|2023 05 04 AI AI 25%/25%/50%AI 70%-90%BIM BIM 3D BIM 2D CAD AI AI AI Arko AI AI ROAD TransBIM/1 2 3 AIGC GPT AI AIGC GPT AIGC AI AI AI AI 1 2 3 SaaS AI AIGC AI+1 AI AI AIGC PE19X 2023 PE EICADv5.0+AiRoad SaaS PE8X AI BIM PE20X 2 PE11X PE13X PE13X AI SaaS S0680518030004 S0680519070003 S0680122060010 1 AI 2023-03-26 EPS P E 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 600629.SH-0.40 0.50 0.62 0.72 24.57 19.44 15.70 13.58 603018.SH 1.00 1.14 1.28 1.44 9.53 8.36 7.43 6.62 002949.SZ 0.57 0.89 1.09 1.32 28.73 18.42 15.06 12.44 603357.SH-0.95 1.08 1.25 1.41 12.22 10.72 9.29 8.23 300284.SZ-0.47 0.52 0.59 0.71 13.89 12.55 11.14 9.17 300564.SZ-0.91 0.99 1.11 1.25 13.74 12.55 11.28 10.02 Wind*EPS Wind-16%0%16%2022-05 2022-08 2022-12 2023-04 300 2023 05 04 P.2 1.AI.4 1.1.25%75%.4 1.2.5 1.3.BIM AI.6 2.AI.10 2.1.AI.10 2.2.GPT AIGC.14 2.3.FINETUNE AIGC.16 3.18 4.20 4.1.AIGC.20 4.2.AI.22 4.3.iBIM.24 4.4.25 5.27 6.29 1.4 2.5 3/.5 4 2021.6 5 BIM.7 6 REVIT BIM 3D.7 7 BIM.8 8 BIM.8 9 BIM.9 10.9 11 Autodesk AEC.10 12 AI.10 13 Arko AI.11 14.11 15.11 16 AlphaDraw.12 17 TransBIM.12 18 AI.13 19.14 20.14 21 GPT.15 22 AIGC.16 23 FINETUNE.16 24 FINETUNE+.17 25 GPT MidJourney.17 WUEVwPtOnOnMrPoNqNrOmN7NbP8OnPqQsQpMeRqQrMjMrRrM8OmNpMxNsRnOwMnNxP 2023 05 04 P.3 26.18 27.19 28 Architectures AI SaaS.19 29.20 30 AIGC.21 31 AI.21 32.22 33.22 34.23 35 iBIM.24 36.25 37.26 38.27 39.28 2023 05 04 P.4 1.AI 1.1.25%75%1 2 3 2016 25%/25%/50%1 AI AI 2 3 AI 1 2023 05 04 P.5 1.2.70%-90%70%-90%*2 CR3 7%2021 5745 4.8%/382/559/817 CR3/CR5/CR10 6.65%/9.73%/14.23%2017-2021 24 60.3%46.5%53.3%40.4%3/Wind 89.5%79.1%78.0%73.8%62.4%47.6%0%10%20%30%40%50%60%70%80%90%100%53.3%48.3%45.9%43.5%40.4%60.3%54.4%52.6%49.8%46.5%30%35%40%45%50%55%60%65%2017 2018 2019 2020 2021 2023 05 04 P.6 4 2021 ENR 1.3.BIM AI CAD CAD BIM 90 CAD 2D 2011 2011-2015 BIM Building Information Modeling CAD BIM 3D BIM CAD CAD BIM BIM 2021 139.96 2.44%134.35 2.34%107.92 1.88%106.07 1.85%70.74 1.23%65.22 1.14%50.24 0.87%48.56 0.85%47.93 0.83%()46.4 0.81%()45.37 0.79%45.21 0.79%43.51 0.76%38.41 0.67%31.43 0.55%29.77 0.52%29.66 0.52%29.35 0.51%29.33 0.51%28.01 0.49%27.47 0.48%25.33 