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].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company achieved a revenue of 149 million yuan in 2024, representing a year-on-year growth of 30.26%, while the net profit attributable to the parent company was 41.03 million yuan, a slight decline of 3.42% year-on-year [2] - The acquisition of Chengdu Xiahai Amu contributed an additional revenue of 28.27 million yuan from the e-commerce customer service outsourcing business, which is a key driver for revenue growth [3] - The company is actively expanding its product offerings in marketing management and order management, while also developing new growth points in live broadcast management and supply chain services [4] Financial Summary - Revenue is projected to grow from 149 million yuan in 2024 to 177 million yuan in 2025 and 209 million yuan in 2026, with corresponding year-on-year growth rates of 18.9% and 18.0% respectively [5] - The net profit attributable to the parent company is expected to increase from 41 million yuan in 2024 to 52 million yuan in 2025 and 62 million yuan in 2026, reflecting growth rates of 25.6% and 19.6% respectively [5] - The company's gross margin is projected to be 66.3% in 2024, slightly decreasing to 66.6% in 2025 and 65.7% in 2026 [5]