Minsheng Securities: AI programming may be the first AI application to rise in the B-end
I'm LongbridgeAI, I can summarize articles.Minsheng Securities released a research report indicating that AI programming is becoming an important subfield of AI and is expected to be the first AI application to rise in the B-end market. As enterprise customers deepen their use of AI programming, the market size is expected to grow to 33 billion yuan by 2028, with a compound annual growth rate of 38%. Technologies like GitHub Copilot are leading industry development, with its annual recurring revenue surpassing 300 million dollars, becoming a core driving force for business expansion. It is recommended to pay attention to Eazytec, Primeton, SENSETIME-W, and JINXD
According to Zhitong Finance APP, Minsheng Securities released a research report stating that AI programming has become one of the main sub-sectors of AI, with GitHub Copilot leading the industry development. AI programming is gradually evolving towards intelligent agents and multimodal capabilities. AI may first disrupt its "creator"—AI programming, as a large number of enterprise-level clients will gradually deepen their use of AI programming, which is expected to become the first AI application to rise in the B-end market. It is recommended to focus on leading domestic companies such as Eazytec (688258.SH), Primeton (688118.SH), SENSETIME-W (00020), and JINXD (300830.SZ).
The main points of Minsheng Securities are as follows:
AI Programming: Restructuring the Paradigm of Code Writing.
AI programming has become an important sub-field of AI development, gradually empowering various aspects of programming work, including code auto-completion, code generation, and testing acceptance. According to the "2024 China AI Code Generation Market Observation Report," the market size of AI code generation in China reached 6.5 billion yuan in 2023. With the increasing demand for standardized development and the need for auxiliary development tools among small and medium-sized enterprises, it is expected that by 2028, the market size of AI code generation in China will grow to 33 billion yuan, with a compound annual growth rate of 38%.
GitHub Copilot Leads AI Programming, with Intelligent Agents and Multimodal Technologies Continuously Enhancing Industry Potential.
According to information disclosed in the Microsoft earnings call in July 2024, GitHub Copilot's annual recurring revenue (ARR) has successfully surpassed 300 million USD, accounting for 40% of GitHub's overall growth that year, making it one of the core driving forces behind GitHub's business expansion. In comparison, GitHub Copilot's ARR in 2023 was approximately 100 million USD.
In February 2025, Nadella stated that GitHub Copilot would go all-in on intelligent agents, and GitHub's current CEO Thomas Dohmke mentioned that autonomous SWE intelligent agents would also be integrated into the GitHub user experience. Intelligent agents elevate the GitHub Copilot experience to the level of human programmers, allowing them to proactively locate suitable code and solve problems without developers needing to specifically designate related code, as if each code repository is equipped with a dedicated engineer, possessing strong autonomous capabilities to identify errors and automatically fix them. Meanwhile, GitHub Copilot will also implement features like "Vision," continuously advancing towards multimodal capabilities.
Domestic Enterprises Focus on Development, Major Companies Have Achieved Extensive Internal Applications.
Among tech giants, companies like Baidu, Alibaba, and ByteDance's Volcano Engine have achieved results in the field of AI programming. In the latest blind test rankings of large models published on the third-party benchmark testing platform Chatbot Arena, Qwen2.5-Max ranked first in individual capabilities such as mathematics and programming. As of April 2024, Baidu Comate has deeply integrated into the development process, participating in the development of numerous projects and writing one-quarter of Baidu's internal code; Within ByteDance, Doubao MarsCode has covered over 70% of developers, contributing code and technical solutions from the coding stage.
Among listed companies, Eazytec's SnapDevelop, which integrates ChatGPT, leads new developments in IDEs in the era of intelligence; Primeton's low-code development platform promotes AI programming efficiency while continuously deepening integration with domestic ecosystems such as Huawei; as of September 2024, SenseTime's Code Raccoon has over 100,000 individual users, achieving a daily code generation volume exceeding one billion tokens; JINXD's own low-code platform continues to iterate, having accumulated several important government and enterprise clients.
Risk Warning:
Risks of intensified industry competition; uncertainties in technological route changes; uncertainties in the effects of deep integration with AI