0.44%24.05 0.42%23.78 0.41%20.77 0.36%2023 05 04 P.7 5 BIM AUTODESK CAD BIM BIM BIM 1 AutoCAD BIM 2 3D 2D 6 REVIT BIM 3D Autodesk 2023 05 04 P.8 7 BIM BIM BIM BIM BIM BIM AutoCAD BIM 2D-3D 1 3D 2D 2 BIM 8 BIM BIM BIM BIM 2016 BIM 2022 1 2025 BIM 5 1 2 推进 BIM 全 过程应 用；3）4 BIM BIM BIM 2023 05 04 P.9 9 BIM 2016 2016-2020,BIM 2016,BIM 2017 BIM 2022 2025 BIM BIM BIM BIM BIM BIM 2022 BIM BIM 2022 BIM BIM 2022 1 2 BIM 3 4 2021 10 3D BIM 2D AI BIM AI BIM+AI AI BIM AI AI AIGC BIM 2023 05 04 P.10 11 Autodesk AEC Autodesk 2.AI 2.1.AI AI AI AI AI 12 AI 1 Arko AI Arko AI Rhino Revit SketchUp 2023 05 04 P.11 13 Arko AI Arko AI 2 AI Road AI Road AI AI 7-8 20-30%AI Road AI Road AI Road 4 AI Road EICAD 14 15 3 Xdesign 2018 Xdesign AI SOLIDWORKS AI Xdesign Xdesign 2023 05 04 P.12 4 AlphaDraw AI AI CAD 16 AlphaDraw 5 TransBIM AI SaaS TransBIM AI BIM TransBIM 17 TransBIM TransBIM 2023 05 04 P.13 6 AI AI CAD AI AI a b AI-53%c AI AI d 18 AI AI AI 1 AI CAD AI+2 AI 2023 05 04 P.14 2.2.GPT AIGC AI AI/2010 AlphaGo GAN CNN/RNN LSTM AI 2017 Google Attention Is All You Need Transformer RNN CNN AI Transformer GPT AI 19 20 2023 05 04 P.15 GPT GPT OpenAI Transformer CLIP Diffusion Generative Pre-Trained Transformer Q&A 2018 GPT GPT-1 GPT-2 GPT-2 GPT-3 GPT-2 GPT-3 NLP 3 15 OpenAI GPT-4 1-3 AI 21 GPT Improving language understanding by generative pre-training AIGC AIGC AI Generative AI AI/GPT GPT Copilot BuzzFeed Robin AI 2023 05 04 P.16 22 AIGC 23 FINETUNE 2.3.FINETUNE AIGC AI/1 2 3 GPT FINETUNE AIGC GPT MidJourney prompt 2023 05 04 P.17 24 FINETUNE+25 GPT MidJourney MidJourney Know-how AIGC GPT Stable Diffusion Know-how AI-AI-2023 05 04 P.18 3.AI+FINETUNE Bloomerg GPT-3 BloombergGPT AI AI AI AI 1 AI 2 10%/20%/30%8/15/21 pct AI ROE 26 129.85 96.37 73.45 54.60 62.13 45.49 20.55 10.23 3.52 9.32 7.06 2.80 109.30 86.14 69.93 45.28 55.08 42.69 15.83%10.62%4.79%17.06%11.36%6.14%10%-142.83 106.01 80.79 60.06 68.35 50.04-23.48%18.74%13.45%24.60%19.41%14.68%7.7%8.1%8.7%7.5%8.1%8.5%20%-155.82 115.65 88.14 65.52 74.56 54.59-29.85%25.52%20.66%30.89%26.13%21.79%14.0%14.9%15.9%13.8%14.8%15.6%30%-168.80 125.29 95.48 70.98 80.77 