Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook on its future performance [4] Core Views - The company is a leading domestic AI technology service provider, leveraging large language models, NLP, deep machine learning, and cloud computing to offer Model-as-a-Service (MaaS) and Business-as-a-Service (BaaS) solutions [1] - MaaS focuses on decision-making AI, helping businesses digitize their KYC and KYP processes, while BaaS uses generative AI for intelligent customer interaction and transaction facilitation [1] - The company's services are widely applied across industries such as banking, consumer finance, insurance, e-commerce, automotive, logistics, and energy [1] Financial Performance - In 2023, the company achieved revenue of approximately RMB 2.68 billion, a 31% YoY increase, with MaaS revenue at RMB 891 million (17% YoY growth) and BaaS revenue at RMB 1.79 billion (38% YoY growth) [2] - The company maintained a high gross margin of 73% in 2023, with operating profit reaching RMB 347 million, a 48% YoY increase [4] - In H1 2024, revenue grew 6% YoY to RMB 1.32 billion, with BaaS revenue increasing 11% YoY to RMB 900 million, while MaaS revenue declined 2% YoY to RMB 421 million [4] Business Segments - MaaS is the company's core business, generating stable cash flow through model output and evaluation services, with over 7,000 clients and 165 core clients in H1 2024 [6] - BaaS is the company's second growth curve, utilizing generative AI for intelligent marketing and operations, supporting over 50 million daily intelligent voice communications with a semantic understanding accuracy rate exceeding 97% [7] - BaaS financial cloud revenue grew 20% YoY in H1 2024, while BaaS insurance cloud revenue declined 3% YoY [4] Market Potential - The company is expanding its BaaS model into new sectors such as healthcare, with plans to deploy multi-modal AvatarGPT in non-financial retail scenarios like hotels, malls, and airports [8] - The company expects BaaS to facilitate transactions exceeding RMB 200 billion, with increasing bargaining power as user data and profiles expand [8] Share Repurchase - The company expanded its share repurchase plan to HKD 375 million, demonstrating confidence in its business prospects and commitment to creating shareholder value [10] Valuation and Forecast - The report forecasts 2024-2026 revenue of RMB 2.89 billion, RMB 3.26 billion, and RMB 3.76 billion, with YoY growth rates of 7.92%, 12.56%, and 15.48%, respectively [11] - Net profit is expected to be RMB 291 million, RMB 387 million, and RMB 495 million for 2024-2026, with EPS of RMB 0.59, RMB 0.79, and RMB 1.01 [11] - The company's 2025E PE is estimated at 18-20x, with a fair value range of HKD 15.44-17.15 [11]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][2]. Core Views - The company has shown steady revenue growth in 2024H1, with a revenue of 1.32 billion RMB, representing a year-on-year increase of 6%. Gross profit reached 967 million RMB, up 8% year-on-year, primarily driven by successful applications of artificial intelligence (AI) technology [1]. - However, net profit for 2024H1 was 143 million RMB, down 31% year-on-year, mainly due to a significant increase in sales and marketing expenses, which rose from 461 million RMB in the same period last year to 507 million RMB [1]. - The company is expected to benefit from its investments in brand promotion and quality traffic acquisition, leading to anticipated revenue and net profit growth in the second half of the year [1]. - The BaaS financial industry cloud segment has shown impressive performance, with revenue of 589 million RMB in 2024H1, a year-on-year increase of 20%, driven by a 23% increase in asset transaction volume to 26.15 billion RMB [1]. - Continuous technological updates, including the integration of intelligent voice applications with large models, are expected to maintain the company's competitive edge and support steady revenue growth in the future [1]. Summary by Sections Financial Performance - 2024H1 revenue: 1.32 billion RMB, +6% YoY - 2024H1 gross profit: 967 million RMB, +8% YoY - 2024H1 net profit: 143 million RMB, -31% YoY - Sales and marketing expenses: 507 million RMB, up from 461 million RMB [1]. Business Segments - BaaS financial industry cloud revenue: 589 million RMB, +20% YoY - Asset transaction volume: 26.15 billion RMB, +23% YoY [1]. Technological Advancements - Successful integration of intelligent voice applications with large models, achieving interaction latency under 500 milliseconds - Development of the first commercial version of intelligent voice interaction hardware for diverse applications [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 8.43 HKD [1]. Core Views - The company has shown stable revenue growth, with its BaaS (Business as a Service) business performing particularly well. In H1 2024, the company achieved revenue of 1.321 billion CNY, a year-on-year increase of 6.3% [3]. - The gross margin remains high at 73.19%, reflecting a focus on AI technology research and development [3]. - The company has successfully integrated AI applications with its products, enhancing performance and reducing response times significantly [3]. - The financial forecasts for 2024-2026 have been adjusted, with expected revenues of 29.55 billion CNY, 32.88 billion CNY, and 36.93 billion CNY respectively, and net profits of 3.05 billion CNY, 3.98 billion CNY, and 4.78 billion CNY [3]. Financial Performance Summary - Revenue (in million CNY): - 2022A: 2,062 - 2023A: 2,681 - 2024E: 2,955 - 2025E: 3,288 - 2026E: 3,693 - Year-on-year growth rates: - 2022A: 26% - 2023A: 30% - 2024E: 10% - 2025E: 11% - 2026E: 12% [1]. - Net Profit (in million CNY): - 2022A: 240 - 2023A: 340 - 2024E: 305 - 2025E: 398 - 2026E: 478 - Year-on-year growth rates: - 2022A: 107% - 2023A: 42% - 2024E: -10% - 2025E: 31% - 2026E: 20% [1]. - The company’s P/E ratios are projected to be 15.6, 11.0, 12.3, 9.4, and 7.8 for the years 2023 to 2026 respectively [1].

