专注政企采购服务，经营优化，规模效应有望释放

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative return of over 20% within six months [25]. Core Insights - The company is a leader in the B2B office supplies and SaaS cloud video services sectors, focusing on providing comprehensive procurement services for government and enterprise clients [33]. - The company has a strong customer base of over 80,000 quality clients, including major state-owned enterprises, which positions it well for industry consolidation [4][33]. - Revenue growth is projected to be steady, with expected increases of 17.4%, 18.5%, and 18.6% for the years 2023 to 2025, respectively [5]. Revenue and Profit Forecast - The company is expected to achieve revenues of 101.3 billion, 120.1 billion, and 142.5 billion yuan for the years 2023, 2024, and 2025, respectively [5]. - The net profit attributable to the parent company is forecasted to be 2.1 billion, 2.7 billion, and 3.2 billion yuan for the same years, with corresponding EPS of 0.30, 0.37, and 0.45 yuan per share [5]. Business Segments - B2B Business: The company is expected to see revenue growth driven by the expansion of high-value-added services such as MRO and corporate welfare, with projected revenue growth rates of 17.4%, 18.5%, and 18.6% from 2023 to 2025 [4]. - SaaS Software Services: A strategic focus on government and education sectors is anticipated to lead to a revenue recovery post-2023, with expected revenue changes of -45%, +5%, and +5% from 2023 to 2025 [4]. - Other Businesses: Revenue is expected to grow by 23.8%, 25.0%, and 27.0% from 2023 to 2025, maintaining a gross margin of 48% [4]. Market Position and Strategy - The company is leveraging digital transformation trends in the procurement process, aiming to enhance efficiency and reduce costs through digital means [33]. - The competitive landscape in the digital procurement industry is fragmented, with high entry barriers, allowing leading service providers like the company to expand rapidly [33]. - The company has successfully secured multiple contracts with major clients, indicating strong market demand and operational capabilities [11][30].