Company and Industry Summary Company Overview - The company, established in 2009, has developed 240 standardized modules by 2015 and achieved a gross margin of 88.3% in the first half of 2024, indicating a strong position in the industry [3][4] - The company operates in the SaaS sector, targeting both small and medium enterprises (SMEs) and large enterprises, with a dual growth strategy [3][4] Industry Insights - The marketing landscape is evolving towards more precise targeting, with a strong trend towards enhancing various aspects of marketing strategies [2] - The company focuses on sectors such as consumer goods, automotive, finance, healthcare, and manufacturing, indicating a diversified industry approach [4][8] Key Points - The SaaS revenue from SMEs typically accounts for about 60% of total revenue, with average customer spending around 30,000 yuan [3][4] - The company utilizes a prepayment model for its products, with pricing ranging from 19,800 to 12,800 yuan based on module quantity [4] - The marketing content generation tool allows clients to produce a significant volume of marketing materials, enhancing lead generation for B2B clients [5][6] - The company is leveraging AI technology to improve customer management and operational efficiency, particularly through its AI Agent product line [9][11] Financial Performance - The company reported a renewal rate exceeding 100% for its large clients in the first half of 2024, indicating strong customer retention [27] - The company’s revenue from precision marketing was 5.3 billion yuan in 2023, with 3.4 billion yuan in the first half of 2024 [28] Market Trends - The shift towards a focus on existing customer management (CIM) is noted, as companies increasingly recognize the value of managing existing customer relationships rather than solely acquiring new ones [18][19] - The competitive landscape in the CIM sector is described as fragmented, with many companies still relying on basic tools like Excel for customer management [14][19] Strategic Initiatives - The company aims to double its overseas revenue in 2024, focusing on helping domestic companies expand internationally and developing its own localized products [16] - The company is also investing in AI-related personnel to enhance its product offerings and improve operational efficiency [31][33] Challenges and Opportunities - The company faces competition from larger ERP vendors entering the CIM space but believes its specialized focus on marketing and sales gives it a competitive edge [13] - There is a significant opportunity in the domestic market, as many companies have yet to adopt CIM systems, indicating potential for growth as businesses modernize their operations [14][19] Conclusion - The company is well-positioned in the SaaS market with a strong focus on AI-driven solutions and customer management, while also exploring international expansion and addressing the evolving needs of its clients in a competitive landscape [9][16][19]

Summary of the Conference Call for MaiFushi Company Overview - MaiFushi is the largest marketing and sales SaaS solution provider in China, established in 2009, with 15 years of data accumulation and 240 standardized modules [4][5] - The company achieved a gross margin of 88.3% in the first half of 2024, attributed to its self-developed four-tier marketing model and AI agent platform [2][4] Business Segments - The company operates in two main segments: SaaS business and precision marketing business [4] - Customer segmentation includes: - Small and Medium Enterprises (SMEs): 60% of SaaS revenue, average transaction value around 30,000 yuan, comparable to HubSpot [2][5] - Large Enterprises: 40% of SaaS revenue, average transaction value reached 700,000 yuan in the first half of 2024, comparable to Salesforce [2][7] Services Offered - For SMEs, MaiFushi provides: - TFE marketing model to generate marketing content and intelligent sales lead management tools to enhance online order conversion rates [2][6] - For large enterprises, services include: - Customized CRM solutions, data integration, unified customer profiles, automated marketing plans, and intelligent algorithm recommendations, particularly in sectors like consumer goods, automotive finance, and healthcare [2][7] AI Technology Application - AI technology is crucial in the CRM field, with a trend towards concentration among leading companies due to the importance of data accumulation [2][10] - MaiFushi is developing AI agents to meet the customized needs of large clients, aiming to reduce costs and improve efficiency by replacing manual customer service roles [8][9] Market Dynamics - The CRM industry in China is relatively fragmented, with many companies yet to adopt any CRM systems, presenting significant market opportunities [12][15] - The shift from an incremental to a retention-focused market is driving the adoption of CRM systems as companies seek to enhance customer value and repeat purchases [16] International Expansion - MaiFushi's international business consists of assisting domestic companies in going global and its own overseas expansion, with a target to double revenue by 2025 and launch localized SaaS products in the Middle East [14] Financial Insights - The company’s IPO shareholders were unlocked on February 16, 2025, leading to a share placement to support projects, with 40% of funds allocated to AI agent development and 30% for acquisitions [3][23] - The expected revenue from the AI agent project in 2025 is approximately 100 million yuan [24] Operational Data - The renewal rate for large clients exceeded 100% in the first half of 2024, indicating growth in existing customer spending [20] - The company plans to adjust its sales structure, with some sales roles being replaced by AI, while expanding its focus on key accounts [25] Marketing and Advertising Model - MaiFushi's precision marketing business operates similarly to advertising companies, generating revenue through media platform rebates based on advertising spend [22] Future Outlook - The company anticipates a better economic environment in 2025, which is expected to positively impact marketing and IT budgets, indicating resilience in its sector [19]

