Focus Tech.(SZ:002315) Great Wall Securities·2025-09-03 11:12Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][17]. Core Views - The company has shown impressive growth in main site traffic and AI revenue, with plans to launch buyer-side AI products soon. The revenue for 25H1 reached 915 million RMB, a year-on-year increase of 15.9%, and the net profit attributable to the parent company was 295 million RMB, up 26.1% year-on-year [1][3]. - The company is expected to achieve revenues of 19.66 billion RMB, 23.29 billion RMB, and 26.98 billion RMB for the years 2025, 2026, and 2027 respectively, with net profits of 5.16 billion RMB, 5.79 billion RMB, and 7.18 billion RMB for the same years [3]. Financial Performance - The company's revenue for 2023 is projected at 1,527 million RMB, with a growth rate of 4.3%. By 2027, revenue is expected to reach 2,698 million RMB, with a growth rate of 15.9% [1]. - The net profit attributable to the parent company is forecasted to grow from 379 million RMB in 2023 to 718 million RMB in 2027, with a notable growth rate of 26.1% in 2023 [1]. - The company's return on equity (ROE) is expected to improve from 15.4% in 2023 to 19.7% in 2027 [1]. Membership and Traffic Growth - The company has successfully increased its website traffic by 35% in 25H1, with significant growth in emerging markets, particularly a 45% increase in the Middle East [2]. - The number of members on the China Manufacturing Network reached 28,699 in 25H1, an increase of 2,966 members year-on-year [2]. AI Business Development - The AI business achieved a revenue of 22 million RMB in 25H1, marking a year-on-year growth of 92.4%. The number of members purchasing AI products has exceeded 13,000, with a quarterly increase of about 2,000 [3]. - The company plans to launch an upgraded Sourcing AI product in 25H2 to better meet the needs of overseas buyers [3].