King Kong Financial News | Zhongtai Securities issued a research report, recently, Pagero Cloud (06608) released the 2024 interim performance announcement. In H1 2024, the company achieved revenue of 1.321 billion yuan, a year-on-year increase of 6.3%; adjusted net income was 0.197 billion yuan, a year-on-year decrease of 13%. In terms of business segments, the company's Model as a Service (MaaS) revenue reached 0.421 billion yuan, a decrease of 2% year-on-year. The MaaS business actively expanded into various fields such as e-commerce and manpower, achieving scene implementation. The company's Business as a Service (BaaS) revenue reached 0.9 billion yuan, a year-on-year growth of 11%, with BaaS-Financial Industry Cloud revenue of 0.589 billion yuan, a year-on-year growth of 20%.

The bank pointed out that in H1 2024, the company's gross margin was 73.19%, an increase of 1.11% compared to the same period last year. In terms of expenses, the company's sales/management/research and development expenses were 0.507 billion yuan/0.14 billion yuan/0.226 billion yuan, representing an increase of 10%/12.9%/11.9% respectively compared to the same period last year. The company's research and development currently focuses on AI application technology, algorithm-driven machine learning platforms, and underlying database performance improvement.

The bank further pointed out that in the first half of the year, the company successfully combined intelligent voice applications with large models, shortening the interactive response time based on large models to 500 milliseconds, far below the industry average. At the same time, the company has added emotion recognition and emotional voice output capabilities to intelligent voice large models through independent research and development. The company has deployed 3D digital humans and has developed the first commercial version, which is expected to be applied in a variety of scenarios such as bank hall reception and retail department store shopping guides.

The bank stated that based on the company's 2024 interim report, and the slowing down trend of financial technology investment growth rate, the bank adjusted the profit forecast for 2024, 2025, and added 2026. It is forecasted that the company's revenue for 2024-2026 will be 2.955/3.288/3.693 billion yuan (3.142 billion yuan / 3.675 billion yuan for 2024-2025), and net income will be 0.305/0.398/0.478 billion yuan (0.398 billion yuan / 0.479 billion yuan for 2024-2025), with corresponding PE ratios of 12/9/8 times, maintaining a "buy" rating.