Core Viewpoint - The company, Hehe Information, has successfully completed its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on artificial intelligence and big data, with a revenue growth of 21% in 2024 and significant investments in R&D [1][6]. Group 1: Financial Performance - In 2024, the company's revenue increased by 21%, with R&D expenses exceeding 400 million yuan, marking a 36% increase from the previous year [1][3]. - The intangible assets primarily consist of self-developed data resources, with a book value of 45.51 million yuan, representing 94.52% of total intangible assets [1][2]. - The company's R&D expenses have been consistently above 200 million yuan annually, with a notable increase to 390 million yuan in 2024 [3][5]. Group 2: R&D Investment and Focus - The company has focused its R&D investments on AI and big data technology, enhancing product capabilities and user experience across its offerings [4][6]. - R&D expenses are primarily allocated to employee salaries, which account for 73% of total R&D costs, with an average salary of 510,000 yuan per employee in 2024 [5][6]. - The company has accumulated 128 patents, indicating a strong commitment to innovation and technology development [6]. Group 3: Data Asset Development - Hehe Information has developed two main types of data assets: foundational data and knowledge data, which are created through extensive data processing and analysis [2][9]. - The company is currently working on several projects aimed at enhancing its data asset capabilities, including a commercial big data SaaS platform and a data governance project [8]. - The potential for growth in the data industry is significant, with the company positioned to leverage its extensive data resources for high-value applications [9].

证券研究报告——晨会聚焦 2025 年 5 月 9 日 | 5 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 1519.HK | 极兔速递-W | | 603181.SH | 皇马科技 | | 300014.SZ | 亿纬锂能 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600519.SH | 贵州茅台 | | 9660.HK | 地平线机器人-W | | 688519.SH | 南亚新材 | | 301236.SZ | 软通动力 | 中银晨会聚焦-20250509 ■重点关注 【固定收益】为外部经济降温做好准备*张鹏 肖成哲。央行同时宣布降准降 息，或为对冲关税对美国商品需求的抑制效应。 【电力设备】电力设备系列报告之一*武佳雄 李扬 顾真。随着全球新能源 装机比例提升以及算力等新型用电场景的不断涌现，对于电网的扩容升级提 出了更高的要求，电力设备有望直接受益。主电网方面，电力跨区域传输以 及新能源发电外送需求提升推动特高压建设，柔性直流技术有望提升渗透 率；配电网方面，国内配网改 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][3]. Core Insights - The company, Hehe Information, is a leading player in the C-end productivity software market, driven by AI and overseas expansion [3][8]. - The company has a strong user base and brand influence, with expectations for continued growth in both C-end and B-end business segments [8][16]. - Revenue and profit margins have shown consistent improvement, with a projected revenue growth rate of 24.2% for 2025 [21][5]. Summary by Sections Company Overview - Hehe Information specializes in AI text recognition and commercial big data, having developed popular apps like "CamScanner" and "CamCard" [8][16]. - The company has been operational since 2006, focusing on text recognition and image processing technologies [16]. Financial Performance - From 2018 to 2024, the company's revenue increased from 196 million RMB to 1.438 billion RMB, with a compound annual growth rate (CAGR) of 39.39% [21][24]. - The net profit turned from a loss of 79 million RMB in 2018 to a profit of 401 million RMB in 2024, with a gross margin improvement from 72.54% to 84.28% [21][24]. Business Segments - The company's main revenue sources are from intelligent text recognition and commercial big data services, with the former contributing 84.53% of total revenue in 2024 [22][30]. - The "CamScanner" app generated 982 million RMB in revenue, accounting for 68.31% of the intelligent recognition segment [22][30]. Market Position and Growth Potential - The global market for intelligent text recognition services is expected to grow from 12.56 billion USD in 2023 to 32.9 billion USD by 2030, with a CAGR of approximately 14.8% [43][46]. - The Chinese market for intelligent text recognition services is projected to grow at a CAGR of 16.5%, outpacing global growth rates [43][46]. Product Development and Innovation - The company is expanding its product offerings, including new educational software aimed at the C-end market, which may become a new growth driver [8][16]. - The company has established a strong foothold in the B-end market, serving over 130 Fortune 500 companies and implementing solutions across nearly 30 industries [8][16].