Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is transitioning from a digital goods service provider to a cloud terminal infrastructure builder, with a projected revenue CAGR of 32% from 2020 to 2024, and a 45% revenue growth in Q1 2025 [1][2]. - The digital goods operation serves as a stable cash flow business, while the cloud terminal and IoT operations are expected to drive rapid growth in the second and third growth curves [3][4]. Summary by Sections Company Overview - The company, established in 2012, has evolved from digital goods aggregation to IoT traffic operation and now to AI and computing power operation, becoming a core technology service provider for Huawei Cloud [10][12]. Digital Goods Operation - Digital goods account for over 80% of revenue, with a focus on high-frequency necessities such as mobile data, video memberships, and various vouchers [25][30]. - The business model leverages a robust supply chain and a cloud platform to provide comprehensive digital goods trading solutions [26][47]. Cloud Terminal Operation - The company collaborates with Huawei and China Mobile to develop cloud phones, targeting a user base growth from millions to over 100 million in three years [2][48]. - The cloud phone offers a "cloud running, local interaction" experience, allowing low-spec devices to access high-spec scenarios [56][58]. IoT Scene Operation - The company has developed IoT traffic operations since 2016, providing wireless access and solutions across various industries, with over 500 industry clients [73][74]. - The core business model focuses on traffic operation, with revenue generated from monthly traffic package fees [73][76]. Financial Forecast and Investment Suggestions - The company is expected to achieve net profits of 134 million, 193 million, 280 million, and 406 million yuan from 2024 to 2027, with corresponding PE ratios of 68x, 47x, 32x, and 22x [4][5]. - The report emphasizes the potential for rapid development in the second and third growth curves, driven by digital goods, cloud terminal platforms, and IoT traffic operations [3][4].
蜂助手（301382）：从运营商虚拟商品代理，到云终端基座构建者