China Great Wall Securities recently released a thematic research report analyzing DC HOLDINGS' (00861) transformation achievements and growth trends driven by its "Big Data + AI" strategy. The securities firm expressed optimism about the company's long-term future development and upgraded DC HOLDINGS to a "Buy" rating.
DC HOLDINGS has consistently focused on its "Big Data + AI" strategy in recent years, creating intelligent big data products and AI applications covering government affairs, public services, and industrial sectors through deep cultivation of vertical industry scenarios. The company's revenue and gross profit structure continues to optimize, with big data business becoming the core driver of revenue and profit growth. This marks an accelerated transition of its business model from "resource-driven" to "technology-enabled."
The research report believes that in the digital economy era, data application demand in vertical sectors will continue to maintain rapid growth. DC HOLDINGS has established a development framework centered on big data products and solutions, with software and operational services as scenarios, and信创 (domestic innovation) and traditional services as channels. This framework will better enable the company to empower industrial digital transformation through its full-stack data capabilities.
In specific industry practices, the company has expanded from cities to enterprises, entering the big data + AI markets across multiple industries including transportation, water conservancy, and industrial manufacturing. The company's subsidiary Kejie deeply cultivates full supply chain services, and through industry scenario insights and logistics AI large models, the company is accelerating deployment of multiple AI agents in the supply chain field to achieve intelligent collaboration throughout the entire supply chain process.
Furthermore, as leading domestic enterprises increasingly expand overseas, DC HOLDINGS is also accelerating its global market layout. In recent years, the company has deepened its overseas presence alongside Chinese enterprises such as Huawei, Honor, ZTE, and BYD. For the full year 2024, the company's overseas business revenue reached 929 million RMB, representing a 41% compound annual growth rate from 2022 to 2024. While providing one-stop supply chain services for enterprise overseas expansion, the company also offers strong digital technology support through its proprietary supply chain big data platform.
In the first half of 2025, DC HOLDINGS continued to intensify efforts in the big data + AI field, not only launching the data intelligence foundation product "Yanfan Infinity Platform," but also increasing investment in core supply chain scenario applications based on this platform. The company successively signed orders from multiple large-scale clients including China Mobile Terminal and Shanghai Instrumentation & Electronics.
This demonstrates that the company has entered a positive cycle phase of "technology validation - scenario implementation - commercial closure." Looking ahead, the company is positioned to achieve dual improvements in performance and valuation under the dual benefits of the digital economy and industrial globalization.