Core Viewpoint - The company is experiencing stable cash flow and financial growth, primarily driven by its "Scan All-in-One" product, which constitutes over 70% of its C-end revenue. The C-end business is projected to generate revenue of 1.075 billion yuan in 2024, with a compound annual growth rate (CAGR) of 27% from 2020 to 2024. The revenue from "Scan All-in-One" is expected to reach 982 million yuan in 2024, with a CAGR of 31% during the same period. The company maintains stable financial metrics, with gross margins around 80% and net margins around 20% in recent years [1][2]. Group 1 - The C-end revenue from the "Scan All-in-One" product is stable at over 70% of total revenue [1] - The projected revenue for the C-end business in 2024 is 1.075 billion yuan, with a CAGR of 27% from 2020 to 2024 [1] - The revenue from "Scan All-in-One" is expected to be 982 million yuan in 2024, with a CAGR of 31% from 2020 to 2024 [1] Group 2 - The company's vertical AI overseas business is anticipated to become a second growth curve characterized by "high win rates and high odds" [2] - The company has developed a vertical AI matrix, launching a series of innovative products based on multimodal large models across various fields, including AI education, AI health management, AI infrastructure, and AI agent applications [1] - The AGI technology platform and text intelligence technology platform provide a robust technical foundation for rich product functionalities and excellent performance for both C-end and B-end customers [1] Group 3 - The AI programming technology is expected to significantly reduce trial and error costs, enhancing programming efficiency by over 80%, which accelerates product iteration and upgrades [2] - The company is positioned as a leading domestic SaaS provider, rapidly expanding its vertical AI overseas business [2] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.19 yuan, 4.48 yuan, and 5.81 yuan, respectively, with corresponding price-to-earnings ratios of 96, 68, and 53 times based on the closing price on January 23, 2026 [2]
合合信息(688615)首次覆盖报告：扫描全能王带来稳定现金流 出海打开第二增长曲线