Benefiting from the Wave of AI Implementation, CITIC Securities Covers Xunce Technology (03317) at Target Price of HKD 160
On March 12, CITIC Securities released its initial research report on Xunce Technology (03317), giving the company an "Buy" rating with a target price of HKD 160, implying a 13% upside from the current stock price. The report points out that as a leading domestic provider of AI real-time data infrastructure, Xunce Technology is gradually penetrating from the asset management industry into multiple sectors, with the potential to grow into the "Chinese Palantir," and is set to benefit deeply from the growing demand for data infrastructure driven by AI implementation.
Founded in 2016, Xunce Technology focuses on AI-powered real-time data infrastructure and analytics platforms, listing on the Hong Kong Stock Exchange at the end of December 2025. The company's core business revolves around real-time data infrastructure, utilizing a modular architecture for flexible expansion. As of the first half of 2025, it had developed over 330 functional modules, covering the entire process from data collection and governance to analysis and AI application deployment. Its client base extends from financial institutions such as insurance companies, bank asset management departments, and securities firms to diverse fields like urban management, manufacturing, and telecommunications, including coverage of all three major state-owned telecom operators.The recent global attention on the open-source AI Agent project OpenClaw has pushed the AI Agent track into the industrial spotlight. The popularity of OpenClaw signifies a paradigm shift for AI Agents from "conversational interaction" to "task-based execution." As AI tools like OpenClaw delve deeper into enterprise-level applications, foundational data governance is becoming a critical support for AI implementation. Agentic AI has not lowered, but rather significantly raised, the bar for data governance, real-time processing, and security. This is precisely where the company's value lies: building the most solid and trustworthy data foundation for autonomous decision-making in the AI era.
CITIC Securities notes that Xunce Technology's revenue has grown consistently from 2022 to 2024, reaching RMB 288 million, RMB 530 million (up 84.3% year-on-year), and RMB 632 million (up 19.1% year-on-year), respectively. Driven by both customer base expansion and increasing ARPU (Average Revenue Per User), the company's revenue is projected to reach RMB 1.28 billion, RMB 2.33 billion, and RMB 3.45 billion in 2025, 2026, and 2027, representing year-on-year growth rates of 103%, 82%, and 48%, respectively. The company is expected to turn profitable in 2026, with net profit anticipated to reach RMB 272 million, further increasing to RMB 841 million by 2027.
CITIC Securities draws a parallel between Xunce Technology and the international AI data platform Palantir, noting similarities in their product architecture and business models. Palantir has achieved a revenue CAGR of 32.9% in recent years, with its B-end customer base tripling over three years, fully demonstrating the commercial potential of AI data platforms. Xunce Technology is also accelerating its global expansion, having begun serving overseas funds, QDII (Qualified Domestic Institutional Investor) scenarios, and others, with potential future expansion into markets such as Singapore and Japan.
