Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][20] Core Viewpoints - The company has demonstrated stable growth in both revenue and profit, with projected revenue of 1.438 billion yuan in 2024, representing a 21.21% increase, and a net profit of 401 million yuan, reflecting a 23.93% increase [4][8] - The C-end monthly active users and paid users have shown robust growth, with monthly active users reaching 171 million (up 14%) and total paid users at 7.4392 million (up 22.45%) [2][3] - The B-end business continues to grow rapidly, with significant increases in revenue from commercial big data and smart text recognition, indicating strong market demand and innovation [3][4] Revenue and Profit Growth - The company's revenue for Q4 was 389 million yuan, marking a 21.70% increase, while net profit for the same period surged by 99.32% to 94 million yuan [8] - The overall revenue for 2024 is expected to reach 1.438 billion yuan, with a net profit of 401 million yuan, indicating a consistent upward trend in financial performance [5][8] User Metrics and Product Development - The C-end product "Scan King" has achieved significant user engagement, with revenue of 982 million yuan (up 21.43%) and continuous feature enhancements to improve user experience [2][3] - The company has introduced new functionalities in its products, such as the "Smart High-Definition Filter" and an AI education app, which are expected to enhance user value and retention [2][3] B-end Business Performance - The B-end revenue from smart text recognition reached 75 million yuan (up 11.32%), while commercial big data revenue increased by 30.19% to 150 million yuan, showcasing the company's strong position in the market [3][4] - The domestic revenue was 969 million yuan (up 22.83%), while overseas revenue was 466 million yuan (up 17.35%), indicating a solid domestic focus with potential for international expansion [3][4] Financial Projections - The company forecasts revenue growth to 1.757 billion yuan in 2025, 2.161 billion yuan in 2026, and 2.648 billion yuan in 2027, with corresponding net profits of 486 million yuan, 595 million yuan, and 725 million yuan [5][20] - The projected PE ratios for the upcoming years are 46, 38, and 31, reflecting a favorable valuation outlook [4][20]
合合信息：付费用户增长超22%，B端业务表现优异-20250417