Core view: We expect the revenue of FTSE in 2024-2026 to be 1.49, 1.87, and 2.41 billion yuan, respectively, and net profit to mother of -0.794, 0.037, and 0.138 billion yuan, respectively. Maifushi is a leading full-link marketing and sales SaaS in China. It is optimistic about the company's performance growth potential empowered by AI, and gives it an “gain” rating.

Maifushi is the leader in domestic marketing and sales of SaaS. The 24H1 performance trend is positive, and net profit is positive after adjustments. 1) Collaboration between SaaS business and precision marketing business to comprehensively lay out key areas of marketing and sales; 2) Build a six-cloud system of “marketing cloud, sales cloud, business cloud, analysis cloud, intelligent cloud, and organizational cloud” to provide enterprises with full-link, full-scenario intelligent services. The core products T Cloud and Zhenke target Hubspot, Salesforce, SMB and KA two-wheel drive respectively; 3) The sales network covers the whole country and continues to expand the benchmark customers. 4) SaaS business revenue is growing rapidly, and efficient management and sales expansion go hand in hand. With 2024H1, the company achieved revenue of 0.739 billion yuan, +26.72% year over year, of which SaaS business revenue was 0.4 billion yuan, +30.45% year over year; adjusted net profit was 0.048 billion yuan, reversing losses.

Domestic marketing and sales SaaS space is vast. Maifushi can provide SaaS solutions covering the widest range of functions in the two stages of marketing and sales on a large scale, and future growth can be expected. Marketing and sales SaaS are effective in increasing potential customer acquisition and revenue growth. According to Frost & Sullivan, the market size of marketing and sales SaaS solutions in China is expected to reach 74.5 billion yuan by 2027, and the compound annual growth rate from 2022 to 2027 will reach 29.3%. In the future, marketing and sales SaaS solutions composed of modular functions are expected to become more and more popular. Maifushi products are rich in functional modules and highly competitive.

Maifushi deeply integrated AI technology with the SaaS model, released a big Tforce model in the marketing field, and opened up a growth ceiling. 1) The company has been deeply involved in the field of enterprise digital intelligence transformation for 15 years, and has accumulated massive marketing data and industry material for thousands of industry segments to open up a wide range of application scenarios that can reach users. This has greatly improved the speed of model iteration and commercial application capabilities, and formed the company's core competitive barriers in the field of AI SaaS. 2) We believe that marketing is one of the best implementation scenarios for big models on the B-side. Maifushi's AI marketing system is perfect, and the first-mover advantage is remarkable, which is expected to benefit deeply.

Risk warning: macroeconomic recovery falls short of expectations, industry competition intensifies, cost optimization falls short of expectations, big model technology breakthroughs and commercialization fall short of expectations.