Jingtai Holdings: AI Infrastructure Platform Validation Period and Market Cap Space Calculation (Third Edition)

I. Revenue Comparison
2026 Forecast: 924 million yuan → 1.1 billion yuan
2027 Forecast: 1.503 billion yuan → 1.5 billion yuan
2028 Forecast: N/A → 2.01 billion yuan

II. PS Comparison
2026 Forecast: 37x → 37x
2027 Forecast: 23x → 27x
2028 Forecast: N/A → 19x

III. Key Changes
• New U.S. revenue: 458 million yuan (+473%)
• Split "Growth Engine" + "Stable Foundation": Drug Discovery: 538 million yuan (+418%) and AI Solutions: 265 million yuan (+62%)

IV. Risk Factors
• Revenue comes from large orders + milestones, not recurring subscription income.

Thought Record: Compared to "Long Position Thinking - 20260327", still using the "AI Infrastructure Logic" for scenario simulation. Outstanding shares: 4.303 billion. Real-time exchange rate: 1 RMB = 1.148 HKD. 2026-27 forecasts: 1.255 billion yuan / 1.710 billion yuan / 2.300 billion yuan, PS 50x/38x/30x. Corresponding market cap: 62.75 billion yuan / 64.99 billion yuan / 69.0 billion yuan, corresponding share price 16.74 / 17.34 / 18.41. Future focus will be on the "Scalable Implementation" theme, balancing execution risks and multi-sector expansion.

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