Group 1 - The Hong Kong stock market opened higher, with the Hang Seng Tech 30 ETF rising by 0.9%, continuing the upward trend from the previous day [1] - The company Mifus (02556) led the sector with a 6.25% increase, having accumulated over 15% growth in the last two trading days, currently trading at 47.9 HKD with a transaction volume of 118 million HKD [1] - Mifus has been ranked first in the "Top 50 AI SaaS Influential Enterprises" list for seven consecutive years, showcasing its market leadership [1] Group 2 - The company has achieved high revenue growth and significantly improved cash flow, driven by its AI + SaaS ecosystem, which has enabled breakthroughs in both small and key account markets [2] - Customer stickiness continues to improve, with the commercialization of AI Agent accelerating, contributing to sustained performance growth [2] - The company's T-cloud product is deepening its presence in the small and medium-sized business (SMB) market, while the Zhenke product is expanding into large enterprise clients, covering five major industries [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2][14]. Core Insights - The company is experiencing high revenue growth and significant cash flow optimization, driven by its AI+SaaS ecosystem, which is facilitating breakthroughs in both small and medium-sized enterprises (SMB) and key accounts (KA) markets [2][16]. - The commercialization of AI agents is accelerating, contributing to sustained performance growth for the company [2][16]. Financial Summary - The company’s revenue is projected to grow from 1.56 billion RMB in 2024 to 4.33 billion RMB by 2027, reflecting a compound annual growth rate (CAGR) of 51.9% from 2025 to 2027 [4][7]. - The net profit attributable to shareholders is expected to improve significantly, moving from a loss of 0.04 million RMB in 2025 to a profit of 3.50 million RMB by 2027, indicating a growth rate of 3615.8% in 2026 [4][7]. - The operating cash flow is expected to turn positive, with a net inflow of 138 million RMB in 2024, compared to a negative cash flow of 122 million RMB in the previous year [4][16]. Business Segments - The company’s SaaS business is anticipated to generate revenue of 1.14 billion RMB in 2025, with a growth rate of 35.0% and a gross profit margin of 85.0% [8][10]. - The precision marketing service segment is projected to achieve revenue of 931 million RMB in 2025, with a growth rate of 30.0% and a gross profit margin of 13.5% [10][11]. - The newly introduced Agent integrated machine is expected to generate 300 million RMB in revenue in 2025, with a gross profit margin of 42.0% [10][11]. Valuation - The target price for the company is set at 82.80 HKD, based on a sum-of-the-parts (SOTP) valuation method, reflecting a total market value of approximately 212.19 billion HKD [14][16].

Core Viewpoint - The company, MaiFus, has reported strong financial performance in its first annual report post-IPO, showcasing significant growth in revenue and profit, driven by its AI+SaaS solutions and strategic initiatives in the AI sector [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.56 billion yuan, representing a year-on-year growth of 26.5% [1] - The adjusted net profit for the year reached 79.21 million yuan, marking a substantial increase of 385.6% compared to the previous year [1] - Operating cash flow showed a net inflow of approximately 140 million yuan, up 213.6% year-on-year [1] AI Product Development - MaiFus has been a pioneer in AI technology since 2010, launching the world's first Tforce marketing model in 2024, which has transformed the marketing sales AI+SaaS landscape [2] - The company has developed a robust matrix of AI products, including AI-Agentforce and intelligent notebooks, which have received high recognition from industry authorities [2] Market Expansion and Collaborations - The company has entered the intelligent all-in-one machine market, with a significant release of new products aimed at digital transformation for government and enterprises [3] - MaiFus has signed a 2 billion yuan cooperation framework agreement with China Electronics Technology and a 10 billion yuan framework agreement with the government of Kunshan [3] Customer Base and Retention - The total number of customers served by the company reached nearly 27,000, with high retention rates for subscription revenue and customers [4] - The subscription revenue retention rate for small and medium-sized businesses (SMBs) is close to 90%, showing continuous improvement over three and a half years [4] - The company has successfully served over 700 leading enterprises, with key account (KA) customer retention rates exceeding 100% for three consecutive years [4] International Strategy - In 2024, the company's international business generated revenue of 32.4 million yuan, with a growth rate exceeding 30% [5] - The foreign trade version of the T-cloud product supports 49 languages, catering to over 90% of global customer needs [5] - The company aims to build cross-border marketing infrastructure to promote Chinese manufacturing globally and develop localized products for overseas markets [5]