Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.8 [5][3] Core Insights - The company reported a revenue growth of 6% year-on-year for the first half of 2024, with a gross margin increase of 1.1 percentage points to 73.19%. However, the net profit attributable to shareholders decreased by 32% [1][2] - The company's MaaS (Mobility as a Service) business showed a slight decline of 2% in revenue to HKD 4.21 billion, but began to recover from June 2024. The BaaS (Banking as a Service) business grew by 11% to HKD 9.00 billion, driven by a 20% increase in revenue from the financial sector [2][3] - The adjusted net profit, excluding stock option expenses, was HKD 1.97 billion, reflecting a 13% decline year-on-year [2][3] Financial Performance Summary - Revenue for 2024 is projected at HKD 3.02 billion, with a growth rate of 12.8% [4] - The net profit attributable to shareholders is forecasted to be HKD 313.88 million in 2024, a decrease of 7.8% compared to the previous year [4] - The adjusted net profit is expected to grow by 7% in 2024, reaching HKD 401.88 million [4][3] - The company’s gross margin is expected to stabilize at 72.5% for the next few years [11] Business Development and AI Investment - The company is focusing on AI research and development, enhancing its product offerings in vertical markets. It has integrated various AI technologies to improve its service capabilities [2][3] - The company aims to expand its AI applications, including a commercial version of a 3D digital human for customer interactions in various sectors [2][3] Market Position and Valuation - The company’s current P/E ratios are projected to be 11.17, 8.60, and 7.34 for the years 2024, 2025, and 2026 respectively, indicating attractive valuation levels [3] - The target price of HKD 11.8 corresponds to a 16x P/E ratio based on industry performance [3]
百融云-W：深耕垂类市场，业务持续扩展