Investment Rating - The report assigns a "Buy" rating for the company, MaiFushi (2556.HK), marking its first coverage [1]. Core Insights - The AI + SaaS strategy drives MaiFushi's platform and integrated development path, significantly enhancing its competitive advantage [3][4]. - The company is positioned as a leading marketing and sales SaaS provider in China, with a projected revenue of 842 million yuan from AI + SaaS business in 2024, accounting for 54% of total revenue [3][4]. - The marketing SaaS market in China is expected to grow from 35.6 billion yuan in 2024 to 74.5 billion yuan by 2027, with a CAGR of 29.3% from 2022 to 2027, indicating substantial growth potential [4][28]. Summary by Sections Company Overview - MaiFushi, established in 2009, is a leading AI + SaaS intelligent marketing and sales cloud platform provider in China, headquartered in Shanghai with over 20 branches globally [13][14]. - The company has developed a "Six Cloud System" encompassing various services, integrating advanced multimodal large model technology to support businesses in achieving efficient customer acquisition and marketing automation [13][14]. Business Performance - The company has shown consistent revenue growth from 2021 to 2024, with 2024 revenue reaching 1.559 billion yuan, a year-on-year increase of 26.5% [49]. - The SaaS business has been a major driver of overall performance improvement, with user numbers and average monthly revenue per user increasing significantly [50][54]. Financial Projections - The projected net profit for the company from 2025 to 2027 is 2.05 million yuan, 113.42 million yuan, and 325.35 million yuan, respectively, with corresponding EPS of 0.01 yuan, 0.44 yuan, and 1.27 yuan [6]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 7417.46, 133.76, and 46.63, respectively [6]. Market Dynamics - The marketing SaaS market is characterized by low penetration rates compared to the average for enterprise-level SaaS, indicating significant room for growth [28][29]. - The company has a strong customer base, with 80.9% of recurring revenue coming from large clients in 2024, showcasing its robust market presence [4][35]. Competitive Advantages - MaiFushi's integrated marketing services leverage high-quality media resources, strong advertising creativity, and data optimization capabilities, creating a comprehensive and intelligent marketing service system [5][37]. - The company differentiates itself from traditional advertising agencies through its data-driven technology barriers and strong customer retention [5][47].
迈富时（02556）：AI推动SaaS与营销业务协同发展，迈富时释放成长潜力