Manycore Clear story; tough valuation – initiate at Neutral

研报英文原文证据摘录

Manycore Clear story; tough valuation – initiate at Neutral

tory is being reinterpreted by the market as a potential data flywheel selina.c.li@jpmorgan.com

for spatial AI: 480m 3D models and design elements accumulated over 15 J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

years, now being extended into synthetic training data, scene understanding, Morgan Broking (Hong Kong) Limited

3D generation, digital twins, and robotics-related applications. Lindsey Qian

(86 21) 6106 6269

• Legacy SaaS: high-quality and profitable, but may not be a key stock lindsey.qian@jpmorgan.com

driver. Manycore remains one of China’s few true SaaS plays, with J.P. Morgan Securities (China) Company Limited

subscription revenue at 97% of the total revenue in 2025. It delivered an 11%

revenue CAGR in 2023-2025, 82% gross margin in 2025, and turned profitable

with 7% adjusted NPM. We expect a further 11% revenue CAGR in 2025-28

and adjusted net margin to expand to 17% by 2028, generating ~US$30m in

earnings. This is attractive vs. China software/SaaS peers, but at a 300%+ EV/

Sales premium to Autodesk (OW; covered at JPM by Alexei Gogolev) and

~180x FY27E EPS, we think the current valuation suggests that something

more than just the SaaS business is priced in.

• AI optionality: powerful hook, but tough to value yet. The “why now” is

spatial intelligence: LLMs can describe a room, but they do not understand how

3D space behaves, how objects interact, or what robots need to operate in the

physical world. Manycore’s assumption is that its indoor 3D dataset can help

close that gap. Its stack is anchored by SpatialVerse for synthetic data, with

adjacent products in scene understanding, 3D generation, and digital twins. But

the segment generated ~US$1m of revenue in 2025 (JPMe), and the category