Jingu Financial News | China Securities Research Reports pointed out that Maifushi (02556) relies on core technologies such as cloud computing, big data, and artificial intelligence to build the Marketingforce platform, which has approximately 240 functional modules, covering multiple key stages such as marketing and sales, including content and experience, advertising and promotion, social and relationships, sales and delight, data and analysis, as well as strategy and management, in order to provide operational SaaS services and precise marketing services to various enterprise customers. From 2021 to 2023, the company's SaaS business revenue accounted for 50.0%/46.4%/57.0% respectively, and the precise marketing service revenue accounted for 50.0%/53.6%/43.0%. The proportion of SaaS revenue continues to increase. In H1 2024, the company's revenue increased by 26.7% year-on-year, reaching 0.74 billion RMB.
The bank stated that as a leading domestic SaaS company, the company launched the Tforce big model in 2024, combining AI with its products. By integrating the vast data accumulated in the past into the product function portfolio, it empowers customers to achieve six major functions including content generation, strategy generation, intelligent shopping guide, and precise delivery. This improves customer acquisition and operational efficiency and effectiveness, achieving marketing and sales growth automation. In addition, even in a weak economic recovery cycle, although most companies are controlling their digital budgets, marketing and sales have open-source attributes, and companies' investment in open source efficiency enhancement remains strong. Therefore, marketing and sales SaaS business have countercyclical characteristics and are expected to achieve growth in the current complex economic environment. Furthermore, benefiting from the trend of domestic substitution and the competitive advantage of information creation qualifications, the company has huge room for development in the replacement market, and its future growth potential is worth attention.
The bank expects the company's revenue for 2024-2026 to be 1.476/1.935/2.549 billion RMB, with year-on-year growth rates of 19.8%/31.1%/31.7% respectively. The current stock price corresponds to PS multiples of 13.3X/10.1X/7.7X for 2024-2026. Considering the high-speed growth of the company's KA+SMB dual-wheel drive performance, a 'recommended' rating is given for the first coverage.
