Core Viewpoint - The report from CICC maintains the profit forecast for Bairong Cloud (06608) for 2025 and 2026, considering uncertainties in business operations due to tightening regulations in the second half of the year, while raising the target price by 15% to HKD 14.8, reflecting a potential upside of 20% based on adjusted P/E ratios for 2025 and 2026 [1] Group 1: Financial Performance - Bairong Cloud's non-GAAP net profit for the first half of 2025 exceeded expectations, with revenue increasing by 22% year-on-year to CNY 1.61 billion, gross profit also up by 22% to CNY 1.18 billion, and gross margin rising by 0.2 percentage points to 73.4% [2] - The non-GAAP net profit for the same period increased by 29% year-on-year to CNY 254 million, with a net profit margin of 15.8%, up by 0.8 percentage points, driven by a strong demand-supply resonance in the financial cloud sector [2] Group 2: Business Segments - The MaaS business showed a recovery with a 19% year-on-year revenue increase to CNY 502 million, maintaining a high customer retention rate of 98% and a 14% increase in average revenue per customer to CNY 2.28 million, contributing to stable revenue growth [3] - The BaaS service revenue grew by 23% year-on-year to CNY 1.1 billion, with the financial cloud segment achieving a 45% increase to CNY 857 million, accounting for 77% of BaaS revenue, driven by improved cost efficiency and increased client budgets [4] - The BaaS insurance cloud segment faced challenges, with revenue declining by 19% year-on-year to CNY 253 million, despite a 9% increase in premium scale, primarily due to regulatory impacts leading to product withdrawals and reduced commission rates [4]
中金：维持百融云-W(06608)跑赢行业评级 上调目标价至14.8港元