港股公司报告 | 首次覆盖报告 百融云-W（06608） 证券研究报告 2024年06月23日 AI+垂类科技领航者，AI 行业应用落地开花 投资评级 行业 资讯科技业/软件服务 6个月评级 买入（首次评级） 国内数据分析龙头，客群优势持续巩固公司地位 当前价格 8.99港元 百融云作为国内领先的AI科技服务提供商，凭借其在决策式AI和生成式 目标价格 15.50港元 AI领域的深厚技术积累，通过云+本地化部署和MaaS+BaaS服务模式， 为百行千业提供全流程数智化服务，显著提升了自动化审批率和风险管理 基本数据 效率，助力互联网信贷业务实现快速增长。根据公司披露数据，百融云创 港股总股本(百万股) 491.03 AI模型平均每天调用3亿次以上，云平台稳定性高达99.998%，以实际场 港股总市值(百万港元) 4,414.36 景业务为痛点的产品研发深受市场欢迎。公司扎根垂类领域累积数据优 每股净资产(港元) 9.68 势，目前已累计服务机构客户超7000家，覆盖6大国有银行、12家全国 性股份制银行、上千家城农商银行、保险公司等金融机构及各类垂直企业 资产负债率(%) 19.20 客户。2023年，公司客 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, reached RMB 2,680.92 million, a 31% increase from RMB 2,054.18 million in 2022[9]. - The gross profit amounted to RMB 1,954.53 million, maintaining a high gross margin of 73%, up from 72% in the previous year[9][12]. - Operating profit increased by 48% to RMB 346.77 million, with an operating profit margin of 13%, up from 11%[9][12]. - Net profit for the year rose by 46% to RMB 335.26 million, with a net profit margin of 13%, reflecting the company's leading position in the industry[9][12]. - Total revenue increased by 31% from RMB 2,054.18 million in 2022 to RMB 2,680.92 million in 2023, driven by industry growth and improved product and service capabilities[45]. - The company's annual profit increased by 46% from RMB 229.31 million for the year ended December 31, 2022, to RMB 335.26 million for the year ended December 31, 2023[54]. - Non-IFRS profit for the year ended December 31, 2023, was RMB 375.06 million, compared to RMB 293.99 million for the previous year[58]. - EBITDA for the year ended December 31, 2023, was RMB 423.98 million, up from RMB 320.56 million in 2022[60]. Business Segments - The company's BaaS business revenue grew by 38% to RMB 1,789.67 million, driven by deepening customer cooperation and advanced generative AI technology[13]. - Within the BaaS segment, revenue from the financial industry cloud reached RMB 1,184.73 million, a 59% increase, while the insurance industry cloud contributed RMB 604.94 million, up 10%[13]. - The MaaS business revenue increased by 17% to RMB 891.25 million, benefiting from an enriched product portfolio and expanded application scenarios[13]. - MaaS revenue for 2023 reached RMB 891.25 million, a 17% increase from RMB 759.61 million in 2022[27]. - Core customer revenue also grew by 17% to RMB 744.49 million, with the number of core customers increasing by 14% to 213[27]. - BaaS financial industry cloud revenue surged by 59% to RMB 1,184.73 million, driven by a 93% increase in asset transaction scale to RMB 53.13 billion[31]. - BaaS insurance industry cloud revenue increased by 10% to RMB 604.94 million, with first-year premium income growing by 12% to RMB 508.21 million[35]. Customer and Market Insights - The company serves over 7,000 well-known banks, insurance companies, wealth management firms, and internet technology companies in China, leveraging AI technologies[12]. - The number of core customers for the MaaS business grew by 14% year-on-year to 213, up from 187 at the end of the previous year[25]. - The average revenue per core customer increased to RMB 3.50 million, reflecting the continuous iteration of models and introduction of high-value products[25]. - Customer retention rate for core clients improved to 99%, demonstrating the company's strong brand reputation built over the past decade[25]. - The company has served over 200,000 small and micro enterprises, facilitating smooth financing and healthy development through intelligent matching and marketing technology[23]. Research and Development - The company has completed the full-stack construction of its large model technology, significantly reducing training, iteration, and inference costs[19]. - The average revenue per full-time employee increased from RMB 1.49 million to RMB 1.98 million, attributed to the integration of AI technologies across various roles[19]. - The company has obtained 233 patents covering areas such as artificial intelligence, machine learning, and human-machine collaboration[19]. - R&D expenses rose by 2% from RMB 369.65 million in 2022 to RMB 378.79 million in 2023, primarily due to increased personnel costs for R&D staff[48]. Corporate Governance and Compliance - The company has not engaged in any significant acquisitions or investments during the year ended December 31, 2023[68][70]. - The company faces significant risks including rapid market changes and evolving regulatory environments impacting user data privacy and protection[85]. - The company must comply with various regulations, including the need for an ICP license for its value-added telecommunications services[100]. - The company emphasizes social responsibility and sustainable growth, with details to be included in the upcoming environmental, social, and governance report[87]. - The company may face significant penalties if its contractual arrangements with variable interest entities are deemed non-compliant with Chinese regulations[98]. - The company’s insurance marketing services are integrated with its data analysis and customer relationship management systems, necessitating careful contractual arrangements[101]. Shareholder and Financial Management - The company repurchased a total of 20,732,500 Class B shares for a total amount of HKD 219.63 million, impacting cash flow and cash balance[12]. - The company's cash and cash equivalents as of December 31, 2023, were RMB 3,301.84 million, compared to RMB 3,010.86 million as of December 31, 2022[67]. - The company had bank loans of approximately RMB 91.36 million due within one year as of December 31, 2023[64]. - The employee compensation cost for the year ended December 31, 2023, was RMB 718.01 million, an increase from RMB 682.19 million in 2022[79]. - The company's debt-to-asset ratio as of December 31, 2023, was 0.19, slightly up from 0.18 in 2022[73]. Leadership and Management Team - The management team has a strong academic background, with degrees from prestigious institutions such as Tsinghua University and McMaster University[171][174]. - The company is expanding its strategic investments and capital market initiatives under the leadership of the new vice president[173]. - The independent non-executive directors bring diverse academic and industry experience, enhancing the company's governance[180][185]. - The company is committed to strategic innovation and research, as evidenced by the appointment of experienced professionals in key roles[180]. - The management team has a proven track record in leading well-known technology companies in public offerings and financing[173]. Awards and Recognition - The company has been awarded 44 times in 2023, with 82% of the awards being technology-related, highlighting its leadership in AI innovation[20].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 15.6, based on a 2024 P/E ratio of 18 times [1][3][5]. Core Insights - The company achieved a revenue of RMB 2.68 billion in 2023, representing a year-on-year growth of 31%. The gross margin improved by 1 percentage point to 72.9%, and the net profit attributable to shareholders increased by 42% to RMB 340 million, exceeding market expectations [2][3]. - The company's two main business segments, MaaS and BaaS, are driving growth. MaaS revenue grew by 17% to RMB 891 million, while BaaS revenue surged by 38% to RMB 1.79 billion, with financial cloud revenue increasing by 59% to RMB 1.185 billion [2][3]. - The company is investing in AI technology, having launched two large language models, which have improved operational efficiency and reduced costs associated with model training and iteration [2][3]. Financial Performance Summary - Revenue for 2023 was RMB 2,680.9 million, with a growth rate of 31%. The projected revenues for 2024, 2025, and 2026 are RMB 3,093.4 million, RMB 3,551.4 million, and RMB 4,060 million, respectively [4][9]. - The net profit attributable to shareholders for 2023 was RMB 340.5 million, with projections of RMB 375.7 million, RMB 436.4 million, and RMB 506.9 million for the following years [4][9]. - The gross margin is expected to stabilize around 72.5% for the next few years, while the net profit margin is projected to improve gradually [11][9]. Business Segment Analysis - MaaS business is characterized by stable growth, with a 14% increase in core customer numbers and a 3% rise in average revenue per core customer to RMB 3.495 million [2][3]. - BaaS business is emerging as a second growth curve, with a higher average revenue per customer compared to MaaS, indicating strong potential for future expansion [2][3]. Market Position and Strategy - The company is diversifying its customer base beyond financial and insurance sectors, with non-financial industry clients now accounting for approximately one-third of its customer portfolio [2][3]. - Continuous investment in AI research and development is expected to enhance product offerings and drive further business growth [2][3].