59.14-35.25%31.25%26.76%36.20%31.81%27.80%19.4%20.6%22.0%19.1%20.5%21.7%Wind 2023 05 04 P.19 27 3 SaaS AI Know-How AI SaaS 28 Architectures AI SaaS Architectures AI AI AI 0%10%20%30%40%50%60%70%80%90%100%0 5 6 10 11 12 13 17 18 22 23 24 25 26 29 30 人力成本开支前置，项目前期现金流均为负 2023 05 04 P.20 4.4.1.AIGC 1953 1998 3 2015 10 100 5 TOD 2022 80.4 11.2%3.85 17.6%2020-2022 29 Wind 2017 2018 2019 2020 2021 2022 52.9 59.6 71.7 86.1 90.5 80.4 12.7%20.3%20.1%5.1%-11.2%33.1 37.8 40.5 41.6 45.3 46.0 14.0%7.3%2.5%9.1%1.5%14.4 16.0 24.9 37.3 36.8 26.4 10.5%56.2%49.7%-1.3%-28.4%5.1 5.6 6.1 7.0 7.9 7.5 9.2%8.8%14.9%13.0%-4.9%0.2 0.3 0.2 0.3 0.5 0.5 36.3%-37.3%76.0%64.1%-0.2%39.4 44.4 55.5 68.6 72.0 61.2 25.5%25.4%22.6%20.4%20.4%23.9%35.4%35.0%34.0%31.4%29.6%31.0%2.1%2.0%2.6%5.9%6.5%8.0%27.4%26.7%28.2%31.6%32.0%35.3%32.5%44.1%41.0%41.0%33.0%32.5%17.9%18.8%17.4%15.0%15.2%17.6%1.2%1.3%1.1%0.8%0.8%0.9%13.6%12.6%10.7%10.5%12.3%4.0%3.8%3.5%3.8%4.4%-0.2%0.0%0.0%0.0%0.2%0.0%()-0.83-1.15-1.11-3.18-1.57-1.72 0.18 0.56 0.67 0.77 0.58 0.45 0.54 0.56 0.49 0.83 0.63 0.67 0.03 0.01 0.02 0.01 0.02 0.01 3.64 3.74 3.76 3.30 4.60 5.06 0.70 0.68 0.58 0.92 0.69 0.62 19.2%18.1%15.3%28.0%15.0%12.2%12.84%14.00%14.45%26.82%16.23%13.22%2.56 2.64 2.73 1.74 3.28 3.85 2.8%3.4%-36.2%88.4%17.6%4.85%4.42%3.80%2.02%3.62%4.79%EPS 0.26 0.27 0.28 0.18 0.34 0.40 4.07 3.38 4.21 12.16 7.81 4.62 106%102%103%102%99%95%64%63%63%60%58%55%2023 05 04 P.21 GPT Diffusion AI Arctron Arctron ArcOS ArcOS Building ArcBase City ArcBase AI AI GPT Diffusion AIGC AI AI AIGC AIGC 30 AIGC-AI 31 AI AI 2023 05 04 P.22 4.2.AI EICAD SaaS 60 BIM EICAD SaaS 2022 SaaS 1000/80%43000 32 AI ROAD 2022 AI Road 2023 2 AI ROAD 62 6000 1000 300 3200 80 1000 400/AI ROAD AI 33 2023 05 04 P.23 34 Wind AI ROAD 2018 2019 2020 2021 2022 42.0 46.9 53.5 58.2 58.4 51.2%11.7%14.2%8.7%0.3%26.0 30.7 32.1 36.6 36.6 45.0%18.0%4.4%14.1%0.0%4.2 5.8 9.6 7.4 7.4 24.7%35.8%66.3%-23.2%0.0%6.6 3.6 5.8 7.0 7.0 266.1%-44.9%59.2%20.6%0.0%3.0 3.5 3.9 3.7 3.7-3.3%19.0%9.7%-4.2%0.0%1.4 1.5 1.7 1.8 1.8 12.7%6.3%13.2%4.1%0.0%0.76 1.76 0.56 1.84 2.01 152.8%130.6%-68.4%229.7%9.2%31.0 32.3 35.9 39.7 36.8 