[Table_Page] 公司深度研究|软件与服务 证券研究报告 | [Table_Title] 【 广 发 计 算 机 | & 海 外 】 聚 水 潭 | | --- | --- | | （06687.HK） | | 进入盈利释放期的稀缺 SaaS 公司、海外 与 AI 应用助力突破远期天花板 核心观点：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.91 人民币） 风险提示。市场竞争加剧；客户支出意愿下滑；电商行业格局变化。 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 697 | 910 | 1,141 | 1,391 | 1,658 | | 增长率（ % ） | 33.3% | 30.5% | 25.4% | 21.9% | 19.2% | | EBITDA | -238 | -50 | 90 | 274 | 446 | | 归母净利润 | -487 | 12 | 74 | 352 | ...

Core Insights - JuShuiTan, a leading player in China's e-commerce SaaS ERP sector, has officially listed on the Hong Kong Stock Exchange, marking a new phase in its capital market journey [1][3] - The company raised approximately HKD 19.38 billion through its IPO, with a share price set at HKD 30.6, and saw its market capitalization exceed HKD 167 billion shortly after listing [1][3] - JuShuiTan plans to allocate around 55% of the raised funds to enhance R&D capabilities, 25% for sales and marketing, 10% for strategic investments, and the remaining 10% for general operational expenses [1] Company Overview - Founded in January 2014 in Shanghai, JuShuiTan has grown from a 9-person team to a publicly listed company with over 2,500 employees and more than 100 service outlets across China [3][5][15] - The company provides a comprehensive suite of SaaS products and services aimed at helping clients upgrade their business capabilities and reduce operational costs [3][4] Market Position - As of 2024, JuShuiTan holds a 24.4% market share in the e-commerce SaaS ERP market, surpassing the combined share of its five largest competitors, and ranks second among Chinese e-commerce SaaS providers with a 7.1% share [3][4] - The company has processed significant order volumes, with 166 billion orders in 2022, 238 billion in 2023, and projected 330 billion in 2024, indicating robust growth [5][9] Financial Performance - JuShuiTan's revenue grew from CNY 5.23 billion in 2022 to CNY 9.10 billion in 2024, achieving a compound annual growth rate of 31.9% [9] - The company reported a net profit of CNY 48.99 million in 2024, marking a turnaround from previous losses totaling over CNY 986 million over three years [9][10] Strategic Initiatives - The company is actively expanding its international presence, launching a "global e-commerce business" strategy to connect merchants with over 400 global e-commerce platforms [10] - JuShuiTan has established a subsidiary in Thailand and plans to expand into Southeast Asian markets such as Indonesia, Vietnam, and Malaysia, as well as exploring opportunities in Europe, Latin America, and the Middle East [10] Investment and Support - The IPO attracted 13 cornerstone investors, raising approximately USD 130 million, with notable participation from Sequoia China and other prominent investment firms [11] - JuShuiTan has completed seven rounds of financing, accumulating over CNY 600 million, with early investors like Amiba Capital witnessing substantial returns on their investments [11][13][14]