Raycloud(688365) 信达证券·2025-03-18 09:00Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company has been deeply engaged in the e-commerce SaaS sector for fifteen years, building a comprehensive service ecosystem that covers various platforms such as Taobao, JD.com, Pinduoduo, Douyin, and WeChat [3][10]. - The company has achieved a positive cash flow starting in 2023, with expectations for a performance turning point in 2025 as it focuses on high-margin businesses and improves cost control [3][5]. - The e-commerce SaaS market in China is expected to continue expanding, with a projected market size exceeding 100 billion yuan by 2026, driven by new business models such as live e-commerce and cross-border e-commerce [3][34]. - The company employs a tiered strategy to enhance customer coverage, leveraging AI to upgrade its entire service chain, which has resulted in significant revenue growth from small and medium-sized merchants [3][38]. Summary by Sections 1. Deep Engagement in E-commerce SaaS - The company provides SaaS products and value-added services to e-commerce merchants, establishing a full-chain operational solution [3][10]. - It has a strong reputation and brand effect, with a young management team focused on delivering comprehensive solutions [3][12]. 2. Positive Cash Flow and Performance Turning Point - Revenue from 2018 to 2024 shows fluctuations, with a slight increase expected in 2024 [3][16]. - The company has reduced investment in low-margin businesses and is focusing on large merchants, leading to improved financial conditions and a projected cash flow of 27.05 million yuan in 2024 [3][30]. 3. Expanding E-commerce SaaS Market - The Chinese SaaS market grew from 14.52 billion yuan in 2018 to 70.28 billion yuan in 2024, with a compound annual growth rate of 30.2% [3][34]. - The market is characterized by a pyramid structure, with varying needs across different merchant tiers [3][35]. 4. Tiered Strategy and AI Empowerment - The company has over 1.2 million paying users and processes over 30 million packages daily, with significant revenue growth from small merchants on platforms like Douyin [3][38]. - AI technology is enhancing operational efficiency, with products like the Kuaimai Xiaozhi customer service robot improving gross merchandise volume by 20% [3][45]. 5. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 482 million yuan, 566 million yuan, and 682 million yuan, respectively, with expected growth rates of 1.5%, 17.3%, and 20.4% [4][5]. - The company is expected to achieve profitability in 2025, supported by a strong market position and effective cost management [5][47].