Performance overview: In 2022, the company achieved revenue of 494 million yuan, a year-on-year decline of 9.4%. Affected by multiple factors such as the slowdown in macroeconomic growth and the intensification of market competition patterns, the revenue growth of major businesses fell short of expectations. Among them, operating business and CRM business revenue in non-core businesses declined significantly; net profit of Guimo was 179 million yuan, after deducting net profit of non-homogenous net profit - 188 million yuan. 2023Q1 achieved revenue of 110 million yuan, a year-on-year decrease of 11.03%; the net profit of the mother was -17 million yuan, after deducting the net profit of the non-return mother - 18 million yuan.
SaaS product revenue is stable, and SaaS continues to grow for large merchants. The company provides specialized and refined product services to various departments such as customer service, operation, and warehousing for e-commerce merchants. While meeting user needs, the customer unit price of the product has been raised, the proportion of developing users with strong user stickiness and ability to pay has increased, and boosted the revenue growth of related products. The overall revenue of the company's major merchant business maintained rapid growth in 2022 compared to the same period last year. In 2022, revenue from the company's core merchant products (mainly including products such as Kuaimai ERP, Shenhui Art Robot, Kuaimai Xiaozhi Customer Service Robot, Juwo WMS, etc.) increased 25.64% compared to the same period last year.
New platforms are growing rapidly. The company has completed the strategic layout of nearly 30 e-commerce platforms. In 2022, the company continued to increase investment in social e-commerce platforms such as Douyin and Kuaishou. The revenue of SaaS products from small and medium-sized merchants on the Douyin platform increased 165.01% compared to the same period last year, and revenue from the Pinduoduo platform also maintained steady growth. Multi-platform revenue from SaaS products for small to medium businesses increased from 30.12% in 2021 to 35.85% in 2022.
The company has a leading technological advantage in the e-commerce SaaS field and has the opportunity to continue leading the way in the AI era. The company has mastered core technologies such as billion-level order real-time processing architecture technology, word segmentation technology in the e-commerce field, Taobao Express advertisement bidding technology, artificial intelligence detail page generation technology in the e-commerce field, image outlook extraction technology in the e-commerce field, and elastic architecture technology for e-commerce SaaS applications.
Through these core technologies, the company has provided strong technical support for the development and functional upgrading of e-commerce SaaS products, achieving continuous product innovation, and meeting more market needs.
Profit forecasts and investment ratings: In 2023, the impact of the epidemic gradually subsided, the e-commerce consumption environment improved. In addition, the company's SaaS products for major customers have been basically developed and developed. We expect the company to reach a revenue inflection point in 2023. We adjusted the company's 2023-2024 revenue from 590/684 million to 581/689 million, and introduced the 2025 revenue forecast of 778 million, corresponding to the 2023 PS of 12x to maintain the “buy” rating.
Risk warning: AI technology development falls short of expected risks, commercial application of AI falls short of expected risks, AI ethical risks, market competition risks.