迈富时（02556）：港股公司首次覆盖报告：积极拥抱AIAgent，迈向Marketingforce2.0阶段

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is expected to experience significant revenue growth driven by its AI Agent initiatives, with projected revenues of 2.335 billion, 2.962 billion, and 3.684 billion CNY for 2025, 2026, and 2027 respectively [4]. - The company is recognized as a global leader in marketing and sales SaaS platforms, maintaining rapid growth and a strong market position [5][17]. - The marketing and sales SaaS market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 29.3% from 2022 to 2027, indicating a substantial opportunity for the company [6][50]. Summary by Sections 1. Company Overview - The company, founded in 2009, has launched key SaaS products including T Cloud for SMB clients and Zhenke for KA clients, serving over 200,000 enterprises across various industries [5][17]. - The company has a stable shareholding structure and an experienced management team, with the founders holding approximately 45.63% of the shares [41][42]. 2. Market Potential - The marketing and sales SaaS market in China is currently underpenetrated, with a projected market size increase from 206 billion CNY in 2022 to 745 billion CNY by 2027 [6][50]. - The company is the largest provider of marketing and sales SaaS solutions in China, with a market share of 2.6% in 2022 [55][56]. 3. AI Agent Integration - The company is embracing AI Agent technology, which is expected to revolutionize the SaaS industry by shifting value assessment from software usage to business outcomes [7][70]. - The AI Agent market in China is anticipated to reach 3.3 trillion CNY by 2028, highlighting the transformative potential of AI in marketing and sales [74][82]. 4. Financial Projections - The company's revenue is projected to grow from 1.232 billion CNY in 2023 to 2.334 billion CNY in 2025, with a year-over-year growth rate of 49.8% [9]. - The net profit is expected to improve from a loss of 0.33 billion CNY in 2025 to a profit of 3.21 billion CNY by 2027 [4][9].