Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 8.43 HKD [1]. Core Views - The company has shown stable revenue growth, with its BaaS (Business as a Service) business performing particularly well. In H1 2024, the company achieved revenue of 1.321 billion CNY, a year-on-year increase of 6.3% [3]. - The gross margin remains high at 73.19%, reflecting a focus on AI technology research and development [3]. - The company has successfully integrated AI applications with its products, enhancing performance and reducing response times significantly [3]. - The financial forecasts for 2024-2026 have been adjusted, with expected revenues of 29.55 billion CNY, 32.88 billion CNY, and 36.93 billion CNY respectively, and net profits of 3.05 billion CNY, 3.98 billion CNY, and 4.78 billion CNY [3]. Financial Performance Summary - Revenue (in million CNY): - 2022A: 2,062 - 2023A: 2,681 - 2024E: 2,955 - 2025E: 3,288 - 2026E: 3,693 - Year-on-year growth rates: - 2022A: 26% - 2023A: 30% - 2024E: 10% - 2025E: 11% - 2026E: 12% [1]. - Net Profit (in million CNY): - 2022A: 240 - 2023A: 340 - 2024E: 305 - 2025E: 398 - 2026E: 478 - Year-on-year growth rates: - 2022A: 107% - 2023A: 42% - 2024E: -10% - 2025E: 31% - 2026E: 20% [1]. - The company’s P/E ratios are projected to be 15.6, 11.0, 12.3, 9.4, and 7.8 for the years 2023 to 2026 respectively [1].
百融云-W：营收稳定增长，聚焦AI技术研发