Macquarie has released a research report initiating coverage on DEEPEXI TECH (01384) with an "Outperform" rating and a target price of HK$62. The brokerage highlighted that DeepexiOS has evolved into the company's primary growth engine, marking a strategic transition from a project-based solutions provider to a scalable enterprise AI operating system and intelligent agent infrastructure platform.

DeepexiOS recorded a 209% year-on-year revenue increase in the first half of this year, contributing nearly 80% of the group's total revenue. Macquarie projects that DEEPEXI TECH will achieve a compound annual growth rate (CAGR) of 79% in revenue from 2026 to 2028, with the company expected to reach breakeven in 2026. Furthermore, the firm forecasts a 261% CAGR in earnings per share over the same period, while gross margins have expanded from 55.1% for the full year 2025 to 56.5% in the first half of this year.

Following the IPO and subsequent fundraising activities, Macquarie estimates that DEEPEXI TECH will hold a net cash position of approximately RMB 2.5 billion by the end of 2026, substantially mitigating near-term liquidity and leverage concerns.