Core Insights - Beisen Holdings (09669) saw a stock increase of over 9%, closing at HKD 5.02 with a trading volume of HKD 2.81 million [1] Company Performance - According to IDC data, Beisen Holdings achieved a market share of 15.1% in the HCMSaaS sector for H1 2023, maintaining the top position for seven consecutive years [1] - The company's market share has been consistently increasing since 2021, with over 5,300 clients as of FY2024 H1 [1] - Beisen operates on a public cloud subscription model, achieving a revenue retention rate of 104% [1] - The company is one of the few integrated HCM software providers, with strong product capabilities in core human resource modules [1] - For the fiscal year 2023, Beisen reported revenues of CNY 751 million, with cloud subscriptions accounting for 72% of total revenue and an ARR exceeding CNY 700 million [1] Industry Outlook - Tianfeng Securities views the HCMSaaS market as a long-term growth opportunity, with Beisen positioned as a leading player whose competitiveness is continuously improving [1] - The increase in average revenue per customer and the growth in new clients are expected to drive revenue growth [1] - Revenue forecasts for Beisen from FY2024 to FY2026 are projected at CNY 887 million, CNY 1.078 billion, and CNY 1.34 billion respectively [1] - Given Beisen's leading position, liquidity in the Hong Kong stock market, and high subscription revenue proportion, a target market value of HKD 59.3 billion is set, corresponding to a target stock price of HKD 8.27 for FY2025 [1]
港股异动 | 北森控股(09669)涨超9% HCM SaaS赛道长坡厚雪 行业竞争力不断增强