合合信息（688615）：AI带来产品能力提升，公司产品付费率持续增长

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [33]. Core Insights - The company has shown accelerating revenue growth in 2025, with year-on-year growth rates of 20.94%, 23.93%, and 27.49% in the first three quarters, respectively [2]. - The net profit for the first three quarters of 2025 reached 351 million yuan, representing a year-on-year increase of 14.55% [2]. - Key products, such as "Scanner King" and "Business Card King," have demonstrated significant growth, with increases of 27.4%, 25.3%, and 32.4% in the first three quarters [2]. - The company has maintained a technological leadership in the text recognition field for over 18 years, leveraging AI technologies to enhance product capabilities [6]. - The C-end products align with the trends of digitalization and mobile office, fostering strong user engagement through document classification and storage [6]. - The company has a revenue structure primarily driven by C-end products, with "Scanner King" accounting for 68% of revenue in 2024 [6]. - The continuous improvement in AI model capabilities is expected to accelerate the application of AI, benefiting the company as a C-end focused AI application enterprise [6]. - The C-end product payment rate increased from 4.05% in Q4 2023 to 4.90% in Q3 2025, with cumulative paid users reaching approximately 9.27 million, a year-on-year growth of 35.18% [6]. - The company submitted a listing application for the Hong Kong stock market in June 2025, aiming to enhance business development through financing [8]. - A stock incentive plan was introduced in September 2025, reflecting positive growth expectations [8]. - The gross profit margin for the first three quarters of 2025 was 86.4%, an increase of 2 percentage points compared to the same period in 2024 [8]. - The company has experienced a steady increase in contract liabilities, reaching 557 million yuan in Q3 2025, indicating a solid order backlog [8]. - The report forecasts EPS for 2025, 2026, and 2027 to be 3.08 yuan, 3.82 yuan, and 4.85 yuan, respectively, with corresponding P/E ratios of 69.41, 55.95, and 44.04 based on the closing price of 213.59 yuan on December 23 [8].