Investment Rating - The report assigns a "Buy" rating to the company with a target price of 267.77 RMB per share, based on a 16x PS valuation for 2025 [49][50]. Core Insights - The company has a strong position in the intelligent text recognition sector, with its flagship product "Scan All-in-One" contributing significantly to revenue and user growth. The product has a global presence and is expected to continue expanding its user base through enhanced marketing efforts and product features [42][79]. - The company has demonstrated robust financial performance, with a revenue CAGR of 43.3% from 2018 to 2023, and a projected revenue of 14.15 billion RMB in 2024, reflecting a 19.2% year-on-year growth [7][49]. - The business model includes both C-end and B-end services, with a focus on high-margin products and solutions, particularly in the commercial big data sector, which is expected to drive long-term growth [80][121]. Financial Performance - The company achieved a revenue of 11.87 billion RMB in 2023, with a year-on-year growth of 20%, primarily driven by a 27.5% increase in C-end revenue [7][122]. - The gross margin has remained stable at around 84% since 2020, with the C-end business maintaining a gross margin of approximately 88% [7][11]. - The net profit attributable to the parent company has shown consistent growth, with a CAGR of 35.6% from 2020 to 2023, and a net profit margin of 27.2% in 2023 [13][141]. Product and Market Position - "Scan All-in-One" has a significant market share, with a monthly active user base of approximately 170 million across its three main products, contributing nearly 70% of total revenue [79][121]. - The company has successfully penetrated various industries with its B-end services, achieving a revenue of 1.15 billion RMB in commercial big data for 2023, reflecting a 17.9% year-on-year growth [29][80]. - The "Business Card All-in-One" product has also seen a revenue increase of 13.7% CAGR from 2020 to 2023, indicating strong demand in the niche market [2][4]. Future Outlook - The company plans to utilize the 1.38 billion RMB raised from its IPO for product development and technological upgrades, particularly in artificial intelligence and commercial big data [15][113]. - The report forecasts continued revenue growth, projecting revenues of 16.74 billion RMB and 19.63 billion RMB for 2025 and 2026, respectively, with corresponding net profits of 4.55 billion RMB and 5.42 billion RMB [49][80].
合合信息：营销发力+功能迭代，扫描全能王拥抱广阔空间