Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expectation of relative performance exceeding the market benchmark by over 10% within six months following the report's release [12]. Core Insights - The company is positioned as a leader in digital technology for real estate, focusing on AI and SaaS to unlock new growth opportunities [12]. - The report highlights a significant narrowing of net losses due to effective cost reduction measures, with a projected revenue decline of 12.5% in 2024, but a substantial reduction in adjusted net loss by 74.1% [8][12]. - The transition in the real estate industry from "incremental development" to a dual model of "incremental development + stock operation & management" is noted, impacting digital demand [8][12]. Financial Data and Forecasts - Revenue projections for the company are as follows: - 2023: 1,657 million RMB - 2024: 1,435 million RMB (down 9.6% YoY) - 2025E: 1,365 million RMB (down 12.5% YoY) - 2026E: 1,392 million RMB (up 2.0% YoY) - 2027E: 1,472 million RMB (up 5.7% YoY) [7][11]. - Net profit forecasts indicate a significant recovery, with expected figures of: - 2024: -190 million RMB - 2025E: -146 million RMB - 2026E: -73 million RMB - 2027E: 36 million RMB [7][11]. - The overall gross margin is projected to improve from 76.85% in 2024 to 79.17% in 2027, driven by an increase in SaaS revenue share [11][12]. Business Segmentation - The company's SaaS revenue is expected to decline slightly in 2024 but is projected to grow in subsequent years, with a forecast of 12.93 million RMB by 2027 [11]. - The ERP business is anticipated to continue its strategic contraction, with revenue growth rates of -15% in 2025, -8% in 2026, and -5% in 2027 [11]. - The report emphasizes the integration of AI into real estate marketing, with the launch of specialized AI products and a significant increase in client engagement [8][12]. Market Performance - The company's stock price is currently at 3.00 RMB, with a market capitalization of 5,832 million RMB [3]. - The report notes a 52-week price range of 1.57 to 4.65 RMB, indicating volatility in the stock's performance [3].
明源云（00909）：不动产数字科技领导者，加码AI+SaaS打开业务新增长空间