Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.10 [7][8]. Core Insights - The company reported a revenue of RMB 2.93 billion and a net profit attributable to shareholders of RMB 266 million for 2024, reflecting a year-on-year change of +9% and -21.82% respectively. The net profit fell short of expectations primarily due to higher-than-expected expenses, driven by increased R&D and marketing investments [1][4]. - The company plans to significantly increase R&D and marketing expenditures, which may impact short-term profitability but is expected to strengthen its long-term competitive position [1][4]. Summary by Sections MaaS Business - The MaaS business generated revenue of RMB 930 million in 2024, up 5% year-on-year, with a second half revenue of RMB 510 million, showing an 11% increase. However, the average revenue per core customer decreased by 4% to RMB 3.37 million, and the number of core customers slightly declined from 213 to 211 [2]. - The business faces challenges such as fluctuating credit demand and increased competition, but is expected to improve in the second half of 2024 due to solid customer foundations and enhanced product capabilities [2]. BaaS Business - The BaaS financial cloud and insurance cloud recorded revenues of RMB 1.41 billion and RMB 590 million respectively, with year-on-year changes of +19% and -3%. The service fee rates for new and renewal insurance policies decreased significantly, attributed to the "reporting and operation integration" policy [3]. - The financial cloud's revenue growth has slowed compared to the previous year, likely due to weak credit demand, but ongoing investments and technological upgrades are anticipated to enhance market share [3]. Profit Forecast and Valuation - The company is expected to increase its marketing and R&D investments, leading to a downward revision of net profit forecasts for 2025, 2026, and 2027 to RMB 2.44 billion, RMB 3.96 billion, and RMB 6.06 billion respectively, with reductions of 52.5% and 47.0% for 2025 and 2026 [4][16]. - The target price has been adjusted to HKD 13.10 based on a DCF valuation method, reflecting the company's transition from a risk control data service provider to an AI service provider in the financial sector [4][13].
百融云-W（06608）：24年利润波动，营销和研发投入加大