Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company is a leading player in China's marketing and sales SaaS market, with a strong platform and AI integration [4] - The marketing and sales SaaS market in China has significant growth potential, with a TAM of RMB 4.3 trillion by 2027 [4] - The company is well-positioned to expand its customer base and market share through its dual-drive strategy targeting both SMBs and large enterprises [4] - The global marketing technology sector is experiencing rapid growth, with China's marketing SaaS market entering a phase of consolidation and potential for market leaders to strengthen their competitive moats [4] Financial Projections - Revenue is projected to grow from RMB 1.508 billion in 2024 to RMB 2.702 billion in 2026, with a CAGR of 35.8% [5] - Adjusted net profit is expected to turn positive in 2025, reaching RMB 38 million, and further increase to RMB 124 million in 2026 [5] - The company's gross margin is forecasted to improve from 58.8% in 2024 to 63.1% in 2026 [6] Business Model and Market Position - The company operates two main business segments: SaaS solutions and precision marketing services, with SaaS revenue contributing 57% of total revenue in 2023 [4] - The company's SaaS products, such as T Cloud and Zhenke, cater to both SMBs and large enterprises, offering a comprehensive suite of marketing and sales tools [10][19][21] - The company has a strong presence in the Yangtze River Delta and Pearl River Delta regions, with plans to expand its sales network and partner ecosystem [31][33] Industry Trends - The global marketing technology sector has seen a CAGR of 41.8% over the past 13 years, with 14,106 marketing technology products available in 2024 [55] - China's marketing and sales SaaS market is expected to grow from RMB 20.6 billion in 2022 to RMB 74.5 billion by 2027, with a CAGR of 29.3% [45] - The integration of AI and SaaS in marketing is creating significant value, with generative AI expected to contribute USD 760 billion to USD 1.2 trillion in market revenue [49][52] Strategic Development - The company is following a platform and ecosystem strategy, similar to global leaders like HubSpot and Salesforce, with a focus on AI-driven marketing solutions [62] - The company plans to use IPO proceeds to enhance its platform capabilities, expand its product portfolio, and improve AI and big data technologies [63][64]

[Table_MainInfo] 公司研究/信息服务 证券研究报告 迈富时（2556）公司半年报点评 2024 年 08 月 28 日 股票数据 SaaS 业务收入同比+30%，营销与销售 数智化正当时 [Table_Summary] 投资要点： | --- | --- | |---------------------------------------------------------------|--------------| | | | | 0 [ 8 Ta 月 b 2 le 7 _ 日 S 收 to 盘 ck 价 In （ fo 港 ] 元） | 101.90 | | 52 周股价波动（港元） | 45.00-108.80 | | 总股本/流通股（百万股） | 235/235 | | 总市值/流通市值（百万港元） | 23963/23963 | 市场表现 [Table_QuoteInfo] | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | | | | | | | | | | | 恒生指数对 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 109.03-115.44 RMB per share (118.51-125.48 HKD per share) based on a 2024 dynamic PS of 17-18x [3][4] Core Investment Thesis - The company is a leading marketing and sales SaaS provider in China, with a comprehensive product portfolio and strong sales network serving both SMB and large enterprise (KA) customers [3][6] - The SaaS business is expected to grow rapidly at 28%/40%/45% in 2024-2026, driven by product optimization, AI adoption, and KA expansion [3] - Precision marketing services are forecast to grow steadily at 15%/20%/20% in 2024-2026 as the economy recovers [3] - Overall gross margin is projected to improve to 58.8%/60.9%/63.1% in 2024-2026 due to the higher-margin SaaS business gaining share [3] Business Overview - The company operates the Marketingforce platform, which integrates technology infrastructure, data middleware, and SaaS products with 237 functional modules covering the entire marketing and sales process [6] - It offers two flagship SaaS products - T Cloud for marketing and Zhenke for sales, which can be customized by combining different functional modules [6] - SaaS revenue grew at a 47.13% CAGR from 2019 to 2023, reaching 702 million RMB, with the number of users increasing to 25,495 and average contract value per user rising to 51,238 RMB [19] Financial Projections - Total revenue is forecast to grow 22.4%/31.9%/35.8% to 1.51/1.99/2.70 billion RMB in 2024-2026 [3][11] - Net loss is expected to narrow from -108 million RMB in 2024 to -58 million RMB in 2025, turning profitable at 18 million RMB in 2026 [3][11] - SaaS business is projected to contribute 58.8%/60.9%/63.1% of total revenue in 2024-2026, up from 57.0% in 2023 [11][18] Industry Outlook - The marketing and sales SaaS market in China grew at a 29.7% CAGR from 2018 to 2022, reaching 20.6 billion RMB, and is expected to expand to 74.5 billion RMB by 2027 at a 29.3% CAGR [9] - Compared to back-office SaaS solutions like HR and supply chain management, companies are more willing to pay for marketing and sales SaaS as it directly drives customer acquisition and revenue growth [9]