Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth of 21.09% for 2025 and corresponding net profit growth of 15.95% [5]. Core Insights - The company reported a revenue of 1.438 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 400 million RMB, up 23.9% year-on-year. In Q4 alone, revenue reached 389 million RMB, with a remarkable net profit increase of 99.3% year-on-year [2]. - The C-end AI functionalities have been continuously refined, leading to a significant increase in the number of paying users. The monthly active users for C-end products reached 171 million, a 14% increase year-on-year, with a total of 7.4392 million paying users, up 22.45% year-on-year [3]. - The B-end customer base is expanding, with substantial revenue growth in commercial big data services. The B-end revenue from intelligent text recognition reached 75 million RMB, an 11.3% increase, while commercial big data services generated 150 million RMB, growing by 30.2% [4]. - The company’s gross margin for 2024 was 84.28%, slightly up from the previous year, with R&D expenses accounting for 30.68% of revenue, an increase of 3.43 percentage points [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.438 billion RMB, a 21.2% increase from the previous year, and a net profit of 400 million RMB, reflecting a 23.9% growth [2]. Operational Analysis - The C-end AI features have been enhanced, significantly boosting the number of paying users. The intelligent text recognition C-end product generated 1.141 billion RMB in revenue, up 22.8%, while the commercial big data C-end product saw a revenue decline of 9.3% to 64 million RMB [3]. B-end Business Expansion - The company has successfully expanded its B-end customer base, covering nearly 30 industries, including major banks and financial institutions. The B-end revenue from intelligent text recognition and commercial big data services showed significant growth [4]. Profit Forecast - The company is projected to achieve revenues of 1.741 billion RMB in 2025, with a growth rate of 21.09%, and a net profit of 464 million RMB, reflecting a 15.95% increase [5].
合合信息：付费用户持续增长，B端客户拓展顺利-20250416