26.2%31.2%33.0%31.9%36.9%31.4%33.8%34.1%34.9%34.9%36.1%42.5%42.6%36.9%36.9%2.6%2.5%14.5%21.8%21.8%23.1%31.1%32.4%22.6%22.6%18.8%14.7%23.9%12.8%12.8%11.4%14.5%15.0%14.9%18.9%3.9%3.7%4.5%4.3%4.5%5.9%6.4%6.3%6.2%9.1%1.1%4.1%4.2%4.4%5.4%0.4%0.3%0.0%0.0%-0.1%()-1.73-2.07-2.79-2.64-2.54 0.33 0.32 0.26 0.15 0.10 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.02 0.03 4.72 6.16 6.98 7.37 8.18 0.66 0.83 0.93 1.01 1.09 14.0%13.5%13.3%13.7%13.3%2.38%2.79%3.62%2.88%3.67%3.96 5.18 5.83 6.18 6.84 33.5%30.7%12.5%6.1%10.6%9.44%11.05%10.88%10.62%11.71%EPS 0.58 0.76 0.85 0.90 1.00 3.27 4.04 4.04 3.92 4.90 83%83%85%85%0%55%54%56%56%55%2023 05 04 P.24 4.3.iBIM BIM 2008 BIM BIM BIM 2021 BIM 150 4000 2019 iBIM V1.0 2019 BIM 2022 BIM iBIM V4.0 2022 BIM CAPOL iBIM CAPOL 3D CAPOL 2D BIM 35 iBIM AI iBIM CAPOL iBIM 2022 4.0 2021 12 AI AI AI iBIM AI AI AI AI BIM BIM Know-How iBIM AI AI BIM 2023 05 04 P.25 36 Wind 4.4.1960 PPP 30 2017 2018 2019 2020 2021 2022 5.9 9.2 11.9 18.9 28.8 18.3 54.6%30.4%58.5%51.9%-36.5%2.3 3.0 5.0 6.1 7.6 5.8 28.1%70.3%21.4%24.5%-23.4%0.9 1.6 2.3 3.3 4.6 3.9 82.2%37.8%46.0%37.9%-13.8%1.4 1.9 2.0 2.9 3.2 2.5 39.4%4.2%46.7%10.3%-21.4%0.8 1.8 1.3 4.6 10.9 3.2 122.8%-27.8%260.6%137.1%-70.7%0.6 0.8 1.1 1.7 2.3 2.2 45.5%38.8%52.3%34.3%-1.8%-0.08 0.26 0.29 0.21 0.51 225.0%11.5%-27.6%142.9%-0.01 0.02 0.04 0.04 0.04 100.0%100.0%0.0%0.0%3.8 6.2 8.2 14.0 22.8 12.9 36.1%32.0%31.4%26.3%20.9%29.2%42.2%39.3%36.2%34.0%33.5%36.1%40.4%40.1%37.8%36.5%35.2%39.2%41.2%38.5%27.6%28.3%22.7%24.0%7.5%5.8%4.0%4.9%2.7%3.2%32.1%-35.5%32.4%34.9%38.4%-24.7%27.9%25.6%19.9%15.9%14.6%16.3%12.7%11.2%16.1%2.2%2.1%2.5%1.9%1.7%2.5%8.5%9.6%6.8%5.7%9.0%3.9%4.4%3.8%3.4%4.4%0.1%0.1%-0.1%0.2%0.4%0.3%()-0.04-0.10-0.24-0.45-1.58-0.97 0.11 0.07 0.10 0.12 0.17 0.15 0.05 0.04 0.03 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.01 0.11 1.25 1.58 1.72 2.20 1.47 1.60 0.19 0.23 0.23 0.29 0.17 0.16 15.2%14.7%13.5%13.0%11.2%9.8%4.79%6.18%8.25%9.37%19.30%22.39%1.01 1.26 1.36 1.73 1.05 1.12 24.7%8.0%27.2%-39.2%6.5%17.07%13.77%11.40%9.15%3.66%6.14%EPS 0.52 0.64 0.69 0.88 0.54 0.57 1 2 1 3 2 3 103%104%90%98%101%102%30%37%27%40%61%40%2023 05 04 P.26 2022 28.0 18.7%4.4 14.0%4.8 184.7%2022 0.53 2.48 56%2022 