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] - 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 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 Performance - In 2024, the CRM segment is expected to see a revenue decline of 9%, while the engineering construction segment is projected to decline by 20.6% [8] - The asset management and operations segment is expected to grow by 14.2%, driven by strong demand from state-owned enterprises [8] - The company has signed contracts worth approximately 28 million for its AI business, indicating significant growth potential [8] Financial Metrics - The projected operating revenue for 2025 is 1.435 billion, with a year-on-year change of 0.0% [8] - The net profit for 2025 is expected to be -30 million, improving from -190 million in 2024 [8] - The gross margin is projected to stabilize around 77.4% in 2025, with a net margin of -2.1% [8]
明源云（00909）：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