According to the report by Haitong Securities, Maifutimes (02556) is a leading marketing and sales saas company, with a complete product system and a strong sales service network, serving two groups of customers: small and medium-sized enterprises (SMB) and large customers (KA). With dual-wheel drive, it opens up long-term market space. Haitong Securities expects that with the continuous optimization of the company's product system, the continuous improvement of AI application maturity, and the continuous expansion of large customers, the enterprise saas business will accelerate its growth. Referring to comparable companies, the reasonable market value range is RMB 25.64-27.148 billion yuan, corresponding to a reasonable value range of RMB 109.03-115.44 yuan per share (118.51-125.48 Hong Kong dollars, converted at a rate of 1 Hong Kong dollar = 0.92 yuan). For the first coverage, it is rated as "better than the market".

Haitong Securities' views are as follows:

Marketingforce, established in 2009, is the largest marketing and sales saas company in China and a leading intelligent marketing cloud platform worldwide. The company provides marketing and sales software solutions to Chinese enterprise customers through software as a service (saas), and provides accurate marketing services to help advertising customers place advertisements on top media platforms and effectively reach target audiences. From 2021 to 2023, the proportion of the company's saas business revenue will be 50.0%/46.4%/57.0%, and the proportion of precise marketing service revenue will be 50.0%/53.6%/43.0%.

A one-stop, full-chain, and full-scene saas product that helps marketing and sales digitalization. The company builds a multi-layered Marketingforce platform that integrates technology infrastructure, data center, and saas products closely. As of the end of 2023, the platform's functional module platform includes 237 functional modules, covering six key stages of the entire marketing and sales process, including content and experience, advertising and promotion, social and relationship, sales and pleasure, data and analysis, and strategy and management. The Marketingforce platform makes it possible to develop, iterate, and customize saas products, and ready-to-use functional modules can reduce the time and resources required for development, and new modules can be easily added to users' subscriptions without interrupting existing products. Based on the common needs of specific customer groups, the company designs and launches two iconic saas products: T Cloud Marketing and Zhenke Sales, both of which include pre-configured functional modules selected from the functional module matrix to form a suitable marketing method. In addition, users can flexibly customize their subscription versions by customizing combinations or adding other functional modules.

Saas business maintains rapid growth, and the professional version of Zhenke helps increase customer unit price. The company's enterprise saas business has grown rapidly from revenue of RMB 0.15 billion in 2019 to revenue of RMB 0.702 billion in 2023, with a compound annual growth rate of 47.13%. The main reasons are that the company continues to launch new functional modules and improve the effectiveness of existing functional modules to better respond to changing customer needs, rapid growth of the sales network, and high-quality services provided by the company to help customers succeed. The number of users of the company's saas business in 2023 increased to 25,495, and the average contract value per user increased to RMB 51,238. The number of customers who contributed contract values of over RMB 0.2 million increased from 376 in 2022 to 501 in 2023. High-value customers with relatively large operating scale mainly purchased the professional version of Zhenke and needed more user accounts and/or large-scale data usage to distribute marketing content, resulting in higher consumption under the pricing model of the professional version.

Efficiency-enhanced operations and quality-upgraded management lead to continuous narrowing of net losses. The company's adjusted net loss (measured by non-International Financial Reporting Standards) from 2021 to 2023 is RMB 0.131/0.132/0.028 billion, and the significant reduction in net loss in 2023 is mainly due to the increase in revenue contribution from the saas business and the improvement of research and development efficiency and cost-effectiveness. According to the data cited in the company's prospectus from Frost & Sullivan, saas solution providers usually suffer losses when expanding their business due to the time lag between revenue recognition and operating expenses. The company plans to continue expanding its customer base and optimizing its product capabilities to retain more users, promote continued revenue growth, and control costs and expenditure by improving operational efficiency.

The market size of marketing and sales saas is growing at a compound annual rate of nearly 30%, with broad prospects. Compared with other solutions that focus primarily on improving back-end operations such as human resource management and supply chain management, enterprises are more willing to pay for marketing and sales saas solutions, which can increase potential customer acquisition and promote revenue growth, with the most significant and feasible effects. According to the data cited in the company's prospectus from Frost & Sullivan, the marketing and sales saas solution market grew from RMB 7.3 billion yuan in 2018 to RMB 20.6 billion yuan in 2022, with a compound annual growth rate of 29.7%. The market size of marketing and sales saas solutions is expected to reach RMB 74.5 billion yuan in 2027, with a compound annual growth rate of 29.3% from 2022 to 2027.

Empowered by AI, the company initiates marketing and sales growth automation. The company has laid out AI-related products early, and the three AI content generation modules, Zhenwen, Zhentu, and Zhenshi, are the predecessors of AIGC. The intelligent cloud in the current Six-cloud system combines analytical AI with generative AI technology. The capability deployment of the intelligent cloud includes industry-level models (Tforce models), marketing automation, intelligent questionnaires and data analysis, model application components, knowledge bases and AI robots, generative AI applications. The intelligent cloud uses AI technology not only to provide businesses with in-depth data analysis and predictive models but also to automatically generate effective marketing content and strategies, assist businesses in achieving precise marketing and customer relationship management, optimize customer interaction experience, and improve conversion rates and market competitiveness. Based on the Tforce model, Marketingforce is deeply integrating AI technology into the core services of marketing, sales, and other modules, and building the next-generation marketing platform.