Core Viewpoint - The report from Jianyin International highlights that Maifushi (02556) is a rapidly growing player in the marketing and sales SaaS market, with the Al-Agent expected to become a new growth driver, projecting a compound annual growth rate (CAGR) of 24% in revenue over the next three years, alongside continuous improvement in profitability [1][2] Group 1: Company Overview - Maifushi is identified as a fast-growing participant in the marketing and sales SaaS market, offering a variety of cloud-based marketing and sales SaaS products and precision marketing services to businesses of all sizes [1] - In 2024, the AI+SaaS segment is expected to contribute 54% of the company's revenue [1] - The company plans to launch the Al-Agent product in 2025, which is anticipated to become a new growth engine in the medium term [1] Group 2: Competitive Advantages - Maifushi's competitive advantages include a robust Marketingforce platform that provides integrated, end-to-end SaaS products covering various use cases [1] - The company possesses excellent R&D capabilities and leading proprietary technology [1] - A diverse customer base with significant growth potential and a wide sales network complemented by a comprehensive customer success system prioritizing customer experience [1] Group 3: Growth Projections - Total revenue is projected to grow from RMB 1.559 billion in 2024 to RMB 2.969 billion in 2027, indicating a CAGR of 24% during this period [2] - Revenue from the AI+SaaS business is expected to increase from RMB 842 million in 2024 to RMB 1.537 billion in 2027, with a CAGR of 22% [2] - New business revenue is anticipated to grow from zero to RMB 359 million [2] - Adjusted net profit is forecasted to rise from RMB 79 million in 2024 to RMB 303 million in 2027, reflecting a CAGR of 56% [2]
建银国际：迈富时(02556)未来三年营收CAGR预计达24% 首予“跑赢大盘”评级