Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved steady revenue growth in H1 2025 and is expected to benefit from the application of AI technology [5] - The company focuses on traditional e-commerce SaaS services and is actively expanding into emerging areas such as live e-commerce and supply chain management [7] - The company is increasing its R&D investment, particularly in AI technology, to enhance its product offerings and operational efficiency [7] Financial Performance Summary - In H1 2025, the company reported revenue of 0.76 billion yuan, a year-on-year increase of 5.49%, and a net profit attributable to shareholders of 19.38 million yuan, a year-on-year decrease of 3.99% [7] - The gross profit margin was 65.58%, down 2.4 percentage points year-on-year, while the net profit margin was 24.5%, down 3.4 percentage points year-on-year [7] - Revenue from SaaS services reached 59.36 million yuan, accounting for 78% of total revenue, with a gross margin of 74.48% [7] Earnings Forecast and Valuation - The company is projected to achieve net profits of 0.46 billion yuan, 0.52 billion yuan, and 0.58 billion yuan for the years 2025 to 2027, respectively [7] - Corresponding EPS for these years are expected to be 1.19 yuan, 1.34 yuan, and 1.49 yuan per share [7] - The price-to-earnings (P/E) ratios are projected to be 60, 53, and 48 times for 2025 to 2027, respectively [7]
美登科技（838227）：2025H1公司营收稳健增长，有望受益于AI技术应用