新股消息 | 讯众股份通过港交所聆讯 2024年毛利率小幅改善

Core Insights - Xunzhong Co., Ltd. is the third-largest cloud communication service provider in China, with a market share of 1.8% based on 2024 revenue [4] - The company is one of the earliest providers of cloud communication services in China and among the few offering AI-driven communication services [4] - The core business of the company is Communication Platform as a Service (CPaaS), which accounted for over 80% of its revenue during the historical period [4] Industry Overview - The total revenue of China's cloud communication service market is projected to reach RMB 50.3 billion in 2024, with CPaaS services contributing RMB 44.8 billion and contact center SaaS services RMB 5.5 billion [4] - From 2020 to 2024, the total revenue of the cloud communication service market in China is expected to grow from RMB 35.5 billion to RMB 50.3 billion, representing a compound annual growth rate (CAGR) of 9.1% [4] - The market is anticipated to reach RMB 74.5 billion by 2029, with a CAGR of 8.2% from 2024 to 2029 [4] Financial Performance - Revenue for Xunzhong Co., Ltd. for the years 2022, 2023, and 2024 is approximately RMB 810 million, RMB 916 million, and RMB 918 million respectively [5][8] - Net profit for the same years is reported as RMB 74.66 million, RMB 76.58 million, and RMB 50.64 million respectively [5][8] - The overall gross margin decreased from 24.1% in 2022 to 21.4% in 2023, primarily due to a significant increase in lower-margin messaging service revenue [8] - The gross margin is expected to slightly increase to 22.1% in 2024, driven by a stable revenue structure and higher margins in most business segments [8] Segment Performance - The gross margin for cloud communication services was 25.9% in 2022, 21.7% in 2023, and is projected to be 22.2% in 2024 [9] - The gross margin for CPaaS services was 22.6% in 2022, 18.3% in 2023, and is expected to be 18.9% in 2024 [9] - The gross margin for project-based communication solutions increased from 54.9% in 2022 to 61.3% in 2023, and is projected to reach 64.9% in 2024 [9]