迈富时公司为何被列为重大推荐，其市场地位和发展前景如何？ 迈富时公司被列为重大推荐的原因在于其在 SaaS 市场中的领先地位及其未来的 发展潜力。公司成立于 2009 年，并于 2013 年推出了首款 SaaS 服务产品，2019 年将面向中小客户的产品升级为网页版软件，2021 年推出面向大客户的 SaaS 产品"真客"。目前，迈富时的收入中约 60%来自中小客户，30%来自大型客户。 公司的产品覆盖多个行业，包括零售、消费、汽车金融等。 迈富时在营销及销 售 SaaS 领域具有显著优势，并积极布局与大模型结合的 AI agent 产品矩阵， 有望在未来实现快速增长。公司的订阅收入留存率达到 87%，其中大客户留存 • 迈富时专注于营销及销售 SaaS 领域，通过 T 云（中小客户）和真客 CRM （大客户）提供多维业务赋能，产品覆盖零售、消费、汽车金融等行业， 拥有超过 22,000 家企业客户，单用户平均月收入约 3,600 元。 • 迈富时订阅收入留存率达 87%，大客户留存率超 100%。2024 年上半年 SaaS 业务毛利率达 88.3%，公司积极布局与大模型结合的 AI agent 产品矩阵， ...

证券研究报告 | 公司深度 | 软件开发 迈富时(02556) 报告日期：2025 年 02 月 16 日 Agent 为笔，国产销售+营销 SaaS 龙头绘就 AI 新蓝图 ——迈富时深度报告 投资要点 ❑ 公司是国内营销及销售 SaaS 龙头厂商，面向中小及 KA 客户已构建完善的产品 矩阵，同时积极布局 AI 大模型结合企业管理的功能应用，未来有望在 SaaS 服 务基础上打造 AI Agent 产品矩阵。我们认为公司有望受益于下游企业客户数智 化需求成长叠加 AI 应用加速渗透的浪潮，实现整体经营的快速成长。 ❑ 公司作为国内及销售 SaaS 龙头厂商，SaaS 业务矩阵完善并保持快速增长 公司于 2015 年和 2021 年推出两款标志性 SaaS 产品 T 云、珍客，分别结合一系 列功能模块，以解决企业在营销及销售活动中面对的痛点，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。 2019-2023 年公司总营收 CAGR 达到 46.65%，2024 年上半年公司 SaaS 业务及精 准营销业务分别实现营收 4.00/3.39 亿元，同比增 ...

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]

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company's SaaS business revenue increased by 30% YoY, with strong growth in both SMB and KA segments [4] - The company achieved a revenue of RMB 739 million in 24H1, a 26.7% YoY increase, with SaaS business revenue reaching RMB 400 million, up 30.4% YoY [6] - The company's adjusted net profit turned positive to RMB 48 million in 24H1, compared to a loss of RMB 24 million in the same period last year [6] - The marketing and sales SaaS market has a potential market size of RMB 4.3 trillion by 2027, with significant room for penetration [6] Financial Performance - The company's revenue for 24H1 was RMB 739 million, with a gross profit of RMB 393 million, up 22.3% YoY [6] - SaaS business gross margin improved by 1.2 percentage points to 88.3% in 24H1 [6] - The company's revenue is expected to grow to RMB 1.508 billion, RMB 1.990 billion, and RMB 2.702 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 22.4%, 31.9%, and 35.8% [6][7] - Net profit is forecasted to be -RMB 108 million, -RMB 58 million, and RMB 18 million in 2024, 2025, and 2026, respectively [6][7] Market Position and Strategy - The company is the largest marketing and sales SaaS solution provider in China by 2023 revenue [6] - The company focuses on SMB as its primary growth curve and KA as its secondary growth curve, with significant partnerships established with major enterprises such as Weichai Power, Chery Automobile, and Meituan [4] - The company's user base grew by 13.1% YoY, with average revenue per user per month increasing by 16.5% [4] Valuation and Forecast - The company's reasonable market value is estimated to be between RMB 25.64 billion and RMB 27.15 billion, with a target price range of RMB 109.03 to RMB 115.44 per share [6] - The company's PS ratio is projected to be 17-18x for 2024, based on a revenue forecast of RMB 1.508 billion [6] Industry Comparison - The company's PS ratio is comparable to industry peers such as Kingsoft Office, SERVICENOW, and ADOBE, with an average PS ratio of 17x for 2024 [8]

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]