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美登科技(838227):2025H1公司营收稳健增长,有望受益于AI技术应用
Hua Yuan Zheng Quan· 2025-08-26 08:43
证券研究报告 计算机 | IT 服务Ⅱ 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 赵昊 SAC:S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC:S1350525050003 wangyuxuan@huayuanstock.com 市场表现: | 基本数据 | 08 | 25 | 2025 | 年 | 月 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价(元) | | | | | 71.40 | | | | | | | 一 年 最 低 | | | | | 92.99/18.04 | | 高 | 内 | 最 | / | | (元) | | | | | | | | | | | | 总市值(百万元) | | | | | 2,780.42 | | | | | | | 流通市值(百万元) | | | | | 1,258.33 | | | | | | | 总股本(百万股) | | | | | 38.94 | | ...
美登科技(838227):深耕电商SaaS软件,差异化产品形成品牌优势,加速AI技术商业化
Hua Yuan Zheng Quan· 2025-06-03 13:52
Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, Meideng Technology, is positioned as a leading provider of e-commerce SaaS software, focusing on differentiated products that enhance brand advantage and accelerate the commercialization of AI technology [5][6]. - The domestic SaaS market is expected to grow significantly, with projections indicating a market size exceeding 100 billion yuan in 2023, driven by increasing demand for operational efficiency among e-commerce merchants [7][10]. - The company has successfully integrated AI technology into its product offerings, enhancing user experience and operational capabilities, particularly in live-streaming e-commerce [8][10]. Summary by Sections Market Performance - As of May 30, 2025, the closing price of the stock is 58.93 yuan, with a market capitalization of approximately 2,294.82 million yuan [3]. Financial Performance - In 2024, the company achieved a revenue of 148 million yuan, representing a year-on-year growth of 29.23%, with a net profit of 41.78 million yuan [7][9]. - The company’s revenue is projected to reach 204 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.35% from 2025 to 2027 [9]. Product and Service Development - The company’s main products, "Meizhe" and "Woda," are designed to meet the marketing and order management needs of e-commerce merchants, with a strong user base and positive market reception [6][7]. - The integration of AI into the company's offerings, such as the "Light Circle Smart Broadcasting" product, has been well-received, enhancing its competitive position in the market [8][10]. Market Trends - The e-commerce SaaS market is characterized by rapid growth and a fragmented competitive landscape, with increasing diversification in e-commerce types and merchant needs [7][10]. - The company is expanding its product matrix to include new scenarios such as live-streaming e-commerce and supply chain management, which are essential for meeting the evolving demands of merchants [6][8].