20230919-安信国际证券-第四范式-06682.HK-IPO点评_第四范式_2页_341kb

Fourth Paradigm is a leading AI software company providing decision AI platforms to enterprises, with rapid revenue growth from 308 billion in 2022 to an estimated 64 billion in 2023 Q1, driven by a 336% increase. The company's "SageAI OS" platform offers AI operating systems for local deployment and applications development, serving diverse clients across industries like finance and manufacturing. The decision AI market in China is expected to reach 2.1 trillion by 2027, growing at 31.7% CAGR. Fourth Paradigm is the largest decision AI provider in China by revenue, but faces risks from R&D costs eroding profitability and US BIS restrictions on its entities. With an IPO price range of HKD 5.56-6.18 per share and a post-IPO valuation of approximately HKD 258-284 billion (based on PS 8.1x in 2022), the analysis gives a cautious "5/5" valuation score and recommends conservative investment due to ongoing losses and market risks.