Target price HK$60! Haitong International first gave Dipu Technology (01384) “outperform the market” rating, the growth rate is expected to surpass that of peers, and the profit inflection point is approaching

The Zhitong Finance App learned that after the market on September 16, Haitong International released the first Dipu Technology (01384) coverage research report, giving the company an “OUTPERFORM (OUTPERFORM)” rating and providing a target price of HK$60. Haitong International believes that as enterprise AI requirements gradually move from model testing to actual business deployment, Dipu Technology is expected to become the main beneficiary of the accelerated growth of the enterprise-level AI application market with data capabilities, industry success, customer base, and implementation and delivery capabilities. Haitong International estimates that the company's revenue will reach 946 million yuan, 1,781 billion yuan and 2,914 billion yuan respectively from 2026 to 2028, and that the compound revenue growth rate from 2025 to 2028 will reach 91.5%, which is significantly higher than the average of comparable companies of about 60%.

The profit side is also expected to usher in a clear inflection point: according to reports, the company's profitability improved markedly in 2026 and turned a loss into a profit in the second quarter; Haitong International predicts that Dipu Technology's comprehensive gross margin will increase from 59.4% in 2026 to 64.4% in 2028, and predicts that its adjusted net profit for the full year of 2026 can be corrected, reaching 10.4 million yuan, and further rising to 64.1 million yuan and 215 million yuan in 2027 and 2028. The corresponding net adjusted interest rate increased from 1.1% to 7.4%.

The company's core growth driver now comes from DeepExios, an AI enterprise operating system. In the first half of 2026, Dipu Technology's overall revenue increased sharply by 115% year on year to 284 million yuan. Among them, DeepExiOS revenue surged 209.2% year on year to 226 million yuan, accounting for 79.6% of revenue, making it the company's absolute core business. The adjusted net loss for the same period narrowed sharply by 48.5% year-on-year to 26.9 million yuan. Haitong International further predicts that the revenue of the DeepExios business alone will reach 779 million yuan, 1,597 billion yuan, and 2,716 billion yuan respectively from 2026 to 2028, up 206.2%, 105.0% and 70.0% year-on-year, and the revenue share will further increase to 82.4%, 89.7%, and 93.2%.

The industry is also in a period of rapid expansion. According to Frost & Sullivan data, China's enterprise-grade large-scale model AI application market is expected to grow from 5.8 billion yuan in 2024 to 52.7 billion yuan in 2029, with a compound annual growth rate of 55.5%; the overall enterprise AI application solution market is expected to reach 239.4 billion yuan during the same period.

As of June 2026, the company Deepology has accumulated more than 2,000 enterprise-level skills, covering various business scenarios such as manufacturing, retail, scientific research, and utilities. Haitong International believes that the company has long been deeply involved in vertical industries such as manufacturing, and has accumulated deep experience in complex industrial data processing, enterprise system connections, and on-site AI deployment. Compared with general-purpose large model manufacturers and large-scale technology platforms, it is better able to penetrate specific business processes to form a differentiated competitive advantage.

In terms of valuation, Haitong International gave Dipu Technology 10 times P/S in 2027, which is 7.1 times higher than the average of comparable companies, and based on this, gave a target price of HK$60. Haitong International believes that the core support for the company's ability to obtain a valuation premium is faster revenue growth, DeepExiOS's continued increase in revenue contributions, and improvements in delivery efficiency and profitability brought about by the reuse of corporate skills. As enterprise AI gradually enters the stage of “actual deployment and business value generation” from a “test model”, Dipu Technology's growth logic is also moving further from the AI concept to the stage of revenue accumulation and profit realization.