AI 赋能下，商业数据及智能文字识别行业千亿规模有望加速打开根据灼识咨询，2022 年我国商业大数据服务及智能文字识别服务市场规模分别为406.2 亿元、50.4 亿元，并预计至2027 年市场规模分别达到1040.9 亿元、168.9 亿元，2022-2027 年CAGR 分别约为20.7%和27.3%。公司在巩固现有产品服务矩阵核心竞争力的基础上，持续拓展新业务生态，华为鸿蒙系统发布以来，公司旗下扫描全能王便与华为展开紧密合作，未来有望受益于鸿蒙用户生态的成长而打开新增长极。Key investment points
The company is an industry-leading AI+ big data technology enterprise. It focuses on intelligent text recognition and commercial big data applications. The company forms a comprehensive layout of B+C side business based on self-developed core technology, providing individual users around the world with 3 core app products including Scanning King, Business Card Omnipotent King, and Qi Xinbao on the C side; providing enterprise customers with intelligent text recognition and commercial big data as the core services on the B side to meet the diverse needs of customers such as cost reduction and efficiency, risk management, and intelligent marketing. At present, it has achieved mature applications in nearly 30 industries such as banking, insurance, securities, auto finance, government affairs, manufacturing, and logistics.
The company's revenue and profit maintained a rapid growth trend, and gross margin maintained a high level. The company's revenue and net profit CAGR reached 43.3% and 35.6% respectively in 2018-2023, maintaining a rapid growth trend. In the first three quarters of 2024, the company achieved total revenue of 1.049 billion yuan, an increase of 21.0% year on year; net profit to mother was 0.307 billion yuan, an increase of 11.1% year on year. In terms of gross margin, the company's overall gross margin has remained above 83% since 2020. The net profit margin has steadily increased from 17.93% in 2021 to 32.08% in the first half of 2024, and the financial indicators have performed well.
Empowered by AI, the 100 billion commercial data and intelligent text recognition industry is expected to accelerate. According to Insight Consulting, the market size of China's commercial big data services and smart text recognition services will be 40.62 billion yuan and 5.04 billion yuan respectively in 2022, and the market size is expected to reach 104.09 billion yuan and 16.89 billion yuan respectively by 2027. The CAGR for 2022 and 2027 is about 20.7% and 27.3% respectively. The company continues to expand the new business ecosystem on the basis of consolidating the core competitiveness of the existing product service matrix. Since the launch of the Huawei Hongmeng system, the company's Scanning Omnipotent Wang has closely cooperated with Huawei, and is expected to benefit from the growth of the Hongmeng user ecosystem and open up new growth poles in the future.
Profit forecasting and valuation
We expect the company to achieve revenue of 1.435/1.711/2.042 billion yuan in 2024-2026, up 20.92%/19.27%/19.36% year on year, and net profit to mother of 0.386/0.48/0.572 billion yuan respectively, up 19.49%/24.40%/19.12% year on year, corresponding EPS of 3.86/4.80/5.72 yuan respectively. First coverage, giving a “buy” rating.
Risk warning
1. Risk of technological upgrading and iteration falling short of expectations; 2. Risk of core technology leakage and intellectual property rights; 3. Risk of loss of core talent; 4. Management capacity cannot adapt to the company's business development risk.
