Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The company generates stable cash flow from its flagship product, "Scan All-in-One," which contributes over 70% of its revenue. The revenue from the C-end business is projected to reach 1.075 billion yuan in 2024, with a compound annual growth rate (CAGR) of 27% from 2020 to 2024. The B-end business is also expected to grow steadily, reaching 360 million yuan in 2024, with a CAGR of 24% during the same period [7][27]. - The company is positioned as a leader in the domestic SaaS market and is accelerating its expansion into vertical AI applications, which are anticipated to become a second growth curve characterized by high probability and high returns [7][27]. Summary by Sections 1. Building a Mature C+B Product Matrix with Steady Financial Growth - The company has established a robust product matrix based on its proprietary intelligent text recognition and commercial big data technologies, serving both C-end users and B-end clients [10][12]. - The C-end revenue is primarily driven by the "Scan All-in-One" and "Business Card All-in-One" apps, while the B-end services include intelligent text recognition and commercial big data solutions [10][14]. - The company maintains a high gross margin of around 80% and a net margin of over 20%, with revenue growth outpacing expense growth, leading to sustained profitability since 2020 [18][27]. 2. Vertical AI Expansion: High Probability + High Returns as a Second Growth Curve - The company is developing a vertical AI matrix that includes innovative products across various fields such as AI education, health management, and AI infrastructure [35]. - The AGI technology platform and text intelligence technology platform provide a strong technical foundation for both C-end and B-end products, enhancing product performance and functionality [44]. - AI programming is expected to significantly reduce development costs and improve efficiency, providing a favorable environment for the company's vertical AI development [48]. 3. Profit Forecast and Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 3.19 yuan, 4.48 yuan, and 5.81 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 96, 68, and 53 [7][52]. - The report suggests that the company's C-end product matrix will continue to grow, with revenue growth rates projected at 25%, 28%, and 30% for 2025, 2026, and 2027, respectively [52].
合合信息（688615）：扫描全能王带来稳定现金流，出海打开第二增长曲线