国内营销及销售SaaS龙头企业迈富时(02556.HK)正迎来AI驱动的增长新周期。长城证券最新研报首次覆 盖该公司，指出其凭借领先的AI+SaaS产品矩阵和智能体技术布局，有望在2025年实现业绩爆发式增 长，首次覆盖并给予"买入"评级。 研报强调，中国企业的数字化程度仍有巨大提升空间，IT支出占GDP的比例显著低于全球水平，这为 SaaS产业提供了广阔发展前景。其中，企业更愿意为能直接带来客户与收入的营销及销售SaaS付费，该 细分市场增速迅猛。 迈富时作为该领域的龙头企业，市场份额稳居行业首位，已连续七年获评AI SaaS影响力企业第一名， 累计服务超20万家企业，覆盖零售、汽车、金融、医药、跨境电商等多元行业，在市场认可、订单获 取、资源整合层面拥有显著优势。数据显示，2024年全年，公司服务的客户总量近2.7万家，订阅收入 留存率及订阅客户留存率两项关键数据均表现出色，市场影响力稳步提升。 历经多年的产品打磨与技术沉淀，迈富时已将AI技术深度融入至SaaS服务全链路。也正是受益于AI的 高度渗透，公司迅速实现多业务板块协同增长。2024全年，公司AI+SaaS业务维持强劲增长，实现收入 8.4亿元， ...

迈富时深耕营销及销售行业多年，于2015年和2021年推出两款标志性SaaS产品：营销SaaS产品T云以及 销售SaaS产品珍客，二者分别主要面向SMB/KA客户。两款产品均结合一系列功能模块，以解决企业在 营销及销售活动中面对的痛点，目前已经累计服务超20万家企业，涵盖零售消费、汽车、金融、B2B、 医药大健康、企服、跨境电商等行业领域。以2022年收入计，公司以2.6%的市场份额成为中国最大的 营销及销售SaaS解决方案提供商。 推出Tforce营销领域大模型以及AI-Agentforce智能体中台，打造第二增长曲线 公司积极布局AI功能，陆续推出了Tforce营销领域大模型以及AI-Agentforce智能体中台。公司通过将大 模型深度融入一站式营销及销售平台，打造具备智能营销中枢、流程自动化引擎、场景感知矩阵等多重 核心能力的下一代AI+SaaS解决方案，实现从功能交付向价值交付的再升级。公司给超过90%的客户提 供的产品均包含AI模块，产品能力持续升级。 我国企业数字化程度较低，营销及销售SaaS市场空间广阔 根据沙利文数据统计，从IT支出/GDP维度来看，中国2022年达2.6%，远低于全球的4. ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Viewpoints - The company is positioned as a leading player in the domestic marketing and sales SaaS sector, leveraging AI to accelerate growth. The marketing and sales SaaS market in China is expected to grow significantly, with a projected CAGR of 28.6% from 2022 to 2027, reaching a market size of 745 billion yuan by 2027 [1][2]. - The company has developed a comprehensive product matrix, including its flagship products T Cloud and Zhenke, which cater to SMB and KA clients respectively. These products have been integrated with AI capabilities to enhance marketing and sales efficiency [2][3]. - The financial outlook is positive, with expected revenues of 23.58 billion yuan in 2025, 30.26 billion yuan in 2026, and 37.17 billion yuan in 2027, alongside a projected adjusted net profit of 1.02 billion yuan in 2025 [3][4]. Summary by Sections Company Overview - The company focuses on marketing and sales SaaS, with a strong emphasis on AI integration to drive growth. It has established a significant market presence, serving over 200,000 enterprises across various industries [2][11]. Market Potential - The digitalization level of Chinese enterprises is relatively low, indicating substantial growth potential for the marketing and sales SaaS market. The market is expected to grow from 206 billion yuan in 2022 to 745 billion yuan by 2027, with a CAGR of 29.3% [1][2]. Financial Analysis - The company has shown robust revenue growth, with a projected revenue of 15.59 billion yuan in 2024, reflecting a 27% year-on-year increase. The AI+SaaS business segment's revenue share has increased from 46% in 2022 to 54% in 2024 [21][28]. - The gross profit margin has been on an upward trend, with a gross margin of 52.98% in 2024, driven by the high-margin SaaS business [30][31]. - The company achieved an adjusted net profit of 0.79 billion yuan in 2024, marking a significant turnaround from previous losses [37][39]. AI Integration and Product Development - The company has launched AI-driven products, including the Tforce marketing model and AI-Agentforce platform, which are expected to enhance its service offerings and drive new growth avenues [2][3][28]. - The integration of AI capabilities into its SaaS products has created a competitive advantage, with over 90% of its offerings now including AI modules [2][28]. Future Outlook - The company plans to continue expanding its product ecosystem through strategic investments and acquisitions, aiming to solidify its position as a leader in the intelligent marketing ecosystem [46][47].

