Beijing Kunlun has unveiled its ‘SkyAgents’ platform, which can quickly fulfill the actual needs of daily life through dialogue and Q&A, implying it continues to expand its large model capabilities. Integrating the interactive models of Agent-to-Agent and Human-to-Agent into a highly modular large language model (LLM) component, the platform enables completely codeless operation, providing users with an efficient and easy-to-use AI product. We maintain our 2023/2024/2025 attributable NP estimates at RMB882/1,040/1,201mn. SOTP valuation: 1) StarX at 12x 2023E PS, in line with its peers’ average; 2) Opera at 15x 2023E PS, above its peers’ average, as it plans to launch more AIGC features; 3) Xianlai at 18.8x 2023E PE, below its peers’ average given weak revenue/profit; 4) Ark Game at 3.2x 2023E PS, in line with its peers’ average (averages on Wind consensus); 5) investments at a conservative 30% discount to book. Our target price is RMB45.90. BUY.
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