20250415-盈立证券-迈富时-02556.HK-Strong_FY24_with_Revenue_+26.5__and_Turnaround__Set_to_Emerge_as_Leading_AI_Play_with_AI_Infra_+_SaaS_Monetization_in_FY2025_6页_637kb

Marketingforce (2556.HK) FY24 Results and Investment Summary

Core Content

Marketingforce (2556.HK) reported strong FY2024 results, with revenue growing by 26.5% YoY to RMB1,558.59 million and adjusted net profit turning positive at RMB79.21 million, surpassing previous estimates by 86%. The company's performance highlights its successful transition to a leading AI play, leveraging AI infrastructure and SaaS monetization strategies. The report lowers the target price to HKD101.0 from HKD157.7, reflecting a revised 12x FY25E PS multiple due to heightened macro uncertainties and sector valuation reset.

Key Points

1. AI+SaaS Business Outlook

• Revenue Growth: RMB842.2 million (+19.9% YoY)
• Gross Profit: RMB726.5 million (+17.9% YoY)
• Subscription Retention: 96% for enterprise customers, with SMB at 88% and KA at 124%, indicating strong up-selling and cross-selling capabilities.
• Market Opportunity: The low SaaS/PaaS penetration in China (34.3% vs. 80% in the U.S.) presents a substantial growth runway, supported by the company's efficient operating model and 700+ direct sales force in 22 key cities.
• Growth Forecast: AI+SaaS revenue is expected to grow by 49.8% YoY in FY25E.

2. AI-Agentforce Intelligent Platform and International Expansion

• The AI-Agentforce platform serves as an intelligent middleware, integrating data processing, Agent lifecycle management, and security frameworks.
• Government Sector: The company's Intelligent All-in-one Terminal device supports basic administrative productivity needs, establishing important government client relationships.
• Cross-Border E-commerce: The platform helps Chinese SMBs expand internationally, with revenue reaching RMB32.4 million (+30.1% YoY).
• Strategic Positioning: Marketingforce is positioned as "China's eSalesforce, the world's eMarketingforce," aligning with government policies to support SMB internationalization.

3. Precision Marketing Business Outlook

• Revenue Growth: RMB716.4 million (+35.2% YoY)
• Gross Profit: RMB109.3 million (+10.3% YoY)
• Structural Tailwinds: Rising customer acquisition costs and the complexity of managing multi-channel leads are driving demand for AI-powered marketing solutions.
• Forecast Revision: Revenue growth is revised up to 36.2% YoY for FY25E, reflecting stronger-than-expected performance.

Investment Thesis

• Valuation Reset: The target price is reduced to HKD101.0 due to sector de-rating and macro uncertainties, including U.S. trade restrictions and China's AI ecosystem validation.
• AI Monetization: Marketingforce demonstrates clear AI monetization and proven ROI in high-frequency, data-intensive marketing scenarios.
• Market Leadership: The company is well-positioned to capture growth in the underpenetrated SaaS market in China.
• Operational Leverage: High gross margins (FY24: 89.8% for enterprise SaaS) and improving profitability metrics suggest significant operational leverage as AI features scale.
• Long-Term Potential: Despite near-term sector caution, the company's AI-enhanced platform is expected to drive productivity gains and sustainable growth.

Valuation Table (FY25E-27E)

Metric	FY25E	FY26E	FY27E
Revenue (Rmb)	2,242.69M	3,360.66M	5,078.44M
YoY Growth	43.89%	49.85%	51.11%
Gross Profit (Rmb)	1,316.48M	2,086.37M	3,298.70M
Gross Profit Margin (%)	91.44%	92.36%	92.45%
Adj. Net Income (Rmb)	76.12M	143.66M	212.81M
Adj. Net Income Margin (%)	3.39%	4.27%	4.19%
PS Multiple	12x	7.0x	4.6x

Downside Risks

• Macro Headwinds: Impacting client IT budgets.
• AI Adoption Friction: Among resource-constrained SMBs.
• Data Privacy Regulations: Affecting precision marketing operations.

Ratings

• Stock Rating: Strong Buy
• Long-Term Rating: A (above industry average)
• Sector Rating: Overweight (industry fundamentals favorable, outperforming benchmark by more than 10%)

Disclaimer

• The report is issued by uSMART Securities Ltd., a licensed securities broker regulated by the Hong Kong Securities and Futures Commission.
• The analysis is based on assumptions and publicly available data, with no guarantee of accuracy.
• The report does not constitute investment advice and may be subject to change based on future developments.
• Conflicts of Interest: The company may hold positions or provide services to the companies mentioned.