China Merchants Securities International: Target Price of HK$65 for the Initial Paradigm Intelligence (06682) “Increase in Holdings” Rating

The Zhitong Finance App learned that China Merchants Securities International released a research report stating that Paradigm Intelligence (06682) is a scarce independent third-party full-stack enterprise AI platform manufacturer in China. It has end-to-end capabilities and covers an “incremental” rating for the first time. The target price is HK$65. It believes that the independent third party ecosystem is scarce, and the release of operating leverage drives high profits and attractive valuations.

The company's business is divided into three parts. The AI Platform provides an integrated platform foundation for computing power, data, and models; the API business provides unified model calls and token billing; and Agentic AI combines models with business processes and delivers according to results. The bank expects the company's annual revenue of RMB 10.883 billion and adjusted net profit of RMB 147.9 million in 2026, and is optimistic about its ecological positioning as an independent third party, its core capabilities with no shortcomings in the end-to-end full link, and commercial growth prospects.