Guotai Haitong continues to track DEEPEXI TECH (01384): maintains "Overweight" rating, firmly retains HK$61.10 target price!

On September 20, Guotai Haitong once again released a research report on DEEPEXI TECH (01384). This time, Guotai Haitong continued to maintain its "Overweight" rating and firmly retained its target price of HK$61.10. The research report pointed out that DEEPEXI TECH's enterprise-level AI business is continuing to rapidly scale up, and its core product DeepexiOS has become the main source of revenue. Along with the rapid expansion of revenue scale and improved delivery efficiency, the company's gross margin has improved significantly, its adjusted loss has continued to narrow substantially, and in Q2 it even achieved a single-quarter profit, with the profitability inflection point beginning to emerge. From the perspective of overall performance, DEEPEXI TECH achieved operating revenue of RMB 284 million in the first half of 2026, a year-on-year increase of 115.0%; gross profit during the same period reached RMB 160 million, a sharp year-on-year increase of 120.5%, growing faster than revenue, while gross margin further rose to 56.5%, up 1.5 percentage points year on year. While revenue and gross profit grew rapidly in tandem, the company's loss also narrowed significantly. The loss for the period narrowed by 89.6% year on year, and the adjusted net loss narrowed by 48.5% year on year, demonstrating a very obvious improvement in profitability. Even more impressive was the second-quarter performance. The company's Q2 revenue increased by 326.6% quarter on quarter, with rapid revenue scaling in the single quarter, and it successfully completed a quarterly turnaround. For an enterprise-level AI company still in a stage of rapid expansion, achieving quarterly profitability while revenue grows rapidly means that earlier investments in products, R&D, and delivery systems are beginning to accelerate into operating results, and economies of scale are gradually being released. The core driver behind the substantial performance growth came from DeepexiOS. In the first half of 2026, DeepexiOS AI-level enterprise operating system platform solutions achieved revenue of RMB 226 million, a year-on-year increase of 209.2%, exceeding the overall revenue growth rate. Its revenue share also rapidly increased from 55.3% to 79.6%, making it DEEPEXI TECH's most important source of revenue. At the same time, DeepexiOS's gross margin rose to 57.2%, up 2 percentage points year on year, and profitability quality continued to improve alongside rapid revenue expansion. In terms of product layout, DEEPEXI TECH has fully upgraded FastAGI to DeepexiOS and formed a complete enterprise AI product system consisting of the DeepWorks enterprise agent platform, the Deepexi enterprise large model, and Deepology enterprise ontology datasets and skills. At present, Deepology has already covered multiple fields including manufacturing, retail, scientific research, and public utilities, and has accumulated more than 2,000 enterprise-level Skills. The company's enterprise-level AI capabilities are accelerating their extension from knowledge Q&A to deeper real business scenarios such as production and manufacturing, operational decision-making, IT services, and data governance. Guotai Haitong expects DEEPEXI TECH's operating revenue from 2026 to 2028 to reach RMB 912 million, RMB 1.519 billion, and RMB 2.336 billion, respectively. Based on the rapid scaling of the company's enterprise-level AI business, Guotai Haitong assigns DEEPEXI TECH a 2026 PS multiple of 20x, corresponding to a target market value of RMB 18.233 billion, or approximately HK$21.324 billion. Guotai Haitong believes that against the backdrop of rapidly released enterprise-level AI demand, DEEPEXI TECH has already shown a clear trend of accelerating growth: revenue doubled in the first half of the year, while it also successfully achieved a single-quarter profit. As enterprise AI applications further penetrate real business processes, DEEPEXI TECH's business scale and profitability are simultaneously entering a stage of rapid expansion.