Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Viewpoints - The company is positioned as a leading player in the domestic marketing and sales SaaS sector, leveraging AI to accelerate growth. The marketing and sales SaaS market in China is expected to grow significantly, with a projected CAGR of 28.6% from 2022 to 2027, reaching a market size of 745 billion yuan by 2027 [1][2]. - The company has developed a comprehensive product matrix, including its flagship products T Cloud and Zhenke, which cater to SMB and KA clients respectively. These products have been integrated with AI capabilities to enhance marketing and sales efficiency [2][3]. - The financial outlook is positive, with expected revenues of 23.58 billion yuan in 2025, 30.26 billion yuan in 2026, and 37.17 billion yuan in 2027, alongside a projected adjusted net profit of 1.02 billion yuan in 2025 [3][4]. Summary by Sections Company Overview - The company focuses on marketing and sales SaaS, with a strong emphasis on AI integration to drive growth. It has established a significant market presence, serving over 200,000 enterprises across various industries [2][11]. Market Potential - The digitalization level of Chinese enterprises is relatively low, indicating substantial growth potential for the marketing and sales SaaS market. The market is expected to grow from 206 billion yuan in 2022 to 745 billion yuan by 2027, with a CAGR of 29.3% [1][2]. Financial Analysis - The company has shown robust revenue growth, with a projected revenue of 15.59 billion yuan in 2024, reflecting a 27% year-on-year increase. The AI+SaaS business segment's revenue share has increased from 46% in 2022 to 54% in 2024 [21][28]. - The gross profit margin has been on an upward trend, with a gross margin of 52.98% in 2024, driven by the high-margin SaaS business [30][31]. - The company achieved an adjusted net profit of 0.79 billion yuan in 2024, marking a significant turnaround from previous losses [37][39]. AI Integration and Product Development - The company has launched AI-driven products, including the Tforce marketing model and AI-Agentforce platform, which are expected to enhance its service offerings and drive new growth avenues [2][3][28]. - The integration of AI capabilities into its SaaS products has created a competitive advantage, with over 90% of its offerings now including AI modules [2][28]. Future Outlook - The company plans to continue expanding its product ecosystem through strategic investments and acquisitions, aiming to solidify its position as a leader in the intelligent marketing ecosystem [46][47].
迈富时（02556）：首次覆盖：国内营销+销售SaaS龙头企业，AI赋能提速增长