海通国际研报指出，公司实现营收高增长与现金流大幅优化，AI+SaaS生态驱动中小+KA双市场突破， 客户粘性持续提升，AI Agent商业化加速落地带动公司业绩持续性增长。其中，公司T云产品不断深化 中小企业SMB 市场，珍客产品持续拓展大型企业客户KA 市场，赋能KA客户全渠道客户资产运营，覆 盖消费零售、汽车、金融、医疗大健康、制造业五大行业，订阅收入留存率连续三年超100%，印证了 由产品技术带来的内生增长潜力。 消息面上，近日，中国科学院《互联网周刊》、德本咨询、eNet研究院联合发布《2025 AI SaaS影响力 企业TOP50》榜单，迈富时连续7年蝉联第一，持续领跑市场。从中国最大的营销及销售SaaS公司，到 中国领先的AI Agent云平台，迈富时聚焦企业营销&销售核心业务场景，持续升级技术和服务，创新研 发AI-Agentforce智能体中台，实现从"单一工具提效"到"全链路生态重构"的跨越，为企业提供驱动企业 业务智能化升级的核心引擎。 智通财经APP获悉，港股市场早盘高开，港股科技30ETF盘中上涨0.9%，延续昨日涨势，成分股中，迈 富时(02556)以6.25%的涨幅领涨板块。公司连 ...

KA 大客户需求强劲，AI Agent 商业化加速落地 迈富时(2556) ——迈富时公司跟踪报告 股票研究 /[Table_Date] 2025.06.17 2025-06-17 [Table_Market] 交易数据 本报告导读： 公司实现营收高增长与现金流大幅优化，AI+SaaS 生态驱动中小+KA 双市场突破，客 户粘性持续提升，AI Agent 商业化加速落地带动公司业绩持续性增长。 投资要点： | [Table_Finance] 财务摘要（百万人民币） 风险提示。AI | 2022 | 2023 | 进展不及预期；业务拓展不及预期；市场竞争加剧。 | 2024 2025E 2026E 2027E | | | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,143 | 1,232 | 1,559 | 2,368 | 3,251 | 4,327 | | (+/-)% | 30.3% | 7.8% | 26.5% | 51.9% | 37.3% | 33.1% | | 毛利润 | 560 | 706 | 826 | 1,218 | 1,671 ...

证 券 研 究 报 告 迈富时（02556.HK）深度研究报告 强推（首次） 专精 CRM 软件，软件 Agentic 时代领军 1. AI+SaaS 模块：考虑公司 AI+SAAAS 业务仍处于快速成长阶段，利润率尚 未释放，因此采用 PS 法估值。选择美股 CRM、HUBS 作为 AI+SaaS 模块的 可比公司，2025 年可比公司平均 PS 为 8.55 倍，取可比公司平均估值 8.55x， 对应 AI+SaaS 部分估值为 124.23 亿元。 2. 精准营销模块：精准营销模块具有一定利润率，因此采用可比公司结合 PE 估值方法作为估值依据，选择蓝色光标、易点天下作为精准营销服务的可比公 司，2025 年可比公司平均 PE 为 43.0x，取可比公司平均估值 43.0x，取蓝色光 标与易点天下 2015-2024 年净利率均值，对应精准营销部分净利率约为 6%， 对应估值约为 23.27 亿元。 ❖ 风险提示：竞争加剧；宏观经济波动；研发进度不及预期，大模型及 AIGC 商 业化不及预期。 [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is expected to experience significant revenue growth driven by its AI Agent initiatives, with projected revenues of 2.335 billion, 2.962 billion, and 3.684 billion CNY for 2025, 2026, and 2027 respectively [4]. - The company is positioned as a leading player in the marketing and sales SaaS sector, with a strong growth trajectory and a competitive edge in the market [5][6]. Summary by Sections 1. Company Overview - The company, established in 2009, is a global leader in marketing and sales SaaS platforms, having launched key products like T Cloud and Zhenke, serving over 200,000 enterprises across various industries [5][17]. 2. Market Potential - The marketing and sales SaaS market in China is projected to grow from 206 billion CNY in 2022 to 745 billion CNY by 2027, with a compound annual growth rate (CAGR) of 29.3% [6][50]. - The company holds a market share of 2.6% in the marketing and sales SaaS sector, making it the largest provider in this space [55][56]. 3. AI Integration - The company is embracing AI Agent technology, which is expected to revolutionize the SaaS industry by shifting value assessment from software usage to business outcomes [7][70]. - AI Agent is anticipated to enhance the company's service offerings, with the market for AI Agents projected to reach 3.3 trillion CNY by 2028 [77][82]. 4. Financial Projections - Revenue is expected to grow significantly, with a forecasted increase from 1.232 billion CNY in 2023 to 2.334 billion CNY in 2025, reflecting a year-over-year growth of 49.8% [9]. - The company is projected to achieve profitability by 2026, with net profits expected to reach 147.9 million CNY [9]. 5. Competitive Advantages - The company benefits from a stable ownership structure and an experienced management team, which is crucial for navigating the competitive landscape [41][45]. - The T Cloud and Zhenke products are designed to enhance marketing efficiency and sales process management, respectively, catering to both SMB and KA markets [58][62].