第四范式(6682.HK):AIAGENT需求旺盛推动收入增长超预期 标杆客户收入显著提升 研发费用率下降

中信建投证券
May 16, 2025

核心观点1、公司财务表现超预期,2025Q1 营收同比增长30.1%至10.77 亿元,毛利率41.2%保持稳定,研发费用率下降8 个百分点至34.2% ,规模效应逐步显现。2、AI Agent 需求驱动核心业务增长,先知AI 平台25Q1 实现收入8.05 亿元,同比增长60.5%,占总收入74.8%。公司推出AIAgent 全流程开发平台,通过Model Hub 集成150+主流大模型及数十个...

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