprise-level skills in various industries such as manufacturing and retail, forming differentiation barriers through industry knowledge, enterprise data governance, and agent capabilities.
CITIC Securities maintained Dipu Technology's revenue forecasts for 2026 to 2028, namely $921 million, $1,828 million, and $3.435 billion respectively, corresponding to year-on-year increases of 122%, 99%, and 88%; non-IFRS net profit forecasts were RMB 51 million, RMB 193 million, and RMB 443 million, respectively. In terms of valuation, CITIC Securities referred to AI data infrastructure and application companies such as Palantir, Snowflake, and Xunze Technology to give Dipu Technology a PS valuation of 22 times in 2026, corresponding to a target market value of about HK$237 billion.
Overall, Dipu Technology's enterprise-level AI business has become a clear main line of growth in the first half of the year. DeepExiOS's revenue increased by 209.2% over the same period, accounting for nearly 80% of revenue. At the same time, it reversed losses in a single quarter in Q2, and the operating cash flow was positive, indicating that the company is not only increasing its revenue scale, but also improving its profit quality at the same time. In the process of evolving model capabilities to application implementation and productivity transformation, Dipu Technology's high performance growth compounded the emergence of an inflection point in profit, which is expected to further strengthen the market's recognition of its enterprise-level AI commercialization capabilities.