维持“增持” 评级，维持目标价 17.02 港元，对应 2024 年 21xPE。公司2023 年营收26.81 亿元人民币(单位下同），同比+31%，经调整净利润为3.75 亿元，同比+28%。预计未来公司BaaS 及MaaS 业务均保持稳健增长，调整2024-2026 年公司营收为31.0/36.9/45.2 亿元（调前为32.5/39.7/48.7 亿元），经调整净利润为4.4/5.5/6.4 亿元（调前为4.6/5.8/7.2 亿元），维持“增持”评级，维持目标价为17.02 港元，对应2024 年21xP/E。Introduction to this report:
The high increase in the company's performance is due to the increase in the BaaS business asset transaction scale and the increase in MaaS business single customer revenue. As AIGC accelerates and customer demand for intelligence increases, the company's future performance can be expected.
Summary:
Maintain the “Overweight” rating and maintain the target price of HK$17.02, corresponding to 21xPE in 2024. The company's revenue in 2023 was RMB 2,681 million (same unit), +31% YoY, and adjusted net profit was RMB375 million, +28% YoY. It is expected that the company's BaaS and MaaS business will maintain steady growth in the future. After adjustment, the company's revenue for 2024-2026 will be $31.0/36.9/4.52 billion (previously adjusted to $32.5/39.7/4.87 billion), adjusted net profit of $4.4/55/ $640 million (previously adjusted to $4.6/588/$72 billion), maintaining an “incremental” rating, and maintaining a target price of HK$17.02, corresponding to 21xp/E in 2024.
The increase in the scale of asset transactions is driving the BaaS business growth, and the increase in single customer revenue brought about by the rich product portfolio is driving the growth of MaaS business revenue. The company's BaaS business revenue was 1.79 billion yuan, +38% year over year. The business includes financial industry cloud and insurance industry cloud, of which the financial industry cloud revenue was 1,184 billion yuan, +59% over the same period, which was the main reason for BaaS business growth; the financial industry's cloud asset transaction scale reached 53.1 billion yuan, an increase of 93% over the previous year, which was the main reason for the increase in cloud revenue in the financial industry. The company's MaaS business revenue was 890 million yuan, 17% year-on-year. The increase in revenue was mainly due to the company's continuous enrichment of product portfolios, expansion of application scenarios, and an increase in the number of core customers. The number of core customers increased 14% year over year to 213, and the average revenue of core customers increased to 3.5 million yuan.
Financial institutions' demand for intelligent risk control and marketing is expected to grow steadily, and the company can be expected to grow in the future. As technological changes brought about by AIGC accelerate, financial institutions' demand for intelligent and online operations will increase, and their willingness to pay for intelligent risk control and intelligent marketing solutions will continue to increase. With its first-mover advantage, deep data insight and technical capabilities, the company can better meet customer needs. It is expected that the number of core customers and individual customer order amounts will continue to increase in the future, achieving rapid growth in performance.
Catalyst: In the context of interest rate cuts, bank-based institutions take the initiative to increase loan investment.
Risk warning: The decline in credit demand has led to a decline in the scale of asset transactions; stricter data collection and supervision policies are driving up the company's operating costs.
