Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][6][8] Core Insights - The financial cloud business is experiencing rapid growth, with sustained profitability being released [4][5][16] - The MaaS (Model as a Service) business is stable with a slight increase in average revenue per core customer, while the BaaS (Business as a Service) business is identified as a key growth driver [5][6] - The company has established a full-stack technical system for vertical big models, enhancing operational efficiency and reducing costs [6][16] Financial Performance Summary - For 2023, the company reported revenue of approximately RMB 2.681 billion, a year-on-year increase of 31%, with net profit reaching RMB 340 million, up 42% [4][5] - The projected revenue for 2024-2026 is RMB 3.055 billion, RMB 3.610 billion, and RMB 4.289 billion respectively, with net profits of RMB 377 million, RMB 445 million, and RMB 526 million [6][17] - The gross profit margin is expected to remain above 72%, and the net profit margin above 12% [6][17] Business Segment Analysis - The MaaS business generated revenue of approximately RMB 891 million in 2023, growing by 17%, with a core customer count of 213, an increase of 14% [4][5] - The BaaS business revenue was approximately RMB 1.790 billion, reflecting a 38% increase, with financial cloud revenue growing by 59% [4][5] - The company has implemented AI tools to enhance operational efficiency, leading to a decrease in management and R&D expense ratios [4][5] Valuation and Price Target - The target price is set at HKD 20.82, reflecting a 15% reduction from previous estimates, based on a revised PE ratio of 25 for 2024 [6][8][17] - The company is positioned as a leading player in the vertical generative AI application market, with strong monetization capabilities [6][16]
金融云业务快速增长，盈利能力持续释放