Financial Performance - For the six months ended June 30, 2024, the company's revenue reached RMB 1,321.35 million, a 6% increase from RMB 1,243.03 million for the same period in 2023[5]. - The company's gross profit for the same period was RMB 967.16 million, reflecting an 8% increase compared to RMB 896.03 million in the previous year[5]. - The operating profit decreased by 26% to RMB 156.83 million, down from RMB 211.70 million in the prior year[5]. - The net profit for the period was RMB 142.83 million, a decline of 31% from RMB 206.81 million in the previous year[5]. - The non-IFRS profit for the period was RMB 197.48 million, with a non-IFRS profit margin of 15%, consistent with the previous year's level[6]. - The company's revenue for the first half of 2024 reached RMB 421.35 million, showing a year-on-year decrease of 2% from RMB 431.13 million in the same period of 2023[15]. - The average revenue per core client decreased to RMB 1.996 million, down 18% from RMB 2.433 million in the previous year[15]. - The company’s MaaS (Model as a Service) business recorded significant growth in June 2024, contributing to the overall revenue recovery[14]. - MaaS revenue decreased by 2% to RMB 421.35 million, while BaaS financial industry cloud revenue increased by 20% to RMB 589.47 million[28]. - Gross profit rose by 8% to RMB 967.16 million, with a gross margin of 73% for the six months ended June 30, 2024, compared to 72% in the previous year[30]. Client and Market Growth - The BaaS business model showed significant growth, with revenue from small and micro enterprises increasing by approximately 47% year-on-year[7]. - The number of core clients increased to 165, up from 146 in the previous year, representing a growth of 13%[15]. - The core client retention rate was 96%, a decrease of 2 percentage points compared to the previous year[15]. - The company assisted over 7,000 institutional clients in China with intelligent decision-making, marketing, and operations, including major state-owned banks and internet technology companies[8]. - The number of banking clients significantly increased compared to last year, demonstrating the strong appeal of the BaaS model in the banking sector[17]. Research and Development - R&D expenses increased by 12% to RMB 225.88 million, primarily due to higher employee costs to support product supply and technology development[31]. - The company aims to leverage generative AI and decision-making AI to enhance product offerings and expand application scenarios[25]. - The company is exploring the application of AI VoiceGPT in the pharmaceutical industry to enhance customer satisfaction feedback processes[7]. - The company is exploring applications of AI VoiceGPT in various sectors, including healthcare, to broaden service offerings[17]. Corporate Governance - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee, each with clear written terms of reference[51]. - The Corporate Governance Committee is responsible for ensuring the company operates in the best interests of all shareholders and complies with listing rules, particularly regarding the dual-class share structure[52]. - The company has confirmed compliance with the corporate governance code and has reviewed its policies and practices regarding legal and regulatory compliance[52]. - The company has implemented sufficient corporate governance measures to manage potential conflicts of interest between different voting rights beneficiaries, ensuring operations align with the interests of all shareholders[53]. Shareholder Information - The company has a dual-class share structure with A shares having 10 votes per share and B shares having 1 vote per share, resulting in Mr. Zhang controlling approximately 65.10% of the voting rights through 77,208,112 A shares and 0.60% through 7,091,503 B shares[47]. - Major shareholders include Genisage Tech Inc. with 77,208,112 Class A shares (100.00%) and HH BR-I Holdings Limited with 37,631,065 Class B shares (9.09%)[58]. - The company has not declared an interim dividend for the six months ended June 30, 2024[88]. - The company has not declared any dividends to its shareholders for the periods ending June 30, 2023, and June 30, 2024[154]. Financial Position - As of June 30, 2024, the company's bank loans amounted to approximately RMB 393.6 million, due within one year[40]. - Cash and cash equivalents, along with time deposits, were recorded at RMB 2,852.85 million as of June 30, 2024, down from RMB 3,301.84 million as of December 31, 2023[41]. - The company's debt-to-asset ratio was 0.18 as of June 30, 2024, slightly improved from 0.19 on December 31, 2023[43]. - Total assets as of June 30, 2024, were RMB 4,294,030 thousand, up from RMB 3,083,818 thousand at the end of 2023[102]. - The company's total equity increased to RMB 4,558,743 thousand from RMB 4,448,924 thousand, showing a growth of 2.5%[104]. Stock Options and Incentives - The company has granted