Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][8]. Core Insights - The company is positioned as a local marketing SaaS expert with a strong execution capability, focusing on AI-driven marketing solutions. It has a dual-track strategy targeting both SMBs and key accounts, which is expected to drive significant revenue growth [2][7][8]. Financial Data and Profit Forecast - Revenue is projected to grow from 12.32 billion RMB in 2024 to 38.2 billion RMB by 2027, with year-on-year growth rates of 48%, 29%, and 29% respectively. The net profit attributable to ordinary shareholders is expected to turn positive in 2025, reaching 0.92 billion RMB, and further increasing to 3.20 billion RMB by 2027 [6][8][22]. Business Model and Market Position - The company operates in three main segments: marketing and sales SaaS, precision marketing, and the newly introduced Agent all-in-one machine business. The SaaS business has shown robust growth, with a projected revenue of 8.4 billion RMB in 2024, surpassing precision marketing revenue [20][33][36]. AI Integration and Product Differentiation - The launch of AI-AgentForce2.0 is expected to enhance product capabilities significantly, allowing for improved customer interaction, content generation, and data analysis. This positions the company favorably against competitors in the marketing software space [7][44][63]. Market Dynamics and Competitive Landscape - The marketing SaaS market in China is projected to grow significantly, with the company holding a market share of 2.4%. The competitive landscape is characterized by a fragmented market, but the company’s focus on AI integration and a comprehensive service offering is expected to provide a competitive edge [58][59]. Revenue Growth Drivers - Key growth drivers include the increasing adoption of AI in marketing, a growing customer base in both SMB and key account segments, and the expansion of the Agent all-in-one machine business, which is expected to generate additional revenue starting in 2025 [9][11][36].
迈富时（02556）：差异定位，强执行力的AI+营销专家