新股前瞻|净利润转正“趁热”再递表，聚水潭的SaaS ERP生意能让市场买账吗？

Core Viewpoint - The company, 聚水潭, is determined to go public after four attempts, now with a stronger financial position as it achieved profitability in 2024, marking a significant turnaround from previous losses [1][6]. Financial Performance - 聚水潭 reported revenues of 5.23 billion, 6.97 billion, and 9.1 billion RMB for the years 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 31.9% during this period [2]. - The company achieved a net profit of 10.58 million RMB in 2024, a significant improvement from a net loss of 490 million RMB in the previous year [6]. - Despite the positive net profit, the company still faced an operational loss of 62.09 million RMB in 2024 [6]. Revenue Structure - The majority of 聚水潭's revenue comes from its SaaS business, which accounted for 95%-97% of total revenue during the reporting period [2]. - The revenue from the e-commerce SaaS ERP product was 4.57 billion, 6 billion, and 7.65 billion RMB for the years 2022, 2023, and 2024, representing 87.4%, 86.1%, and 84% of total revenue respectively [3]. Customer Growth - The total number of SaaS customers reached 88,400 in 2024, nearly doubling from 45,700 in 2022 [5]. - The customer retention rate was reported at 115% in 2024, indicating strong customer loyalty [5]. Market Outlook - The e-commerce SaaS ERP market is projected to grow at a CAGR of 18.9% from 2020 to 2024, reaching a market size of approximately 3.1 billion RMB by 2024 [7]. - By 2029, the market size is expected to reach 8.3 billion RMB, with a potential CAGR of 21.5% [7]. Strategic Initiatives - The company plans to upgrade its existing ERP products and explore integrated collaborative products to enhance its product matrix [10]. - Despite achieving profitability, the company faces challenges as many peers in the SaaS sector remain unprofitable, raising questions about the sustainability of its profit margins [10].