a total of 31,171,400 stock options to eligible participants during the reporting period under the 2021 employee stock option plan[70]. - The company has a maximum limit of 24,764,500 B shares that can be granted under the 2021 Share Award Scheme, subject to a 3% annual cap of the total issued shares[74]. - The total stock-based payment expenses recognized for the six months ended June 30, 2024, amounted to RMB 54.65 million, compared to RMB 20.04 million for the same period in 2023[168]. - The company issued a total of 10,531,500 incentive shares under the 2021 Share Award Scheme during the reporting period, with 1,237,000 shares becoming invalid[75]. Future Outlook - The company plans to explore growth opportunities in inclusive finance and wealth management, with a focus on small and micro-enterprise financing[26]. - The company plans to continue expanding its AI technology platform services in the financial services industry, focusing on enhancing its MaaS and BaaS offerings[111]. - The company aims to enhance its value proposition to financial service providers through strategic investments and acquisitions[90]. - The company plans to extend the timeline for utilizing the unutilized proceeds for R&D investment and general corporate purposes from the end of 2024 to the end of 2026[89].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.8 [5][3] Core Insights - The company reported a revenue growth of 6% year-on-year for the first half of 2024, with a gross margin increase of 1.1 percentage points to 73.19%. However, the net profit attributable to shareholders decreased by 32% [1][2] - The company's MaaS (Mobility as a Service) business showed a slight decline of 2% in revenue to HKD 4.21 billion, but began to recover from June 2024. The BaaS (Banking as a Service) business grew by 11% to HKD 9.00 billion, driven by a 20% increase in revenue from the financial sector [2][3] - The adjusted net profit, excluding stock option expenses, was HKD 1.97 billion, reflecting a 13% decline year-on-year [2][3] Financial Performance Summary - Revenue for 2024 is projected at HKD 3.02 billion, with a growth rate of 12.8% [4] - The net profit attributable to shareholders is forecasted to be HKD 313.88 million in 2024, a decrease of 7.8% compared to the previous year [4] - The adjusted net profit is expected to grow by 7% in 2024, reaching HKD 401.88 million [4][3] - The company’s gross margin is expected to stabilize at 72.5% for the next few years [11] Business Development and AI Investment - The company is focusing on AI research and development, enhancing its product offerings in vertical markets. It has integrated various AI technologies to improve its service capabilities [2][3] - The company aims to expand its AI applications, including a commercial version of a 3D digital human for customer interactions in various sectors [2][3] Market Position and Valuation - The company’s current P/E ratios are projected to be 11.17, 8.60, and 7.34 for the years 2024, 2025, and 2026 respectively, indicating attractive valuation levels [3] - The target price of HKD 11.8 corresponds to a 16x P/E ratio based on industry performance [3]

Financial Performance - For the six months ended June 30, 2024, the company's revenue reached RMB 1,321.35 million, a year-on-year increase of 6% from RMB 1,243.03 million for the same period in 2023[3]. - The company's gross profit for the reporting period was RMB 967.16 million, compared to RMB 896.03 million in the previous year[2]. - The operating profit decreased by 26% to RMB 156.83 million, down from RMB 211.70 million in the same period last year[2]. - The non-IFRS profit for the period was RMB 197.48 million, with a non-IFRS profit margin of 15%, consistent with the previous year's level[3]. - The net profit for the period decreased from RMB 206.81 million to RMB 142.83 million[29]. - Non-IFRS profit decreased from RMB 226.85 million to RMB 197.48 million, with a non-IFRS profit margin of 14.9% compared to 18.2% in the previous period[31]. - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.30, down from RMB 0.43 for the same period in 2023, representing a decrease of approximately 30.2%[66]. - Diluted earnings per share for the six months ended June 30, 2024, were RMB 0.29, compared to RMB 0.41 for the same period in 2023, reflecting a decline of about 29.3%[67]. - Net profit attributable to equity shareholders for the six months ended June 30, 2024, was RMB 139,956,000, a decrease of 31.7% from RMB 205,251,000 in the same period of 2023[66]. Revenue Breakdown - The company's MaaS (Model as a Service) business recorded revenue of RMB 421.35 million for the six months ended June 30, 2024, a decrease of 2.0% compared to RMB 431.13 million in the same period of 2023[11]. - MaaS revenue decreased by 2% from RMB 431.13 million to RMB 421.35 million, while BaaS revenue increased by 11% from RMB 811.90 million to RMB 899.99 million[22]. - BaaS financial