Investment Rating - The report gives an "Accumulate" rating with a target price of HKD 3.23 [2][5]. Core Views - The company is a leader in the digitalization of the real estate ecosystem, showing significant results from its cloud service transformation and benefiting from favorable policies. The optimization of product and customer structure suggests that future revenue growth may exceed expectations [5][16]. Summary by Sections 1. Profit Forecast and Valuation - The company is expected to generate revenues of RMB 16.67 billion, RMB 17.91 billion, and RMB 19.64 billion for the years 2023-2025, with net losses of RMB 2.95 billion, RMB 2.39 billion, and RMB 2.26 billion respectively. The EPS is projected to be -0.15, -0.12, and -0.12 for the same period [9][12]. 2. Cloud Service Transformation and Policy Support - The company is positioned as a digital leader in the real estate ecosystem, leveraging a dual strategy of PaaS and digitalization for growth. The cloud service revenue is expected to account for 81.6% of total revenue in 2023, despite a 6.2% decline due to market conditions [8][10][19]. - The company has a comprehensive product matrix covering the entire customer lifecycle, including customer relationship management, project construction, and asset management [19][20]. 3. Market Demand Driven by Policy and Funding - The CRM market is rapidly developing, with cloud deployment becoming mainstream. The market size for CRM in China is projected to exceed RMB 250 billion by 2024, growing at around 10% annually [40][41]. - The residential market is expected to rebound due to policy support, with various measures being implemented to stabilize the real estate sector [44][45]. 4. Focus on State-Owned Enterprises and International Markets - The company is deepening its engagement with high-quality state-owned enterprise clients, enhancing customer value through product upgrades and tailored solutions [53]. - An international strategy is underway, with the establishment of a headquarters in Singapore to expand into Southeast Asia and the Middle East [57]. 5. AI Technology Integration - The company is increasing its investment in AI technology, integrating it into various product lines to enhance marketing productivity and operational efficiency [55].
首次覆盖报告：云转型成果斐然，深度优化业务结构