Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook on its future performance [4] Core Views - The company is a leading domestic AI technology service provider, leveraging large language models, NLP, deep machine learning, and cloud computing to offer Model-as-a-Service (MaaS) and Business-as-a-Service (BaaS) solutions [1] - MaaS focuses on decision-making AI, helping businesses digitize their KYC and KYP processes, while BaaS uses generative AI for intelligent customer interaction and transaction facilitation [1] - The company's services are widely applied across industries such as banking, consumer finance, insurance, e-commerce, automotive, logistics, and energy [1] Financial Performance - In 2023, the company achieved revenue of approximately RMB 2.68 billion, a 31% YoY increase, with MaaS revenue at RMB 891 million (17% YoY growth) and BaaS revenue at RMB 1.79 billion (38% YoY growth) [2] - The company maintained a high gross margin of 73% in 2023, with operating profit reaching RMB 347 million, a 48% YoY increase [4] - In H1 2024, revenue grew 6% YoY to RMB 1.32 billion, with BaaS revenue increasing 11% YoY to RMB 900 million, while MaaS revenue declined 2% YoY to RMB 421 million [4] Business Segments - MaaS is the company's core business, generating stable cash flow through model output and evaluation services, with over 7,000 clients and 165 core clients in H1 2024 [6] - BaaS is the company's second growth curve, utilizing generative AI for intelligent marketing and operations, supporting over 50 million daily intelligent voice communications with a semantic understanding accuracy rate exceeding 97% [7] - BaaS financial cloud revenue grew 20% YoY in H1 2024, while BaaS insurance cloud revenue declined 3% YoY [4] Market Potential - The company is expanding its BaaS model into new sectors such as healthcare, with plans to deploy multi-modal AvatarGPT in non-financial retail scenarios like hotels, malls, and airports [8] - The company expects BaaS to facilitate transactions exceeding RMB 200 billion, with increasing bargaining power as user data and profiles expand [8] Share Repurchase - The company expanded its share repurchase plan to HKD 375 million, demonstrating confidence in its business prospects and commitment to creating shareholder value [10] Valuation and Forecast - The report forecasts 2024-2026 revenue of RMB 2.89 billion, RMB 3.26 billion, and RMB 3.76 billion, with YoY growth rates of 7.92%, 12.56%, and 15.48%, respectively [11] - Net profit is expected to be RMB 291 million, RMB 387 million, and RMB 495 million for 2024-2026, with EPS of RMB 0.59, RMB 0.79, and RMB 1.01 [11] - The company's 2025E PE is estimated at 18-20x, with a fair value range of HKD 15.44-17.15 [11]
百融云-W：公司研究报告：国内金融AI的领先厂商