Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Insights - The company has shown stable growth in its core product, "Scan All-in-One," with over 1 billion uses of the scanning feature in 2024 [3] - The company has a strong user base, with 16.8 million monthly active users and a significant number of paid users, laying a solid foundation for long-term growth [5] - The company is focusing on enhancing its C-end products and expanding its B-end commercial big data offerings, with notable revenue contributions from both segments [5] Financial Performance - Total revenue for 2023 is projected at 1,187 million yuan, with a year-on-year growth of 20.0% [5] - Net profit attributable to the parent company is expected to reach 323 million yuan in 2023, reflecting a growth rate of 13.9% [5] - The gross profit margin is forecasted to remain high at 84.3% for 2023 [5] User Engagement and Product Development - The company has three main C-end products: "Scan All-in-One," "Business Card All-in-One," and "Qixinbao," with continuous updates to meet user needs [5] - The introduction of new features such as "Smart HD Filter" and "Book Scanning" has helped maintain the company's leading position in the industry [5] Revenue Breakdown - In Q3, the revenue from C-end intelligent text recognition accounted for 71.59% of total revenue, indicating a strong market presence [5] - The company is also seeing rapid growth in its B-end commercial big data segment, contributing to overall revenue diversification [5] Profitability Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 387 million yuan, 465 million yuan, and 568 million yuan, respectively [5] - The corresponding price-to-earnings ratios are projected to decrease from 64.8 in 2024 to 44.2 in 2026, indicating potential for value appreciation [5]
合合信息：扫描全能王持续领先，公司业绩稳健成长