协同办公龙头，AI Agent 打开第二成 长曲线 [Table_CoverStock] — 泛微网络（603039.SH）深度报告 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮箱：pangqianqian@cindasc.com [Table_ReportTime] 2023 年 3 月 13 日 [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 深度报告 | [Table_StockAndRank] 泛微网络（603039.SH） | | --- | | 投资评级： 买入 | [Table_Chart] -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 沪深300 泛微网络 资料来源：iFinD、信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（元） | 59.26 | | --- | --- | | 52 周内股价 | 26.36-85.18 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 12.73% | | 总股本(亿股) ...

Group 1 - The company is a leading player in the collaborative management software sector, focusing on OA development for over 20 years, with a strong market presence and a healthy cash flow [1] - The company has established over 200 branches nationwide and has expanded to overseas markets, serving more than 80,000 clients across 87 different industries [1] - According to IDC, the company holds a 25.7% market share in the local deployment segment of China's enterprise team collaboration software market as of the first half of 2023 [1] Group 2 - The collaborative management software industry in China is fragmented, with product-driven leading firms having a relative advantage [2] - The implementation of the "Xinchuang" policy is expected to boost domestic OA software replacement demand, with projections indicating that the market for Xinchuang OA could reach 31.9 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [2] - AI integration into OA software is anticipated to enhance productivity, with Gartner forecasting that the percentage of enterprise software featuring AI agents will increase from less than 1% in 2024 to 33% by 2028 [2] Group 3 - The company has transformed its products and channels, leveraging a modular approach to meet diverse business needs and has launched 14 specialized products to tap into high-frequency customer demands [3] - The company is expanding its Xinchuang ecosystem and has developed over 50 ready-to-use intelligent agents around its AI product, Xiaoe.AI, which enhances the natural language office experience [3] - The company has successfully adapted to the trends of Xinchuang and AI, increasing R&D investments to seize market opportunities [3] Group 4 - Revenue projections for the company from 2025 to 2027 are 2.607 billion, 2.896 billion, and 3.207 billion yuan, with year-on-year growth rates of 10.38%, 11.09%, and 10.72% respectively [4] - The expected net profit attributable to the parent company for the same period is 283 million, 354 million, and 431 million yuan, with growth rates of 39.69%, 24.87%, and 21.74% respectively [4] - The company is rated as a "buy" based on its leadership in the collaborative management software sector and its potential to benefit from the Xinchuang and AI market trends [4]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in collaborative management software, focusing on innovation and providing high-quality products for over 20 years. It has established a strong market presence with a 25.7% market share in China's enterprise team collaboration software market as of the first half of 2023 [5][9]. - The company is expected to benefit from the ongoing trends in domestic innovation (信创) and AI integration, which are anticipated to enhance growth potential in the collaborative management software sector [5][37]. - Revenue and profit forecasts indicate a positive growth trajectory, with expected revenues of 2.607 billion, 2.896 billion, and 3.207 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 283 million, 354 million, and 431 million yuan for the same years [5][4]. Summary by Sections 1. Collaborative Management Software Leader - The company has focused on collaborative management for over 20 years, gradually becoming an industry leader. It serves over 80,000 clients across 87 different sectors and has established more than 200 branches nationwide [5][9]. - The founder and management team have long tenures, ensuring stability and continuity in leadership [12]. - The company has a strong cash flow, with operating cash flow consistently around 110% of revenue, which supports sustainable growth [25]. 2. Industry Competitive Landscape - The collaborative management software industry is fragmented, with a low market concentration. The company, as a comprehensive leader, is well-positioned to capture market share as competition intensifies [27][33]. - The domestic innovation policy is expected to drive demand for domestic OA software, with projections indicating a market size of 319 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [37][47]. 3. Product and Channel Transformation - The company has developed a modular product system that meets diverse business needs and has launched numerous specialized products to enhance revenue potential [5][9]. - The unique EBU mechanism has contributed to maintaining high gross margins, with software product margins at 99.26% and service margins at 94.30% in 2024 [22]. 4. Profit Forecast and Valuation - The company is projected to achieve significant revenue and profit growth from 2025 to 2027, with a PE ratio of 61.0, 48.8, and 40.1 for those years based on the stock price as of April 25, 2025 [5][4].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leader in the collaborative management software sector, with a strong focus on innovation and a healthy cash flow that creates a secure boundary for future growth [5]. - The integration of domestic innovation (信创) and AI technologies is expected to enhance the growth potential of the company's products, particularly in the OA (Office Automation) market [5]. - The company is anticipated to benefit from the increasing demand for domestic OA software as the market shifts towards local solutions due to policy changes [5]. Summary by Sections 1. Collaborative Management Software Leader - The company has over 20 years of experience in collaborative management, focusing on R&D to provide high-quality products [9]. - It has established over 200 branches nationwide and has begun setting up service points overseas, serving more than 80,000 clients across 87 industries [9]. - According to IDC, the company holds a 25.7% market share in the Chinese enterprise team collaboration software market as of the first half of 2023, ranking first [9][33]. 2. Industry Competitive Landscape Improvement - The collaborative management software industry is characterized by a fragmented market with low concentration, but the company, as a comprehensive leader, is expected to improve its competitive advantage [27]. - The domestic innovation policy is driving the demand for OA software replacements, with the market projected to reach 319 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [37][47]. 3. Product and Channel Transformation - The company has developed a modular product system supported by its low-code development platform, e-builder, which meets diverse business needs [5]. - It has launched a series of specialized products and expanded its ecosystem to adapt to domestic innovation and AI trends, enhancing its market position [5]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.607 billion yuan, 2.896 billion yuan, and 3.207 billion yuan from 2025 to 2027, with year-on-year growth rates of 10.38%, 11.09%, and 10.72% respectively [5]. - The net profit attributable to the parent company is expected to reach 283 million yuan, 354 million yuan, and 431 million yuan during the same period, with growth rates of 39.69%, 24.87%, and 21.74% respectively [5].