海通国际研报指出，公司实现营收高增长与现金流大幅优化，AI+SaaS生态驱动中小+KA双市场突破， 客户粘性持续提升，AI Agent商业化加速落地带动公司业绩持续性增长。其中，公司T云产品不断深化 中小企业SMB 市场，珍客产品持续拓展大型企业客户KA 市场，赋能KA客户全渠道客户资产运营，覆 盖消费零售、汽车、金融、医疗大健康、制造业五大行业，订阅收入留存率连续三年超100%，印证了 由产品技术带来的内生增长潜力。 消息面上，近日，中国科学院《互联网周刊》、德本咨询、eNet研究院联合发布《2025 AI SaaS影响力 企业TOP50》榜单，迈富时连续7年蝉联第一，持续领跑市场。从中国最大的营销及销售SaaS公司，到 中国领先的AI Agent云平台，迈富时聚焦企业营销&销售核心业务场景，持续升级技术和服务，创新研 发AI-Agentforce智能体中台，实现从"单一工具提效"到"全链路生态重构"的跨越，为企业提供驱动企业 业务智能化升级的核心引擎。 智通财经APP获悉，港股市场早盘高开，港股科技30ETF盘中上涨0.9%，延续昨日涨势，成分股中，迈 富时(02556)以6.25%的涨幅领涨板块。公司连 ...

KA 大客户需求强劲，AI Agent 商业化加速落地 迈富时(2556) ——迈富时公司跟踪报告 股票研究 /[Table_Date] 2025.06.17 2025-06-17 [Table_Market] 交易数据 本报告导读： 公司实现营收高增长与现金流大幅优化，AI+SaaS 生态驱动中小+KA 双市场突破，客 户粘性持续提升，AI Agent 商业化加速落地带动公司业绩持续性增长。 投资要点： | [Table_Finance] 财务摘要（百万人民币） 风险提示。AI | 2022 | 2023 | 进展不及预期；业务拓展不及预期；市场竞争加剧。 | 2024 2025E 2026E 2027E | | | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,143 | 1,232 | 1,559 | 2,368 | 3,251 | 4,327 | | (+/-)% | 30.3% | 7.8% | 26.5% | 51.9% | 37.3% | 33.1% | | 毛利润 | 560 | 706 | 826 | 1,218 | 1,671 ...

