Core Viewpoint - The company, 聚水潭集团股份有限公司, has submitted a new listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, after previous applications in June 2023, March 2024, and November 2024 [1]. Group 1: Market Position and Product Offering - 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected 2024 revenues, surpassing the combined market share of the next five competitors [5]. - The total market size for China's e-commerce SaaS ERP is projected to be RMB 3.1 billion in 2024 [5]. - The company has developed a cloud-based e-commerce SaaS product that connects merchants with over 400 e-commerce platforms, significantly more than the industry average of fewer than 200 platforms [5]. Group 2: Customer Base and Retention - In 2024, the company is expected to serve 88,400 SaaS customers, while the industry average is fewer than 20,000 customers [5]. - The net customer revenue retention rate for the company is projected to be 115% in 2024 [5]. Group 3: Financial Performance - The company's revenues for the years 2022, 2023, and 2024 are approximately RMB 523 million, RMB 697 million, and RMB 910 million, respectively [9][10]. - The company reported losses of approximately RMB 5.07 billion, RMB 4.9 billion, and a profit of RMB 0.11 billion for the same years [9][10]. Group 4: Efficiency Metrics - The company's LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, has shown a market-leading trend, increasing from 6.2x in 2022 to 9.3x in 2024 [7]. - The percentage of customers purchasing two or more products from 聚水潭 has increased from 30.6% in 2022 to 37.7% in 2024 [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company, Guangyun Technology, is a leading e-commerce SaaS provider, offering a range of products and services to e-commerce merchants, including SaaS products, hardware, operational services, and CRM SMS [5][6]. - In 2024, the company achieved total revenue of 478 million yuan, a year-on-year increase of 0.49%, with a significant improvement in operating cash flow, which rose by 137.06% [6]. - The company is actively embracing AI technology to enhance its product offerings and improve operational efficiency, which is expected to contribute to the upgrade of the e-commerce ecosystem [7]. - Guangyun Technology plans to acquire Shandong Yitao, a well-known e-commerce SaaS software company, to strengthen its e-commerce SaaS business layout and enhance market competitiveness [10]. Financial Performance - The company reported a net cash flow from operating activities of 54 million yuan in 2024, indicating a positive trend in cash flow management [6]. - The forecasted earnings per share (EPS) for 2025-2027 are projected to be 0.02, 0.07, and 0.14 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 575.14, 173.00, and 89.71 [11]. - Revenue is expected to grow significantly, with projections of 553 million yuan in 2025, 658 million yuan in 2026, and 787 million yuan in 2027, reflecting growth rates of 15.73%, 18.98%, and 19.59% respectively [12].

Core Viewpoint - In 2024, Guangyun Technology reported a slight increase in revenue but significant net losses, indicating challenges in balancing its customer base between large and small merchants [2][3]. Financial Performance - The total revenue for 2024 was 478 million yuan, a year-on-year increase of 0.49% [2]. - The net loss attributable to shareholders was 82.0461 million yuan, a decrease of 344.77% compared to the previous year [2]. - The basic earnings per share were -0.19 yuan [2]. - The gross profit margin for 2024 was 65.52%, an increase of 2.35 percentage points year-on-year [3]. - The net profit margin was -17.92%, a decrease of 14.08 percentage points year-on-year [3]. Segment Performance - Revenue from core products for large merchants grew by 12.03%, while revenue from small merchants declined by 5.86% [3]. - In Q4 2024, the company achieved revenue of 125 million yuan, a year-on-year increase of 1.12% and a quarter-on-quarter increase of 6.19% [3]. Expense Analysis - Total operating expenses for 2024 were 382 million yuan, an increase of 9.9652 million yuan year-on-year [3]. - The expense ratio was 79.93%, up 1.71 percentage points year-on-year [3]. - Sales expenses increased by 9.22%, management expenses by 7.81%, R&D expenses by 5.01%, and financial expenses by 21.23% [3]. Cash Flow - The net cash flow from operating activities was 54.1561 million yuan, an increase of 31.3114 million yuan year-on-year [4]. - The improvement in cash flow was attributed to better performance in core business activities, without reliance on accounts receivable management or extending supplier payment terms [4]. Company Overview - Guangyun Technology was established on August 29, 2013, and went public on April 29, 2020 [5]. - The company specializes in providing SaaS products for e-commerce merchants, along with supporting hardware, operational services, and value-added products such as CRM SMS [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 148 million yuan for 2024, representing a year-on-year growth of 29.23%. However, the net profit attributable to the parent company was 42.48 million yuan, showing a decline of 1.64% year-on-year [1] - The company has optimized its business structure and is focusing on deepening its presence in the e-commerce SaaS market. The revenue from the e-commerce customer service outsourcing business surged by 1193.24% due to the acquisition of Chengdu Xiahai Amu, which has enhanced the company's capabilities in e-commerce customer service solutions [7] - The e-commerce SaaS industry is experiencing strong growth, with IDC projecting the market size to reach 16.9 billion USD by 2027, growing at a CAGR of 32.4% [7] - The company invested 28.25 million yuan in R&D during the reporting period, focusing on expanding existing product functionalities and developing new products to meet market demands [7] - The revenue forecast for 2025-2026 has been adjusted downwards due to certain growth bottlenecks in existing businesses, with net profit estimates revised to 45 million yuan and 48 million yuan respectively for those years [7] Financial Summary - Total revenue for 2023 was 114.14 million yuan, with a projected increase to 147.50 million yuan in 2024 [1] - The company's earnings per share (EPS) for 2024 is estimated at 1.07 yuan, with a projected P/E ratio of 59.16 [1] - The company’s total assets are projected to reach 440 million yuan in 2024, with total liabilities of 26 million yuan [8]

星标 ★ IPO日报 精彩文章第一时间推送 近期，杭州光云科技股份有限公司（下称"光云科技""上市公司"）（688365.SH）披露，拟以现金方式，按照收购价2亿元收购逸淘（山东）投资管 理有限公司（下称"山东逸淘"或"标的公司"）100%股权。 截至评估基准日2024年12月31日，山东逸陶所有者权益账面值170.74万元，归属于母公司的所有者权益为2018.98万元，评估值为2.03亿元，评估增值1.82 亿元，增值率903.89%。 本次交易完成后，光云科技将直接持有山东逸淘100%股权，山东逸淘将纳入上市公司合并财务报表范围。 制图：佘诗婕 上市后"业绩变脸" 官网显示，光云科技成立于2009年，是互联网SaaS模式的软件技术创新型企业。 作为中国首批电商SaaS软件运营服务商，光云科技专注于为企业提供电商运营的全链路解决方案，其于2020年4月登陆科创板，彼时被称为"A股电商SaaS 第一股"。 然而上市后，光云科技的日子似乎并不好过。 2016年，光云科技营收规模为2.62亿元。此后一路上涨，上市当年营收达到5.10亿元，在2021年继续增长至5.45亿元，相较2016年的营收规模增长率达到 10 ...