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%) ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2]. Core Insights - The company reported a total revenue of 2,681 million RMB for 2023, reflecting a year-on-year growth of 30.5%. The net profit attributable to shareholders reached 340 million RMB, up 42.1% year-on-year, with adjusted net profit at 375 million RMB, a 27.6% increase [1][2]. - The company's main business remains robust, with a gross margin improvement of 0.8 percentage points to 72.9% compared to the previous year [1]. - The report highlights the strong performance of the company's various business segments, particularly the Model as a Service (MaaS) and Banking as a Service (BaaS) offerings, which have shown significant growth [1][2]. Summary by Relevant Sections Financial Performance - Total revenue for 2023 was 2,681 million RMB, with a year-on-year increase of 30.5% [2]. - Net profit attributable to shareholders was 340 million RMB, representing a 42.1% increase year-on-year [2]. - Adjusted net profit was 375 million RMB, up 27.6% year-on-year [2]. - The gross margin improved to 72.9%, an increase of 0.8 percentage points from the previous year [1]. Business Segments - **Model as a Service (MaaS)**: Generated revenue of 891 million RMB, a 17.3% increase year-on-year, accounting for 33.2% of total revenue. The core customer retention rate reached a historical high of 99% [1]. - **Banking as a Service (BaaS)**: Revenue was 1,185 million RMB, up 58.8% year-on-year, making up 44.2% of total revenue. The asset transaction scale nearly doubled to 53.13 billion RMB, a 93.3% increase [1]. - **Insurance Industry Cloud (BaaS)**: Revenue reached 605 million RMB, a 10.3% increase year-on-year, accounting for 22.6% of total revenue. New and renewal premium growth rates showed some slowdown but remained strong [1]. Future Outlook - The report anticipates continued growth in the MaaS and BaaS segments, driven by the increasing richness of product offerings and the ongoing development of generative AI applications [2]. - The company is expected to maintain a strong cash flow, allowing for further investment in technology and strategic initiatives [2].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][6][8] Core Insights - The financial cloud business is experiencing rapid growth, with sustained profitability being released [4][5][16] - The MaaS (Model as a Service) business is stable with a slight increase in average revenue per core customer, while the BaaS (Business as a Service) business is identified as a key growth driver [5][6] - The company has established a full-stack technical system for vertical big models, enhancing operational efficiency and reducing costs [6][16] Financial Performance Summary - For 2023, the company reported revenue of approximately RMB 2.681 billion, a year-on-year increase of 31%, with net profit reaching RMB 340 million, up 42% [4][5] - The projected revenue for 2024-2026 is RMB 3.055 billion, RMB 3.610 billion, and RMB 4.289 billion respectively, with net profits of RMB 377 million, RMB 445 million, and RMB 526 million [6][17] - The gross profit margin is expected to remain above 72%, and the net profit margin above 12% [6][17] Business Segment Analysis - The MaaS business generated revenue of approximately RMB 891 million in 2023, growing by 17%, with a core customer count of 213, an increase of 14% [4][5] - The BaaS business revenue was approximately RMB 1.790 billion, reflecting a 38% increase, with financial cloud revenue growing by 59% [4][5] - The company has implemented AI tools to enhance operational efficiency, leading to a decrease in management and R&D expense ratios [4][5] Valuation and Price Target - The target price is set at HKD 20.82, reflecting a 15% reduction from previous estimates, based on a revised PE ratio of 25 for 2024 [6][8][17] - The company is positioned as a leading player in the vertical generative AI application market, with strong monetization capabilities [6][16]

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% [ ...