有技术打底，有市场先机，扫描全能王背后的合合信息登陆科创板，积年累月的高投入转化成优质资产

Investment Rating - The report indicates a positive investment rating for Hehe Information, highlighting its strong market position and growth potential. Core Insights - Hehe Information has a leading position in the AI and big data sectors, with a significant portion of its revenue derived from its core products, including the "Scanner King" app, which has a high customer retention rate and strong user growth [1][10][17]. Business Overview - Hehe Information operates four main business segments, with intelligent text recognition and commercial big data being the core segments, contributing 92% of total revenue in 2023 [1]. - The company has expanded its operations internationally, with overseas revenue accounting for 33% in 2023 [1]. Market Potential - The market for intelligent text recognition and commercial big data is projected to grow at a compound annual growth rate (CAGR) in the double digits from 2022 to 2027 [2]. - The company’s C-end products, including "Scanner King" and "Business Card King," have shown significant growth, with C-end revenue increasing by 54% from 2021 to 2023 [11][12]. Technology and R&D - Hehe Information's core technologies in intelligent text recognition and big data are self-developed, showcasing its competitive edge in the industry [3][4]. - The company has invested heavily in R&D, with R&D expenses growing at a CAGR of nearly 20% from 2018 to 2023, maintaining a high R&D expense ratio of 24%-29% since 2022 [8][9]. Financial Performance - The company has demonstrated strong revenue growth, with a year-on-year increase of over 20% in both 2022 and 2023, and projected revenue for 2024 is expected to be between 1 billion to 1.1 billion [10][11]. - Hehe Information's gross margin has remained stable between 83%-85% from 2020 to 2023, indicating a robust financial structure [24][26]. User Growth and Retention - The number of paid users for the company's apps has increased significantly, with a total of 7.055 million paid users in 2023, representing a 52% growth since 2021 [15][16]. - The average monthly VIP renewal rate for existing customers was 81% in 2023, reflecting strong user loyalty [17][18]. Competitive Advantage - The early launch of "Scanner King" and "Business Card King" has allowed the company to build a substantial user base and brand recognition, creating a competitive barrier in the market [21]. - The B-end business has also shown steady growth, with a compound annual growth rate of 13.4% from 2021 to 2023, primarily driven by commercial big data services and internet advertising [21]. Asset Structure - Hehe Information maintains a strong asset structure with a high proportion of liquid assets, as 84% of its total assets are current assets, ensuring robust liquidity [29][30].