Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's SaaS business is experiencing pressure due to demand weakness and adjustments in its advertising platform rebate rules, leading to a downward revision of revenue forecasts for 2024-2026 [5][6] - The company is focusing on cost reduction and efficiency improvements while actively shrinking its loss-making businesses, with a potential return to profitability expected in 2025 [5][6] - The current stock price of HKD 1.16 corresponds to a price-to-sales ratio of 1.8/1.6/1.4 for 2024-2026, indicating a favorable valuation outlook as the SaaS business adjusts and AI applications contribute to growth [5] Revenue and Profitability Forecasts - Revenue forecasts for 2024-2026 have been revised to HKD 1.81 billion, HKD 2.11 billion, and HKD 2.39 billion, reflecting year-on-year growth rates of -18.9%, 17.1%, and 13.0% respectively [5][8] - Adjusted net profit forecasts have been lowered to -HKD 0.5 billion, HKD 1.3 billion, and HKD 3.0 billion for the same period, with corresponding year-on-year changes of -87.2%, 369.4%, and 120.6% [5][8] Business Segment Performance - In H1 2024, the company's revenue was HKD 870 million, a decline of 28.3% year-on-year, significantly below Bloomberg consensus estimates [6] - The subscription solutions segment saw a 31% decline in revenue, primarily due to the company's strategic withdrawal from small and loss-making businesses [6] - The advertising solutions segment experienced a 19.4% increase in gross revenue, but overall revenue declined by 24.5% due to changes in rebate rules and a lag in merchant rebates [6][7] Market Outlook - Short-term revenue is under pressure, with a focus on improving B-end demand and the impact of advertising platform rebate policies [7] - The company is expected to benefit from new channels such as video platforms and social media, which may contribute to revenue growth in the advertising segment [7]
微盟集团：港股公司信息更新报告：SaaS业务调整及广告平台返点规则影响增长承压