Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][10]. Core Insights - The company is a leading player in the AI and big data technology sector, focusing on intelligent text recognition and commercial big data applications. It has established a comprehensive business matrix for both B2B and B2C segments, providing core APP products for individual users and services centered around intelligent text recognition and commercial big data for enterprise clients [3][24]. - The company's revenue and profit have shown rapid growth, with a CAGR of 43.3% for revenue and 35.6% for net profit from 2018 to 2023. In the first three quarters of 2024, the company achieved total revenue of 1.049 billion yuan, a year-on-year increase of 21.0%, and a net profit of 307 million yuan, up 11.1% year-on-year [3][39]. - The market for commercial big data services and intelligent text recognition in China is projected to grow significantly, with expected CAGRs of 20.7% and 27.3% from 2022 to 2027, respectively. The company is well-positioned to benefit from this growth, especially through its collaboration with Huawei's HarmonyOS ecosystem [4][61]. Summary by Sections Company Overview - The company has developed into a leading AI and big data technology enterprise, focusing on intelligent text recognition and commercial big data applications. It has a strong technical foundation and has successfully implemented its services across nearly 30 industries, including banking, insurance, and logistics [24][32]. Financial Performance - The company has maintained a high gross margin above 83% since 2020, with a net profit margin increasing from 17.93% in 2021 to 32.08% in the first half of 2024. The financial indicators reflect strong performance and operational efficiency [3][45]. Market Potential - The intelligent text recognition and commercial big data service markets in China are expected to reach 1,040.9 billion yuan and 168.9 billion yuan by 2027, respectively. The company is expanding its business ecosystem while solidifying its core competitive advantages [4][61]. Profit Forecast and Valuation - The company is projected to achieve revenues of 1.435 billion yuan, 1.711 billion yuan, and 2.042 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 386 million yuan, 480 million yuan, and 572 million yuan. The expected EPS for these years is 3.86 yuan, 4.80 yuan, and 5.72 yuan [5][10].
合合信息深度报告：AI+大数据龙头厂商，B+C端完善业务矩阵贡献多极成长动力