Deutsche Bank: Xunce's valuation undergoes a structural revaluation, maintaining a "Buy" rating and raising the target price to HKD 351

Goldman Sachs reports that on April 28, Deutsche Bank published a research report maintaining a “Buy” rating on Xunce, with a 12-month target price of HKD 351 based on discounted cash flow (DCF) valuation, representing approximately a 15% upside from the April 27 closing price of HKD 305. The report states that Xunce’s valuation was significantly re-rated last month, driven mainly by two factors: 1. As AI agents develop rapidly, market demand for high-quality data has surged; 2. The company is transitioning to a “token economy” model, directly linking growth to strong token consumption. Xunce’s unique advantage lies in leveraging domain-specific data expertise to provide enterprises with high-precision, decision-supporting tokens, positioning it as a key player in the development of vertical enterprise AI.
The bank believes that the previous rally reflected its capabilities and potential, and the next phase of re-evaluation will depend on execution, especially its core capabilities expanding into broader vertical fields such as advanced manufacturing, robotics, and commercial aerospace. To reflect the positive business momentum driven by demand growth and price transformation, the bank has raised its revenue forecasts for fiscal years 2026/2027 by 4% and 16%, respectively, and its adjusted net profit forecasts by 8% and 17%. The compound annual growth rate of free cash flow and terminal growth rate forecasts have been raised from 2% to 3%. (Dongxin News)