Guoyuan International released a research report affirming its "Buy" rating on BAIRONG-W (06608), with a target price of HK$14.28, implying a potential upside of 32.24% from the current level. The brokerage's key points are summarized below:

**Strategic Focus on AI Agents Drives Growth** At its "Silicon Productivity Conference 2026 and AI Strategy & Product Launch" on December 18, 2025, BAIRONG-W unveiled its enterprise-level AI Agent strategy, introducing a new RaaS (Result as a Service) business model centered on outcome delivery. This strategic shift transitions the company from providing tools to co-creating measurable results, leveraging "silicon-based labor" as the core driver. The RaaS model addresses critical pain points in AI adoption by offering flexible pricing, including task-based billing and value-sharing mechanisms.

**Cross-Industry Expansion Underway** BAIRONG-W's AI Agent solutions have already achieved scale, serving over 8,000 corporate clients. Building on its mature AI capabilities in finance, the company is extending its reach into high-potential sectors such as telecom, healthcare, retail, education, and government services. Products like VoiceGPT and the BaiGong platform enable deep AI integration across diverse scenarios.

**Financial and New Market Synergies** The company is adapting its proven financial-sector AI solutions for new verticals while enhancing its BaiGong ecosystem. Initiatives include developer community growth, user-friendly AI Agent tools, and consumer-facing AI applications.

**Business Outlook** - **BaaS Financial Cloud**: Expected to maintain 20%-25% growth, supported by recovering credit demand and AI-driven efficiency gains. - **MaaS Services**: Decision-based AI analytics for risk control and marketing remain essential, with steady growth projected at 10%-15%. - **Ecosystem Revenue**: The BaiGong platform could contribute 10%-15% of total revenue if adopted as a mainstream enterprise development tool.

**Risks**: Macroeconomic impacts on BaaS, intensifying AI Agent competition, and slower commercialization progress in new sectors.

Guoyuan International values BAIRONG-W at 18x 2026E P/E, corresponding to a HK$6.68 billion market cap target.