industry cloud revenue for the six months ended June 30, 2024, was RMB 589.47 million, a year-on-year increase of 20%[15]. - BaaS revenue from the financial industry cloud increased significantly to RMB 589,473 thousand, up 19.7% from RMB 492,095 thousand[58]. - The BaaS business model showed significant growth, with revenue from small and micro enterprises increasing by approximately 47% year-on-year[5]. - The company's BaaS (Business as a Service) model has shown significant growth, particularly in the small and micro-enterprise sector, with revenue increasing by approximately 47% year-on-year[13]. Cost and Expenses - R&D expenses rose by 12% from RMB 202.07 million to RMB 225.88 million, primarily due to increased personnel costs to support product supply and technology development[25]. - General and administrative expenses increased by 13% from RMB 123.98 million to RMB 139.94 million, mainly due to increased share-based payment expenses[26]. - Sales and marketing expenses increased by 10% from RMB 460.68 million to RMB 506.54 million, attributed to higher promotional and advertising costs[27]. - Other income decreased by 30% from RMB 104.98 million to RMB 73.03 million, primarily due to a reduction in government subsidies[28]. Customer Metrics - The number of core customers increased to 165, up from 146 in the previous year, representing a growth of 13%[11]. - The average revenue per core customer decreased to RMB 2.00 million from RMB 2.43 million, a decline of approximately 17.7%[11]. - The core customer retention rate was 96%, down from 98% in the previous year, indicating a 2 percentage point decrease[11]. - The company has assisted over 7,000 institutional clients in China with intelligent decision-making, marketing, and operations[6]. Technology and Innovation - The company successfully integrated AI technologies, achieving an interaction latency of under 500 milliseconds for its intelligent voice applications, outperforming competitors[4]. - The company's AI VoiceGPT technology supports over 50 million intelligent voice communications daily, with response times under 500 milliseconds and semantic understanding accuracy exceeding 97%[12]. - The MaaS cloud platform has achieved a stability rate of 99.999%, enhancing reliability for institutional clients[10]. - The company is actively exploring the application of AI VoiceGPT in various industries, including pharmaceuticals, to enhance customer satisfaction feedback[5]. - The company has filed for 262 patents and software copyrights as of June 30, 2024, covering various fields including AI and machine learning[8]. Strategic Initiatives - The company has expanded its services into e-commerce and human resources sectors to mitigate risks and enhance its competitive advantage[5]. - The company aims to leverage data empowerment for customer acquisition and retention, particularly in existing operations, highlighting significant potential for growth[10]. - The company plans to leverage generative AI and decision-making AI to enhance customer trust and maintain high core customer retention rates in the second half of 2024[19]. - The company aims to expand its microfinance services, targeting small and micro enterprises, with a focus on digital management throughout the loan lifecycle[20]. - The company is developing a comprehensive service system for small and micro enterprises, utilizing generative AI and decision-making AI technologies[20]. Financial Position - As of June 30, 2024, the group's bank loans amounted to RMB 393.6 million, due for repayment within one year[34]. - Cash and cash equivalents, along with time deposits, were recorded at RMB 2,852.85 million as of June 30, 2024, compared to RMB 3,301.84 million as of December 31, 2023[34]. - The group's debt-to-asset ratio was 0.18 as of June 30, 2024, down from 0.19 as of December 31, 2023[35]. - The total employee count was 1,414 as of June 30, 2024, with 47% in R&D, 23% in sales and marketing, 13% in customer service, and 17% in general administration[37]. - Total salary costs for the six months ended June 30, 2024, were RMB 421.78 million, an increase from RMB 355.64 million for the same period in 2023[37]. - The company has not made any major investments or capital asset plans beyond previously disclosed expansion plans[35]. Corporate Governance - The company has complied with the corporate governance code, with the exception of the separation of the roles of chairman and CEO[38]. - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2024[46]. - The company did not declare any dividends for the periods ended June 30, 2024, and June 30, 2023[68]. - The company has not been involved in any significant litigation or arbitration as of June 30, 2024[45]. - There were no significant subsequent events from June 30, 2024, until the board approved the interim financial report on August 29, 2024[72].

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%) ...