AI系列（5）：国有企业强劲的AI需求将带来上行空间

EquitiesSoftwareChinaYiran Liu* (Reg. No.S1700520040001)Head of A-share IT Software ResearchHSBC Qianhai Securities Limitedyiran1.liu@hsbcqh.com.cn+8610 57952349Heng Zhang* (Reg.No.S1700524050001)Analyst, A-share iT Software ResearchHSBC Qianhai Securities Limitedheng.zhang@hsbcqh.com.cn+86 10 5795 2384* Employed by a non-US afiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulationsHesitant bulls of summerThe 20th edition of the EM Sentiment SurveyPE (x)2025e2026e2025e8510775253929Issuer of report: HSBC Qianhai Securities LimitedView HSBC Qianhai Securities Research at:https://www.research.hsbc.com EPS GrowthRev Growth2025e2026e2025e2026e63%119%33%9%18%7%22%83%42%19%37%16%15%10%26%128%36%%- Shiji Click to viewPS (x)PEG (x)2026e2026e4.54.11.88.10.13.93.31.54.54.01.33.63.51.2 11%14%19%11%3% 2025e ROE2026e5%3%0%2%6%8%23%25%10%13% Source: Wind, HSBC Qianhai Securities estimatesExhibit6.Shiji's12-monthforwardPS(x)band2420161240Jan-17Jan-19Jan-21Revenue growth(RHS)Source: Wind, HSBC Qianhai Securities estimates Source: Wind, HSBC Qianhai Securities estimatesExhibit7.Glodon's12-monthforwardPS(x)band25%2515%20W1510Jan-17Jan-19Jan-21Revenue growth (RHS)Source: Wind, HSBC Qianhai Securities estimates Valuation and risksSangforCurrent price:RMB87.81300454CHTarget price:RMB143.00BuyUp/downside:63%ShijiCurrent price:RMB9.32002153CHTarget price:RMB11.00BuyUp/downside:18%Current price:iFlytekRMB46.81002230CHTarget price:RMB57.00BuyUp/downside22%Current price:BaosightRMB23.42600845CHTarget price:RMB32.00BuyUp/downside37%GlodonCurrent price:RMB13.49002410 CHTarget price:RMB17.00BuyUp/downside:26%Priced at close of 10 July 2025Source: Wind, HSBC Qianhai Securities estimates Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s)as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any otherviewsorforecasts expressedherein,including anyviews expressedonthe backpage ofthe researchreport,accuratelyreflecttheir personal view(s)and that nopart of their compensation was,is or will be directly or indirectly related to the specificrecommendation(s) or views contained in this research report: Yiran Liu and Heng ZhangImportant disclosuresEquities: Stock ratings and basis for financial analysisHSBC and its affiliates, including the issuer of this report ("HSBC") believes an investor's decision to buy or sell a stock shoulddepend on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations and thatinvestors utilise various disciplines and investment horizons when making investment decisions.Ratings should not be used orrelied on in isolation as investment advice. Different securities firms use a variety of ratings terms as well as different ratingsystems to describe their recommendations and therefore investors should carefully read the definitions of the ratings used ineach research report. Further, investors should carefully read the entire research report and not infer its contents from the ratingFrom 23rd March 2015 HSBC has assigned ratings on the following basis:The target price is based on the analyst's assessment of the stock's actual current value, although we expect it to take six to 12months for the market price to reflect this. When the target price is more than 20% above the current share price, the stock willbe classified as a Buy; when it is between 5% and 20% above the current share price, the stock may be classified as a Buy or aHold; when itisbetween5%below and5%abovethe current shareprice,the stock will beclassifiedasa Hold; when it is between5% and 20% below the current share price, the stock may be classified as a Hold or a Reduce; and when it is more than 20%below the current share price, the stock will be classified as a Reduce.Our ratings are re-calibrated against these bands at the time of any 'material change' (initiation or resumption of coverage, changein target price or estimates).Upside/Downside is the percentage difference between the target price and the share price.Prior to this date, HSBC's rating structure was applied on the following basis:For each stock we set a required rate of return calculated from the cost of equity for that stock's domestic or, as appropriate,regional market established by our strategyteam.Thetarget price fora stock represented the valuetheanalyst expected thestocktoreachoverourperformancehorizon.Theperformancehorizonwas12months.ForastocktobeclassifiedasOverweight,the potential return, which equals the percentage difference between the current shar