Beijing Shiji Information Technology (002153) Minsheng Securities·2025-06-06 05:58Investment Rating - The report maintains a "Recommended" rating for the company, with projected revenue growth for 2025-2027 at 36.65 billion, 45.76 billion, and 57.20 billion respectively, corresponding to PS ratios of 6X, 5X, and 4X [4]. Core Insights - The signing of a Master Services Agreement with Marriott International marks a significant milestone in the company's international expansion, further solidifying its position as a leading global hotel SaaS provider [2][4]. - The company's SaaS business is experiencing rapid growth, with an annual recurring revenue (ARR) of 523.29 million in 2024, representing a 25.1% increase from 2023. The total number of enterprise customers exceeded 80,000 hotels, with an average renewal rate above 90% [3]. - The company has successfully signed contracts with two of the top five global hotel groups, enhancing its competitive strength and facilitating further expansion into high-end international hotel groups [2][3]. Summary by Sections Company Events - On June 5, 2025, the company's subsidiary Shiji (US) Inc. signed a significant agreement with Marriott International, which includes cloud services and service schedules [1]. SaaS Business Development - The SaaS business is rapidly developing, with significant client signings and a strategic acquisition of remaining shares in a subsidiary to enhance retail operations. The company is the only provider to have signed contracts with all top five global hotel groups for its cloud POS products [3]. Financial Forecast - The financial projections indicate a steady increase in revenue and net profit, with expected revenues of 3,665 million in 2025, 4,576 million in 2026, and 5,720 million in 2027. The net profit is projected to turn positive in 2025, reaching 146 million, and further increasing to 492 million by 2027 [5][8].