Guoyuan International: Maintaining the BairongYun-W (06608) “Buy” rating target price of HK$14.28

The Zhitong Finance App learned that Guoyuan International released a research report stating that the AIAgent strategy of Bairongyun-W (06608) has now been applied on a large scale in various fields, serving more than 8,000 enterprise customers. Looking forward to the future, the company will be able to adapt and transform AI solutions in the financial industry to quickly enter new markets such as operators, retail, healthcare, and government affairs. The company was given a target valuation of 18 times PE in 2026, corresponding to a market capitalization target of HK$6.68 billion, corresponding to a target price of HK$14.28, an increase of 32.24% compared to the current price, maintaining a “buy” rating.

Guoyuan International's main views are as follows:

The company released an important strategy to promote “silicon-based employees”

At the “Silicon-Based Productivity Conference 2026 and AI Strategy and Product Launch” held by Bairongyun on December 18, 2025, the company unveiled the future enterprise-level AIAgent strategy and clearly proposed a new RaaS (Result as a Service) business model with “delivery results” as the core for the first time. AIAgent's strategy is to restructure business models, business forms, and industry values under the wave of AI technology. The core and essence of this strategy is a paradigm shift in the company's business production from “providing tools” to “co-creating results”, and a systemic transformation supported by a “silicon-based labor force” and a business model supported by RaaS. At the same time, the traditional MaaS and BaaS models are used to provide technical tools to deliver quantifiable business results, directly solving the core pain points of enterprise AI application implementation. In the future, commercialization will be further achieved through flexible pricing models such as task-based billing and value sharing.

Replicating from the financial industry to more vertical industries, AIAgent services are expected to be implemented on a large scale

Bairongyun's AIAgent strategy has now been applied on a large scale in various fields, serving more than 8,000 enterprise customers. In terms of cross-industry expansion, Bairongyun is relying on its sophisticated AI capabilities in the financial industry to expand to more high-potential tracks. For example, through the intelligent voice product VoiceGPT and Baigong platforms, AI capabilities are deeply embedded in various scenarios such as operators, healthcare, retail, finance, education, and government affairs.

Stable core business combined with new strategies to break the game and maintain the buying rating

Looking forward to the future, the company can adapt and transform AI solutions that are deeply involved in the financial industry to quickly enter new markets such as operators, retail, healthcare, and government affairs. At the same time, we continue to improve the “Baigong” ecosystem, vigorously develop the developer community, and launch easier to use AIAgent development tools. Some AI applications will also be launched for the C-side. In terms of business outlook, demand in the credit market continues to be released under macroeconomic recovery, and AIAgent empowerment upgrades have further increased dependence on financial institutions. BaaS Financial Cloud is expected to maintain a growth rate of 20%-25% in the future. MaaS business data analysis services based on decision-making AI have become an immediate requirement for financial institutions for risk control and marketing, and future growth depends on the existing market. MaaS growth is expected to stabilize at 10%-15%. If the “Baigong” platform becomes an enterprise-level development tool, ecological revenue is expected to contribute 10% to 15% of revenue, further boosting the overall growth rate.

Risk warning: BaaS business is affected by macroeconomics; competition in the AIAgent service market intensifies; the company's commercialization scenario expansion process is slowing down.