Workflow
聚焦AI+快消,打造第二增长曲线

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 1.62 based on a PS valuation of 0.55X for 2024 [35]. Core Insights - The company is focusing on AI and fast-moving consumer goods (FMCG) to create a second growth curve, leveraging its strengths in CRM SaaS and expanding into AI-driven solutions [11][35]. - The FMCG sector has significant market potential for intelligent transformation, with a high willingness to pay from companies for digital marketing solutions [8][56]. - The company has established a strong position in the CRM market, holding a 13.8% market share in China as of 2021, and is the largest domestic supplier of smart CRM services [22][31]. Summary by Sections Company Overview - The company was founded in 2010 and listed on the Hong Kong main board in July 2022, providing aPaaS, cPaaS, AI, and DI platforms as its technological foundation [9][22]. - It offers comprehensive CRM products and services across various industries, including FMCG, finance, and government [22][31]. Business Segments - The company operates in three main segments: cloud communication, smart finance, and AI + FMCG, with the latter becoming a key growth driver [11][44]. - The AI + FMCG segment includes sales cloud services and innovative products like the AloT smart freezer, which are designed to enhance operational efficiency in the FMCG sector [11][32]. Financial Performance - The company reported a revenue of HKD 1.28 billion in 2023, a year-on-year increase of 22.80%, driven by growth in PaaS services and marketing cloud business [30][31]. - Revenue projections for 2024 to 2026 are estimated at HKD 1.53 billion, HKD 1.76 billion, and HKD 2.02 billion, respectively, with a gradual return to profitability expected [35][88]. Market Potential - The FMCG industry is characterized by a large market size and numerous enterprises, with significant sales expenditure, indicating a strong capacity for investment in digital solutions [56][57]. - The report highlights the potential for AI technology to transform marketing and sales processes in the FMCG sector, which is currently underutilized [56][79].