合合信息：从“扫描全能王”到数字化先锋，B/C端并行成长

Investment Rating - Buy (首次) [1] Core Views - The company has rapidly grown into a leader in AI and big data through continuous innovation, driving customer digital transformation [1] - Its core products include intelligent text recognition, commercial big data, and internet advertising, with intelligent text recognition contributing the highest revenue share [1] - Revenue and net profit have shown steady growth from 2019 to 2024H1, with improved cost control and employee efficiency [1] Business Overview - The company's main business covers three sectors: intelligent text recognition, commercial big data, and internet advertising [10] - Intelligent text recognition accounts for 75.91% of 2023 revenue, with C-end applications like CamScanner and Business Card King driving growth [10] - Commercial big data contributes 15.63% of 2023 revenue, with Qixinbao as a key product covering over 300 million enterprises [11] - Internet advertising accounts for 8.09% of 2023 revenue, primarily through C-end applications [12] Financial Analysis - Revenue grew from RMB 988 million in 2022 to RMB 1,187 million in 2023, with a projected increase to RMB 2,006 million by 2026 [1] - Net profit increased from RMB 284 million in 2022 to RMB 323 million in 2023, expected to reach RMB 505 million by 2026 [1] - The company's gross margin remained stable at 83%-85% from 2020 to 2024H1, while net margin improved significantly due to reduced expense ratios [20] Intelligent Text Recognition - The company leads the intelligent text recognition market with its C-end products, CamScanner and Business Card King, which dominate in user experience and activity [27] - In the B-end market, the company provides customized solutions for industries like banking, securities, and insurance, maintaining a competitive edge [31] - The intelligent text recognition market in China is expected to grow to RMB 16.89 billion by 2027, with a CAGR of 27.3% from 2022 to 2027 [25] Commercial Big Data - The company's commercial big data business empowers enterprises with decision-making and risk management tools, driving digital transformation [14] - Qixinbao, its C-end product, covers over 300 million enterprises and provides real-time data for business information queries [43] - The commercial big data service market in China is projected to reach RMB 104.09 billion by 2027, with a CAGR of 20.7% from 2022 to 2027 [39] Future Projections - Revenue is expected to grow to RMB 20.06 billion by 2026, driven by intelligent text recognition and commercial big data [62] - The company plans to invest in R&D and product upgrades to enhance its competitive position in intelligent text recognition and commercial big data [17]