Focus Tech.(002315) 东吴证券·2025-03-04 19:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in buyer traffic, leading to an acceleration in seller payment collection. The total revenue for Q4 2024 was 457 million yuan, a year-on-year increase of 13.63%, while the net profit attributable to the parent company was 93 million yuan, up 15.12% year-on-year [8] - The company has implemented operational reforms that have resulted in improved efficiency and cash collection. In H1 2024 and H2 2024, cash received from sales of goods and services increased by 6.43% and 17.76% year-on-year, respectively [8] - The AI platform business is expected to generate substantial cash flow, with the Mentarc platform anticipated to connect with major e-commerce platforms and attract more external merchants [8] Financial Projections - Total revenue is projected to grow from 1,527 million yuan in 2023 to 2,545 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.61% [1] - Net profit attributable to the parent company is expected to rise from 378.87 million yuan in 2023 to 784.92 million yuan in 2027, with a CAGR of 15.56% [1] - The earnings per share (EPS) is forecasted to increase from 1.19 yuan in 2023 to 2.47 yuan in 2027 [1] Market Data - The closing price of the company's stock is 41.00 yuan, with a market capitalization of approximately 13,006.67 million yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 34.33 in 2023 to 16.57 in 2027, indicating potential undervaluation [1] Operational Highlights - The company has seen a 28% year-on-year increase in total buyer registrations, with significant growth in various regions, including Southeast Asia (58.50% increase) and the Middle East (38% increase) [8] - The number of paid members on the platform reached 27,415 by the end of 2024, an increase of 11.5% year-on-year [8]