Core Viewpoint - The company, MaiFushi, has established itself as a leading provider of marketing and sales SaaS solutions in China, with significant growth projected in the SaaS business and the overall market for marketing and sales solutions [1][2]. Group 1: Company Overview - MaiFushi was founded in 2009 and has grown to become the largest marketing and sales SaaS solution provider in China, with a projected CAGR of 39.1% for its SaaS business from 2020 to 2024 [1]. - The company operates over 20 branches globally and has a research and development team of over 1,000 people, with more than 750 software copyrights and patents filed [1]. - MaiFushi's primary business segments include marketing and sales SaaS, as well as precision marketing services, providing comprehensive AI+SaaS solutions for various enterprises [1]. Group 2: Market Growth - The marketing and sales SaaS market in China has grown from 7.3 billion yuan in 2018 to 20.6 billion yuan in 2022, with a CAGR of 29.7% from 2018 to 2022, and is expected to reach 74.5 billion yuan by 2027, with a CAGR of 29.3% from 2022 to 2027 [2]. - The potential market size is projected to increase from 15,466 billion yuan in 2022 with a penetration rate of 1.3% to 42,545 billion yuan in 2027 with a penetration rate of 1.8% [2]. Group 3: Business Strategy and AI Integration - The company is focusing on integrating AI capabilities into its SaaS offerings, with the global AI agent market expected to grow from $5.29 billion in 2024 to $216.8 billion by 2035, reflecting a CAGR of 40.15% [3]. - MaiFushi has launched the Tforce marketing model and the AI-Agentforce intelligent platform, which includes various intelligent applications for marketing, sales, customer service, training, and recruitment [3]. Group 4: Financial Projections and Valuation - The company is projected to achieve revenues of 2.355 billion yuan, 3.088 billion yuan, and 3.848 billion yuan from 2025 to 2027, with year-on-year growth rates of 51.1%, 31.1%, and 24.6% respectively [4]. - Corresponding net profits for the same period are expected to be 27 million yuan, 155 million yuan, and 201 million yuan, with EPS of 0.10, 0.61, and 0.78 yuan [4]. - The company is valued at approximately 14.75 billion yuan or 16.032 billion HKD, with a target price of 62.55 HKD per share, based on a relative valuation method [4]. Group 5: Precision Marketing Valuation - The precision marketing module is expected to have a profit margin, and its valuation is based on comparable companies using a PE method, with an average PE of 43.0x for 2025 [5]. - The estimated valuation for the precision marketing segment is approximately 2.327 billion yuan, based on the average net profit margin of 6% from comparable companies [5].
迈富时(02556.HK)深度研究报告：专精CRM软件 软件AGENTIC时代领军