Focus Tech.(002315) 东吴证券·2025-03-04 14:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company has experienced accelerated seller cash collection, driven by increased buyer traffic and operational improvements. The total revenue for Q4 2024 reached 457 million yuan, a year-on-year increase of 13.63%, while the net profit attributable to the parent company was 93 million yuan, up 15.12% year-on-year [8]. - The company has implemented significant operational reforms, resulting in improved efficiency and cash collection. The cash received from sales and services increased by 6.43% in H1 2024 and 17.76% in H2 2024, with expectations for seller cash collection to reach 20% growth in 2025 [8]. - The AI platform business is anticipated to generate substantial cash flow, with the Mentarc platform expected to connect with major e-commerce platforms and attract more external merchants [8]. Financial Projections - The company's total revenue is projected to grow from 1,527 million yuan in 2023 to 2,545 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 16.61% [1]. - The net profit attributable to the parent company is expected to increase from 378.87 million yuan in 2023 to 784.92 million yuan in 2027, with a CAGR of 15.56% [1]. - The earnings per share (EPS) is forecasted to rise from 1.19 yuan in 2023 to 2.47 yuan in 2027, indicating a strong growth trajectory [1]. Market Data - The closing price of the company's stock is 41.00 yuan, with a market capitalization of approximately 13,006.67 million yuan [5]. - The company has a price-to-earnings (P/E) ratio of 34.33 for the current year, which is expected to decrease to 16.57 by 2027, suggesting potential undervaluation [1][5]. Operational Highlights - The company has seen a significant increase in buyer registrations, with a 28% year-on-year growth in 2024. Notably, regions such as Southeast Asia and the Middle East experienced buyer traffic growth of 58.50% and 38%, respectively [8]. - The number of paid members on the platform reached 27,415 by the end of 2024, marking an 11.5% increase year-on-year [8].