The Zhitong Finance App learned that Guoxin Securities released a research report saying that it continues to be optimistic about May Day Vision (06651)'s technology accumulation in the field of digital twins and simulation, as well as 51Sim's business growth for intelligent driving and physical intelligence. The company's revenue for 2026-2028 is estimated to be 7.56/15.56/2,757 billion yuan, respectively, +118%/+106%/+77% year-on-year. The current corresponding 2027 PS is 14 times higher. This is the first coverage, giving a “better than the market” evaluation.
Guoxin Securities's main views are as follows:
Company Overview: 3D modeling and simulation technology to build a digital twin platform, 51Sim opens up room for growth
Established in 2015, Wuyi Vision landed on the Hong Kong Stock Exchange in December 2025. Using 3D modeling, simulation, and AI models as the technical base, it forms the three major businesses of 51Aes, 51Sim, and 51Earth, to provide enterprise customers with simulation platforms, integrated software and hardware digital acquisition products and customized solutions. 51Aes serves digital twin development and application scenarios such as cities, parks, water conservancy, etc.; 51Sim provides simulation testing, synthetic data and closed-loop data products for intelligent driving and physical intelligence; 51Earth lays out digital Earth and sky exploration. Project-based revenue is usually confirmed at the time of acceptance, and historical performance is concentrated in the second half of the year. 26H151Sim's revenue was 51 million yuan, +545.2% year-on-year. The revenue share increased to 41.4%, and the second growth curve entered the volumetric phase.
Industry: Physical AI drives the expansion of demand for digital twins, and May Day Vision's complete technology has outstanding advantages
Digital twins can be used for physical simulation and predictive analysis, AI algorithm training and verification, and immersive interactive experiences. According to Frost & Sullivan, China's digital twin solutions market is 12.2 billion yuan in 2024, and is expected to reach 50.3 billion yuan in 2029, with a compound growth rate of 32.7% in 2024-2029; in segmented scenarios, AI training and verification, interaction and experience are expected to grow rapidly. According to China's digital twin solution revenue in 2024, May Day Vision ranked first with a revenue of 287 million yuan and a 2.4% share. The total share of the top five manufacturers in the industry was only 7.9%. The company covers modeling tools, model libraries, applications and development platforms, and its complete product system and cross-industry delivery experience constitute a competitive advantage.
Company: 51Sim drives high revenue growth and simultaneous improvement in profit quality
26H1's revenue was 124 million yuan, +129.8% YoY. By business, 51Aes's revenue was 0.72 million yuan, or +65.2% year-on-year, maintaining steady expansion; 51Sim's revenue was 501 million yuan, +545.2% over the same period, accounting for 41.4% of revenue, mainly driven by intelligent driving entry testing, simulation verification, and synthetic data requirements; 51Earth's revenue volume was small. On the profit side, 26H1 gross profit was 55 million yuan, +150.3% year-on-year, and gross margin increased to 44.8% from 41.1% in the same period last year. On the cost side, sales expenses were -5.6% YoY, Management Expenses +5.6% YoY, and R&D Expenses +80.3% YoY. In August 2026, the company announced its smart Aper business. According to a voluntary disclosure announcement, in September, orders in hand exceeded 200 million yuan, and it is expected that more than 90% of orders will be mass-produced and delivered within the year, which is expected to drive continued high growth in performance.