Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][12]. Core Insights - The company is a leading domestic marketing and sales SaaS provider, with a comprehensive product matrix aimed at small and medium-sized enterprises (SMEs) and key accounts (KAs). It is actively integrating AI large models into enterprise management applications, which is expected to drive rapid growth in overall operations due to increasing digitalization demands from downstream enterprise clients [1][2]. Summary by Sections Company Overview - The company has established itself as the largest marketing and sales SaaS provider in China, with a market share of 2.6% as of 2022. It has served over 200,000 enterprises across various sectors, including retail, automotive, finance, and healthcare [2][22]. - The company launched two flagship SaaS products, T Cloud and Zhenke, in 2015 and 2021, respectively, to address pain points in marketing and sales activities [2][22]. Market Growth Potential - The SaaS market in China is expected to grow significantly, with the enterprise management application SaaS market projected to increase from 26.6 billion RMB in 2022 to 85.6 billion RMB by 2027, representing a substantial growth opportunity [3][48]. - The demand for digitalization among SMEs is anticipated to create a market space exceeding one trillion RMB, as the current penetration rates for various management applications remain below 30% [3][48]. AI Integration and Product Development - The company has developed its own AI marketing model, Tforce, which aims to enhance marketing strategies for enterprises. This model is part of a broader initiative to integrate AI capabilities into its SaaS offerings [4][23]. - The company is also building an intelligent agent platform that includes features such as customer insight analysis and marketing strategy generation, which is expected to enhance its competitive edge [4][23]. Financial Performance and Projections - The company achieved a total revenue of 1.232 billion RMB in 2023, with a compound annual growth rate (CAGR) of 46.65% from 2019 to 2023. Revenue for the first half of 2024 is projected to reach 1.522 billion RMB, reflecting a year-on-year growth of 23.53% [11][12]. - The company anticipates a net profit of 67.4 million RMB in 2025, with a significant turnaround expected in profitability by 2026 [12][11]. Strategic Initiatives - The company successfully raised 181 million HKD through its IPO, which will be used to enhance its product capabilities, expand its sales network, and invest in strategic acquisitions [45][46]. - The sales model is primarily direct sales, with plans to continue expanding its direct sales team and channel partnerships, which have shown significant growth in revenue generation [46][47].
迈富时深度报告：Agent为笔，国产销售+营销SaaS龙头绘就AI新蓝图