The Zhitong Finance App learned that on September 20, Cathay Pacific Haitong Securities once again released the Dipu Technology (01384) research report. This time, Cathay Pacific Haitong continues to maintain an “gain” rating and firmly maintains a target price of HK$61.10.
According to the research report, Dipu Technology's enterprise-level AI business continues to expand rapidly. The core product DeepExiOS has become the main source of revenue. Along with the rapid expansion of revenue scale and improvement in delivery efficiency, the company's gross margin improved markedly, and adjusted losses continued to narrow drastically. Q2 also achieved a single quarter profit, and the profit inflection point was initially evident.
Judging from the overall performance, Dipu Technology achieved revenue of 284 million yuan in the first half of 2026, an increase of 115.0%; gross profit reached 160 million yuan during the same period, a sharp increase of 120.5% over the same period. The growth rate was faster than revenue. The gross margin further increased to 56.5%, an increase of 1.5 percentage points over the previous year. While revenue and gross profit grew rapidly at the same time, the company's losses also narrowed sharply. Losses during the period narrowed by 89.6% year on year, and adjusted net losses narrowed by 48.5% year on year. The improvement in profitability was obvious.
The second-quarter performance was even more impressive. The company's Q2 revenue increased 326.6% month-on-month, rapidly increased revenue in a single quarter, and successfully reversed losses during the quarter. For enterprise-level AI companies that are still in the rapid expansion stage, achieving quarterly profits at the same time as rapid revenue growth means that early investment in products, R&D, and delivery systems has begun to be accelerated into operating results, and scale effects are gradually being unleashed.
The core driving force behind this significant increase in performance comes from DeepExios. In the first half of 2026, the DeepExiOS AI-level enterprise operating system platform solution achieved revenue of 226 million yuan, an increase of 209.2% over the previous year. The growth rate exceeded the overall revenue growth rate. The revenue share also rapidly increased from 55.3% to 79.6%, making it the most important source of revenue for Dipu Technology. At the same time, DeepExiOS's gross margin increased to 57.2%, an increase of 2 percentage points over the previous year. While revenue expanded rapidly, profit quality continued to improve.
Judging from the product layout, Dipu Technology has fully upgraded Fastagi to DeepExios and formed a complete enterprise AI product system composed of the DeepWorks enterprise intelligence platform, the DeepEXI enterprise model, and Deepology enterprise entity data sets and skills. At present, Deepology has covered various fields such as manufacturing, retail, scientific research, public services, etc., and has accumulated more than 2,000 enterprise-level skills. The company's enterprise-level AI capabilities are accelerating the extension of knowledge questions and answers to more in-depth real business scenarios such as manufacturing, operation decisions, IT services, and data governance.
Cathay Pacific Haitong expects that the revenue of Dipu Technology from 2026 to 2028 will reach 912 million yuan, 1,519 million yuan, and 2,336 million yuan, respectively. Based on the rapid volume of the company's enterprise-level AI business, Cathay Pacific Haitong gave Dipu Technology 20 times PS in 2026, corresponding to a target market value of RMB 18.233 billion, or approximately HK$21.324 billion.
Cathay Pacific Haitong believes that in the context of the rapid release of demand for enterprise-level AI, Dipu Technology has shown a clear trend of accelerated growth: revenue doubled in the first half of the year, while successfully achieving profit in a single quarter. As enterprise AI applications further penetrate into real business processes, Dipu Technology's business scale and profitability are simultaneously entering a stage of rapid expansion.