2024年04月03日 公 司点评 公 买入 / 维持 司 百融云-W(06608) 研 究 目标价: 昨收盘:11.08 百融云-W 2023 年年报点评：业绩持续兑现，费用管理得当 事件：百融云-W发布2023年年度报告，报告期内公司实现营业收入 ◼ 走势比较 26.81 亿元，同比+30.51%；实现归母净利润 3.40 亿元，同比+42.06%； 毛利率/净利率为72.91%/12.51%，同比+0.81pct/+1.25pct。 20% MaaS核心客户增加，客户留存率高位增长。报告期内公司MaaS收入 太 8% 8.91亿元，同比+17.33%；其中核心客户收入7.44亿元，同比+17.26%。 平 MaaS 收入增长得益于核心客户数量和客均收入的齐升，截至报告期末公 洋 (1( 64 %% ))3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 司核心客户数量同比+13.90%至213家，客均收入同比+2.95%至349.53万 元。核心客户留存率高位继增，同比+1pct至99%，客户满意度同比+1.5pct 证 (28%) 至97%。 券 (40%) ...

证券研究报告 ＃industryId＃ 金融 ＃investSuggestion＃ ＃ ＃06608.HK ＃百dy融Com云pa-nWy＃ 增持 (维持 ） 获客活客效能释放，＃ti 坚tle＃ AI 定赋能金融数智化转型 ——2023 年年报业绩点评 ＃createTime1＃ 2024 年3月 27 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃ 百融云创发布2023年年度业绩。2023年公司累计实现营收26.81亿元/同比+30.5%，实现 日期 2024-3-26 归母净利润3.35亿元/同比+42.1%，经调整后净利润3.75亿元/同比+27.6%，收入符合前期 收盘价（港元） 11.84 预期，净利润增速放缓或受收购公司合计0.6亿元商誉减值以及创新业务投入力度加大影 总股本（亿股） 4.90 响，公司主营业务稳健，毛利率较去年同比提升0.8pct至72.9%。 自由流通股本（亿股） 2.48 1） 模型即服务-MaaS（营业收入8.91亿元/同比+17.3%/占比33.2%） 归母净资产（亿元） 44.39 核心客群留存率触达新高。截至2023年末，公司核心客户数量较去年同 ...

