Deutsche Bank: XunCe achieves structural revaluation, maintains "Buy" rating with target price of HK$351

Golden Finance reported on April 28 that Deutsche Bank released a research report maintaining its "Buy" rating for XunCe. Based on a discounted cash flow (DCF) valuation, the 12-month target price is set at HK$351, representing approximately 15% upside compared to the closing price of HK$305 on April 27. The report noted that XunCe underwent a significant revaluation last month, driven by two major factors: 1) The rapid development of AI agents has led to a surge in market demand for its high-quality data. 2) The company's transition to a "token economy" model, directly linking growth to robust token consumption. XunCe's unique advantage lies in leveraging its expertise in specific data domains to provide enterprises with high-precision, decision-supporting tokens, positioning it as a key player in the vertical development of enterprise AI. The bank believes that the previous price increase reflects its capabilities and potential, while the next phase of revaluation will depend on execution, particularly the expansion of its core competencies into broader verticals such as advanced manufacturing, robotics, and commercial aerospace. To reflect the positive business momentum driven by growing demand and price transformation, the bank has raised its revenue forecasts for fiscal years 2026/2027 by 4%/16%, adjusted net profit forecasts by 8%/17%, and increased the compound annual growth rate (CAGR) and terminal growth rate for free cash flow from 2% to 3%. (Dongxin News Agency)