Core Viewpoint - The company, Hehe Information, known for its "Scan All-in-One" app, has submitted an IPO application to the Hong Kong Stock Exchange after less than a year of its listing on the STAR Market, raising concerns due to previous fundraising shortfalls and project delays [2][3][5]. Group 1: Company Overview - Hehe Information is an AI and big data technology enterprise that provides digital and intelligent products and services to global C-end users and diverse B-end clients [3]. - The company's C-end business includes major apps like Scan All-in-One, Business Card All-in-One, and Qixinbao, while its B-end services focus on cost reduction, risk management, and opportunity exploration [3]. Group 2: Financial Performance - Revenue growth from 2022 to 2024 shows a consistent upward trend: 2022 revenue was 989 million RMB, increasing to 1.187 billion RMB in 2023 (20% growth), and projected to reach 1.438 billion RMB in 2024 (21.2% growth), resulting in a three-year compound growth rate of 20.6% [5]. - Net profit also increased during the same period: from 284 million RMB in 2022 to 323 million RMB in 2023 (14% growth), and expected to rise to 401 million RMB in 2024 (24% growth), with a three-year compound growth rate of 18.8% [5]. Group 3: IPO and Fundraising - Hehe Information's IPO on the STAR Market raised 1.38 billion RMB, but the actual amount was lower than planned, leading to adjustments in the allocation of raised funds [7][10]. - The company adjusted its planned investment from 1.49 billion RMB to 1.27 billion RMB for various projects, including AI and big data product development [10][11]. Group 4: Project Delays - Several fundraising projects have been delayed, with the timeline for completion extended due to macroeconomic factors and the fast-paced nature of the software industry [12][13]. - Key projects originally scheduled for completion by December 2024 have been postponed to 2026, reflecting the need for more thorough market research and user demand analysis [13]. Group 5: Risk and Compliance - The company acknowledges potential risks associated with user data protection and the rapid development of AI technology, emphasizing compliance with data protection laws and the implementation of relevant policies [15]. - The funds raised from the IPO will be allocated to the development of cutting-edge AI technologies, product development, and the establishment of global operational and marketing networks [15].

证券研究报告——晨会聚焦 2025 年 5 月 9 日 | 5 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 1519.HK | 极兔速递-W | | 603181.SH | 皇马科技 | | 300014.SZ | 亿纬锂能 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600519.SH | 贵州茅台 | | 9660.HK | 地平线机器人-W | | 688519.SH | 南亚新材 | | 301236.SZ | 软通动力 | 中银晨会聚焦-20250509 ■重点关注 【固定收益】为外部经济降温做好准备*张鹏 肖成哲。央行同时宣布降准降 息，或为对冲关税对美国商品需求的抑制效应。 【电力设备】电力设备系列报告之一*武佳雄 李扬 顾真。随着全球新能源 装机比例提升以及算力等新型用电场景的不断涌现，对于电网的扩容升级提 出了更高的要求，电力设备有望直接受益。主电网方面，电力跨区域传输以 及新能源发电外送需求提升推动特高压建设，柔性直流技术有望提升渗透 率；配电网方面，国内配网改 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][3]. Core Insights - The company, Hehe Information, is a leading player in the C-end productivity software market, driven by AI and overseas expansion [3][8]. - The company has a strong user base and brand influence, with expectations for continued growth in both C-end and B-end business segments [8][16]. - Revenue and profit margins have shown consistent improvement, with a projected revenue growth rate of 24.2% for 2025 [21][5]. Summary by Sections Company Overview - Hehe Information specializes in AI text recognition and commercial big data, having developed popular apps like "CamScanner" and "CamCard" [8][16]. - The company has been operational since 2006, focusing on text recognition and image processing technologies [16]. Financial Performance - From 2018 to 2024, the company's revenue increased from 196 million RMB to 1.438 billion RMB, with a compound annual growth rate (CAGR) of 39.39% [21][24]. - The net profit turned from a loss of 79 million RMB in 2018 to a profit of 401 million RMB in 2024, with a gross margin improvement from 72.54% to 84.28% [21][24]. Business Segments - The company's main revenue sources are from intelligent text recognition and commercial big data services, with the former contributing 84.53% of total revenue in 2024 [22][30]. - The "CamScanner" app generated 982 million RMB in revenue, accounting for 68.31% of the intelligent recognition segment [22][30]. Market Position and Growth Potential - The global market for intelligent text recognition services is expected to grow from 12.56 billion USD in 2023 to 32.9 billion USD by 2030, with a CAGR of approximately 14.8% [43][46]. - The Chinese market for intelligent text recognition services is projected to grow at a CAGR of 16.5%, outpacing global growth rates [43][46]. Product Development and Innovation - The company is expanding its product offerings, including new educational software aimed at the C-end market, which may become a new growth driver [8][16]. - The company has established a strong foothold in the B-end market, serving over 130 Fortune 500 companies and implementing solutions across nearly 30 industries [8][16].