Core Viewpoint - Morgan Stanley initiates coverage on Jushuitan (06687) with an "Overweight" rating and a target price of HKD 37, highlighting its standout performance in China's increasingly fragmented e-commerce sector [1] Group 1: Company Performance - Jushuitan has demonstrated growth rates that surpass most software peers and its vertical market while maintaining strong 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 Investment Appeal - The valuation of Jushuitan is considered attractive, positioning it as one of the preferred stocks in the industry [1]
小摩：首予聚水潭“增持”评级 目标价37港元