31.7%1.26 pct/32.0%/30.9%-4.78/+9.56 pct 2022 40.3 1.4 76.1 14.59%1 2022 1000 12 AI 2022 2 BIM GIS 2022 2447 37 Wind 2017 2018 2019 2020 2021 2022 13.74 16.49 16.19 19.10 23.57 27.98 20.0%-1.8%18.0%23.4%18.7%13 16 14 14 15 18 20.5%-14.2%2.0%7.6%19.5%-7.3 8.7 19.1%0.5 0.6 0.7 0.9 1.2 1.3 9.3%11.9%31.8%42.5%8.1%-0.02 0.03 0.04 50.0%33.3%7.80 8.65 9.16 11.63 15.77 19.09 43.2%47.5%43.5%39.1%33.1%31.8%44.1%48.4%49.6%50.9%45.5%42.0%-9.6%12.9%19.2%23.3%20.8%18.5%20.2%18.7%-31.2%96.6%60.4%10.5%12.0%12.7%12.3%11.9%12.5%2.5%3.4%3.3%3.0%3.0%2.9%5.4%5.6%5.1%4.9%5.4%3.7%4.3%4.5%4.3%4.5%-0.1%-0.5%-0.5%-0.3%-0.3%-0.4%()-0.93-0.73 1.30 1.06 0.78 0.56 0.03 0.16 0.17 0.25 0.24 0.19 0.02 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.06 0.00 0.00 3.50 5.16 3.80 4.23 4.52 5.07 0.61 0.80 0.55 0.59 0.61 0.62 17.5%15.4%14.4%13.9%13.6%12.3%0.00%-0.04%0.08%0.17%0.52%0.37%2.89 4.37 3.25 3.63 3.88 4.43 51.2%-25.6%11.8%6.9%14.0%21.03%26.49%20.06%19.02%16.48%15.83%EPS 0.62 0.93 0.69 0.78 0.83 0.95 1 3 1 4 2 4.8 75%82%77%90%90%81%47%53%60%59%78%56%2023 05 04 P.27 5.AIGC AI+1 AI AI AIGC PE19X 2023 PE EICADv5.0+AiRoad SaaS PE8X AI BIM PE20X 2 PE11X PE13X PE13X 38/EICADv5.0+AiRoad SaaS 1000/80%1000 12 AI DHP BIM+GIS BCM3.0 2022-2025 120 iBIM V4.7 2022 BIM 0.9 BIM BIM CAD AI AI CAPOLiBIM AI BIM AI AI GPT Diffusion AIGC AI AI BIM BIM 10 100 BIM AI RPA 2023 05 04 P.28 BIM BIM CAD BIM BIM BIM BIM BIM PC BIM BIM+BIM+VR BIM+3D BIM+GIS BIM+ERP M+BIM+GIS 2015 39 EPS PE PB 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 华建集团 9.75 0.40 0.50 0.62 0.72 24.57 19.44 15.70 13.58 2.09 9.53 1.00 1.14 1.28 1.44 9.53 8.36 7.43 6.62 1.45 16.44 0.57 0.89 1.09 1.32 28.73 18.42 15.06 12.44 2.36 11.57 0.95 1.08 1.25 1.41 12.22 10.72 9.29 8.23 1.66 6.53 0.47 0.52 0.59 0.71 13.89 12.55 11.14 9.17 1.00 筑博设计 12.48 0.91 0.99 1.11 1.25 13.74 12.55 11.28 10.02 1.52 Wind 2023 4 28 EPS Wind 2023 05 04 P.29 6.AI SaaS 1.AI AI AIGC 2.SaaS Know-how AI SaaS SaaS 2023 05 04 P.30“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%26 3 100032 010-57671718 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033 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