Jinwu Financial News | According to Tianfeng Securities Research, 2024H1, Bairongyun (06608) earned 1.321 billion yuan, +6% year over year; gross profit was 0.967 billion yuan, +8% year over year. The increase in revenue and gross profit was mainly due to the successful application and commercialization of artificial intelligence (AI) technology. 2024H1, the company's net profit was RMB 0.143 billion, or -31% year over year. The main reason was the sharp rise in sales and marketing expenses in the first half of the year, from 0.461 billion yuan to 0.507 billion yuan in the same period last year. It was used to increase brand and business promotion to enhance the company's brand awareness and continuously obtain high-quality traffic to improve conversion efficiency. The bank believes that the decline in the company's net profit due to sales and marketing expenses is phased. The future will benefit from the company's investment in publicity and high-quality traffic acquisition, and revenue and net profit are expected to increase sequentially in the second half of the year.
2024H1, the BaaS financial industry's cloud revenue was 0.589 billion yuan, +20% year over year, mainly due to the rapid rise in transaction volume facilitated: asset transaction volume in the first half of this year was +23% to 26.15 billion yuan. 2024H1 deepens cooperation between the company and customers, and jointly explores various marketing activities to facilitate the rapid expansion of the scale of asset transactions; in addition, as more self-owned users contribute revenue, combined with the company's customer acquisition advantages in generative AI, it continues to improve customer acquisition efficiency and bring a higher level of ROI. The bank believes that the company's outstanding data on the BaaS financial industry cloud, which is its core business, may drive the company's performance to continue to improve in the future.
The bank said that considering the year-on-year decline in net profit in 2024H1 and the cloud business of the BaaS insurance industry, the bank adjusted FY2024-FY2026's total revenue of 3.08/3.7/4.34 billion yuan to 3/3.43/4.05 billion yuan, and adjusted net profit to mother of 0.39/0.53/0.58 billion yuan to 0.319/0.381/0.438 billion yuan, maintaining the “buy” rating.