研究报告Research Report 27 Mar 2024 百融云 Bairong (6608 HK) 金融云业务快速增长，盈利能力持续释放 Financial Cloud Business Run Fast, Profitability Sustained Release [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 金融云业务高速增长，盈利能力持续释放。2023 年，公司实现营 评级 优于大市OUTPERFORM 业收入约 26.81 亿元人民币，同比增长 31%；其中，MaaS 业务收 现价 HK$11.84 目标价 HK$20.82 入约为 8.91 亿元人民币，同比增长 17%，其核心客户数达到 213 家，同比增长14%；BaaS业务收入约17.90亿元人民币，同比增长 HTI ESG 4.0-4.0-4.0 38%。BaaS 的金融云收入约为 11.85亿元人民币，同比增长 59%， E-S-G: 0 ...

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[百I Tnaf 融bol]e 云_Ti -t Wle]（ 6608） [评Tab级le_：Inv est] 增持 当前价格（港元）： 14.28 双主业共推业绩高增，AI 浪潮下未来可期 2024.03.26 海 ——百融云2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 孙坤(分析师) 52周内股价区间（港元） 8.38-14.64 当前股本（百万股） 490 公 021-38676647 021-38038260 当前市值（百万港元） 6,998 司 liuxinqi@gtjas.com sunkun024098@gtjas.com 证书编号 S0880515050001 S0880523030001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司业绩高增得益于BaaS业务资产交易规模提升和MaaS业务单客户收入提升，随 百融云-W 恒生指数 香 着AIGC加速推进，客户智能化需求提升，公司未来业绩可期。 42% 摘要： 港 30% [ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Bairong Inc. 百融雲創 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：6608） 截至2023年12月31日止年度業績公告 及 變更合規顧問 百融雲創（「本公司」，連同其附屬公司及綜合聯屬實體統稱「本集團」）董事（「董 事」）會（「董事會」）欣然公佈本集團截至2023年12月31日止（「報告期間」）的年度 經審核綜合業績，連同2022年同期的比較數字。該等年度業績已經本公司審核委 員會（「審核委員會」)審閱。 於本公告中，「我們」及「我們的」指本公司，如文義另有所指，則指本集團。本公 告所載若干金額及百分比數字已予以約整，或已四捨五入至個位或小數點後兩位 數。因此，若干表格總計所示數字未必一定為其上數字的算術總和。 我們的創始人兼首席執行官、董事會主席張韶峰先生表示：「我們再次實現了強勁 增長的年度業績。2023年，我們基於決策式AI和生成式AI的服務在商業化變現場 景拓展方 ...

我是百融雲創投資者關係總監孫力勤感謝各位對百融的關注 公司已經於11月20日昨天發布了2023三季度營運摘要本次業績會我們將匯報和分享公司2023前三季度的經營成果並回答各位關注的問題此次業績會分三個部分第一部分為董事長致辭第二部分為管理層業績解讀最後是問答環節通過電話餐會的投資者和分析師老師如需提問 可以直接通过电话或网络参会文字形式提问或者是通过电话语音提问等业绩汇包含前瞻性陈述反映了公司对未来的当前信念和期望这些陈述包含预期相信打算估计期望等词和类似含义的词语等会议中所包含的历史事实陈述以外的所有陈述均为前瞻性陈述 這些潛在性陳述僅反映本文件日期時公司管理層的觀點並非未來業績的保證本公司集團成員或任何相關關聯方或其人和董事高級管理人員、員工顧問或代表均不承擔任何義務且明確否認有任何義務或承諾傳播任何更新或修訂的任何潛在性聲明 接下來我為大家介紹出席本次業績交流會的公司管理層他們分別是百榮雲創創始人董事會主席兼首席執行官張朝峰先生百榮雲創執行董事高級副總裁首席財務官Death保險行業員負責人鄭薇先生百榮雲創高級副總裁Death金融行業員負責人段寧先生 百榮雲創研發副總裁王勇先生百榮雲創執行董事資本市場和戰 ...

Bairong Inc. (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立以不同投票權控制的有限責任公司 ) Stock Code 股份代號 : 6608 2023 Interim Report 中期報告2023 Interim Report 中期報告 | --- | --- | --- | --- | --- | --- | |-------|-------|---------|--------------------------|-------|-------| | | | | 目錄 | | | | | | 2 | 公司資料 | | | | | | 4 | 主要摘要 | | | | | | 6 | 業務回顧 | | | | | | 11 | 業務前景 | | | | | | 12 | 管理層討論及分析 | | | | | | 19 | 企業管治 | | | | | | 24 | 其他資料 | | | | ...