Group 1 - Hong Kong's Hang Seng Index fell by 0.13%, down 32 points, while the Hang Seng Tech Index decreased by 0.06% with a trading volume of 108.1 billion HKD in the morning session [1] - The implementation of the stablecoin regulation in Hong Kong is expected to expedite the processing of license applications by the Hong Kong Monetary Authority, potentially opening up valuation reassessment opportunities for companies like Zhong An Online, which rose by 4.37% [1] - Geopolitical risks are anticipated to increase demand for oil and gas exploration and equipment maintenance, leading to a significant rise in Shandong Molong's stock price, which surged over 9% and has increased 1.6 times over the past three trading days [1] Group 2 - The new generation neuro-modulation chip approved by the FDA is expected to target a market of approximately 10 million patients with Parkinson's disease, resulting in a 283% increase in the stock price of Brain Regen Tech, which has seen a year-to-date increase of over 50 times [1] - Nanjing Panda Electronics and Micron Brain Science stocks rose by 27.0% and 16%, respectively, as part of the collective surge in brain-computer interface concept stocks [1] - Huiju Technology's stock increased by over 7%, reaching a new high, with a cumulative rise of over 60% in the past month, as institutions anticipate its inclusion in the Hong Kong Stock Connect [1] Group 3 - Sands China completed the full redemption of its 2025 notes and the cancellation of its notes listing for the year, resulting in a stock increase of 4.84% [2] - Weimob Group's stock rose over 5% following WeChat's announcement that public accounts can now sell products through WeChat stores, positioning the company to benefit from the growth of WeChat e-commerce [3] - The real estate sector saw a general pullback, with Kinhui Holdings and Agile Group experiencing declines of 9% and 3.4%, respectively, amid weaker sales indicators in May [3] Group 4 - Rongchang Bio's stock fell over 6% after the company completed a placement that raised approximately 800 million HKD, with UBS stating that the stock price has already reflected positive catalysts [4]

智通财经APP获悉，建银国际发布研报称，迈富时(02556)是一个快速成长的营销与销售SaaS市场参与 者，Al-Agent有望成为新兴的增长驱动力，预计未来三年营收复合年增长率为24%，盈利能力持续改 善。该行首予迈富时"跑赢大盘"评级。 建银国际认为，迈富时增长前景强劲。该行预计，公司总营收将从2024年的15.59亿元人民币增长至 2027年的29.69亿元人民币，意味着该期间的营收复合年增长率为24%。其中，AI+SaaS业务营收预计将 从2024年的8.42亿元人民币增至2027年的15.37亿元人民币，复合年增长率为22%;新增业务营收则预计 将从零增长至3.59亿元人民币。该行还预计，调整后净利润将从2024年的7900万元人民币增至2027年 3.03亿元人民币，复合年增长率为56%。 此外，建银国际指出，迈富时面临的主要风险包括：1)宏观不确定性;2)隐私及数据保护带来的监管风 险;3)竞争加剧;4)新产品商业化失败;5)客户和媒体平台集中度过高的风险;6)产品或算法错误;7)盈利能力 低于预期。 建银国际指出，迈富时是一个快速成长的营销与销售SaaS市场参与者。公司提供多种基于云的营销与销 ...

Group 1: Market Performance - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 1.63%, the Hang Seng China Enterprises Index rising by 1.74%, and the Hang Seng Tech Index up by 2.78% [1] - The film sector saw significant gains, with Alibaba Pictures rising by 11.58% and Maoyan Entertainment increasing by 4.42%, attributed to a recovery in the film market and expectations for a strong summer box office in 2024 [1] - Pharmaceutical stocks experienced widespread increases, with notable gains from companies like Four Seasons Medicine (up 14.56%) and King’s Ray Biotech (up 16.14%) [1] Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector is benefiting from multiple positive factors, with 34 domestic innovative drugs approved for market by the end of May, nearing last year's total [2] - Chinese pharmaceutical companies showcased 71 original research results at ASCO, indicating a rapid advancement in innovation and research capabilities [2] Group 3: Technology and Other Sectors - Technology-related stocks, including short video and SaaS concepts, showed strong performance, with Kingdee International rising by 11.8% and Tencent Music increasing by 5.58% [2] - New consumption concepts and holiday-related stocks also performed well, with H&H International Holdings rising by 8.81% and Blucor soaring by 22.34% [3] Group 4: Declining Sectors - Gold and non-ferrous metal stocks experienced collective declines, with companies like Zhenfeng Gold dropping by 6.06% [3] - Other sectors such as beer, cosmetics, and tobacco also saw declines, with Budweiser Asia Pacific down by 2.06% [3][4]

