Core Viewpoint - Morgan Stanley initiates coverage on 聚水潭 with an "Overweight" rating and a target price of HKD 37, highlighting its standout growth in China's fragmented e-commerce sector and strong profitability [1] Group 1: Company Performance - 聚水潭 is noted for its ability to outperform most software peers and its vertical market, maintaining robust profitability [1] - The company is one of the few SaaS providers in China with a high customer retention rate, indicating sustainable revenue growth and profitability [1] Group 2: Financial Projections - Revenue is expected to grow at a compound annual growth rate (CAGR) of 23% from 2024 to 2027 [1] - By 2027, the non-International Financial Reporting Standards (IFRS) net profit margin is projected to reach 29% [1] Group 3: Valuation and Market Position - The valuation of 聚水潭 is considered attractive, positioning it as one of the preferred stocks in the industry [1]
大行评级丨摩根大通：首予聚水潭“增持”评级及目标价37港元 列为行业首选股之一