Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates that as the pressure in the real estate market eases, the company's revenue is expected to recover, driven by effective cost control and growth in AI and overseas business [6][7] - The adjusted net profit forecasts for 2025-2026 have been revised from -310 million/-280 million to -30 million/+50 million, with a new forecast for 2027 net profit at 120 million [6] - The current stock price corresponds to a PS valuation of 3.8/3.7/3.4 times and an adjusted net profit PE valuation of 64.8/39.6/26.7 times [6] Financial Performance Summary - In 2024, the company's revenue is projected to be 1.44 billion, a year-on-year decline of 12.5%, while the adjusted profit loss is expected to narrow to 40 million from 170 million in 2023 [7] - The revenue from local deployment/SaaS is expected to decline by 20.4%/10.7% due to weak real estate conditions and the company’s decision to forgo less profitable orders [7] - The gross margin is expected to decrease by 2.6 percentage points due to industry pressures and an increase in third-party procurement in cloud services [7] Business Segment Analysis - CRM revenue is expected to decline by 9% year-on-year, while the average revenue per user (ARPU) is projected to increase by 2.7% due to AI module contributions [8] - The engineering construction segment is expected to see a revenue decline of 20.6%, but state-owned enterprise clients are maintaining stable digital investments, leading to a 40.9% increase in the number of projects and a 4.3% increase in ARPU [8] - The asset management and operations segment is expected to grow by 14.2% year-on-year, driven by strong demand from state-owned platform companies [8] AI Business Potential - The AI business has shown promising results, with a cumulative contract value of approximately 28 million for cloud AI, indicating significant growth potential [8] - The company’s AI strategy involves a differentiated approach using AI+IoT+SaaS, allowing it to cover the entire real estate scenario and maintain a competitive edge [8]
明源云：港股公司信息更新报告：待地产企稳驱动收入回升，AI规划积极提供估值弹性-20250329