Core Viewpoint - Changjie Tong has successfully transitioned into profitability, demonstrating the sustainability of its small and micro enterprise SaaS business model, while other companies are still discussing the end of the SaaS winter [1][2]. Financial Performance - In the reporting period, Changjie Tong achieved a net profit of 33.46 million yuan, a year-on-year increase of 111%. Operating cash flow improved significantly, with a net inflow of 91.3 million yuan compared to a net outflow of 42.05 million yuan in the previous year [2][5]. - The company’s total revenue for 2024 grew by 20% year-on-year, with cloud subscription revenue increasing by 34%. In contrast, competitor Kingdee's total revenue grew by 10.2% and cloud business by 13.4% [5]. Business Model Validation - The breakeven point is crucial as it validates the business model, particularly for small and micro enterprise SaaS. Changjie Tong has successfully broken the myth of profitability challenges in this sector [2][3]. - The company has leveraged high operational efficiency and continuous R&D investment to enhance customer conversion rates and improve delivery quality and efficiency [2]. Market Positioning - Changjie Tong's cloud service revenue accounted for 86% as early as 2021, and by 2024, the cloud subscription revenue share had significantly increased to nearly 70% [5]. - The company has a gross margin of 72%, compared to Kingdee's 65.1% [5]. Valuation Insights - Changjie Tong's current price-to-sales (PS) ratio is 2.3X, significantly lower than Kingdee's 6.8X and the average PS of 4.2X for the Hong Kong SaaS sector [6]. - The company holds substantial cash assets, with total assets of 1.695 billion yuan and cash assets of 1.259 billion yuan, indicating a low valuation when cash is deducted from market capitalization [7].
畅捷通24年财报浅谈：一直在“击球区”，等一声“哨响”