行业发展方面，华创证券认为，在数字化转型浪潮下，企业级SaaS市场有望持续蓬勃发展。作为数字时 代的新型基础设施，云计算是响应国家政策，加快形成新质生产力的关键要素和构建现代化产业体系的 核心支撑。细分到营销领域，我国营销及销售SaaS解决方案潜在市场规模预期将由2022年的15466亿元 及1.3%的渗透率增长至2027年的42545亿元及1.8%的渗透率。 近日，华创证券发布迈富时(02556.HK)深度研报，首次覆盖即给予"强推"评级，认为后续存在较大上涨 空间。 报告中指出，迈富时是营销、销售SaaS领域的佼佼者，叠加AI应用的加速融合，有望快速成长。当 前，存在未爆发的股价催化剂：深耕营销与销售领域，已形成完备产品条线；业务卡位营销与销售，满 足客户需求；数字化转型催生企业级SaaS需求，市场增长潜力巨大；AI功能持续增加，Agent 赋能打开 最新想象空间。 资料显示，迈富时是中国最大的营销及销售SaaS解决方案提供商，全球分布20余家分支机构，累计申请 软件著作和专利750余项，目前已构建起清晰的成长曲线与丰富的产品矩阵。 最新财报数据显示，2024年公司正式实现扭亏为盈，经调整净利润为7921 ...

Core Viewpoint - The company, MaiFushi, has established itself as a leading provider of marketing and sales SaaS solutions in China, with significant growth projected in the SaaS business and the overall market for marketing and sales solutions [1][2]. Group 1: Company Overview - MaiFushi was founded in 2009 and has grown to become the largest marketing and sales SaaS solution provider in China, with a projected CAGR of 39.1% for its SaaS business from 2020 to 2024 [1]. - The company operates over 20 branches globally and has a research and development team of over 1,000 people, with more than 750 software copyrights and patents filed [1]. - MaiFushi's primary business segments include marketing and sales SaaS, as well as precision marketing services, providing comprehensive AI+SaaS solutions for various enterprises [1]. Group 2: Market Growth - The marketing and sales SaaS market in China has grown from 7.3 billion yuan in 2018 to 20.6 billion yuan in 2022, with a CAGR of 29.7% from 2018 to 2022, and is expected to reach 74.5 billion yuan by 2027, with a CAGR of 29.3% from 2022 to 2027 [2]. - The potential market size is projected to increase from 15,466 billion yuan in 2022 with a penetration rate of 1.3% to 42,545 billion yuan in 2027 with a penetration rate of 1.8% [2]. Group 3: Business Strategy and AI Integration - The company is focusing on integrating AI capabilities into its SaaS offerings, with the global AI agent market expected to grow from $5.29 billion in 2024 to $216.8 billion by 2035, reflecting a CAGR of 40.15% [3]. - MaiFushi has launched the Tforce marketing model and the AI-Agentforce intelligent platform, which includes various intelligent applications for marketing, sales, customer service, training, and recruitment [3]. Group 4: Financial Projections and Valuation - The company is projected to achieve revenues of 2.355 billion yuan, 3.088 billion yuan, and 3.848 billion yuan from 2025 to 2027, with year-on-year growth rates of 51.1%, 31.1%, and 24.6% respectively [4]. - Corresponding net profits for the same period are expected to be 27 million yuan, 155 million yuan, and 201 million yuan, with EPS of 0.10, 0.61, and 0.78 yuan [4]. - The company is valued at approximately 14.75 billion yuan or 16.032 billion HKD, with a target price of 62.55 HKD per share, based on a relative valuation method [4]. Group 5: Precision Marketing Valuation - The precision marketing module is expected to have a profit margin, and its valuation is based on comparable companies using a PE method, with an average PE of 43.0x for 2025 [5]. - The estimated valuation for the precision marketing segment is approximately 2.327 billion yuan, based on the average net profit margin of 6% from comparable companies [5].