【盈立证券】Strong FY24 with Revenue +26.5% and Turnaround; Set to Emerge as Leading AI Play with AI Infra + SaaS Monetization in FY2025-250415（6页）.pdf

1、 Equity Research Report|Company Research TMT|AI Infra/SaaS STRONG BUY(REIT)|HKD101.0 PT Marketingforce(2556.HK)-FY24 Results Review 15 April 2025 Strong FY24 with Revenue+26.5%and Turnaround;Set to Emerge as Leading AI Play with AI Infra+SaaS Monetization in FY2025 HSI 21,417.4 HSTECH 5,015.12 Key D

2、ata Closing price(HKD)41.75 52-week High/Low(HKD)144/32.4 Market Cap(HK$bn)107.12 Avg 3m Daily Volume 4,478,140 Analyst Head of TMT Research Chan Kwok Keung SFC No：BUL892 Revenue+26.5%YoY.Gross Profit+16.9%YoY.Adj.Net Profit(Non-IFRS)turned positive with 385.6%YoY,driven by strong growth across AI+S

3、aaS solutions and precision marketing Key Focuses 1)AI+SaaS business outlook:Strong performance with dual-engine growth(+ve):The AI+SaaS revenue reached Rmb 842.2mn(+19.9%YoY).We believe this acceleration is driven by the companys efficient operating model,as evidenced by its 96%revenue retention ra

4、te across 26.6K enterprise customers,supported by 700+direct sales force in 22 key cities.The high gross profit of Rmb 726.5mn,+17.9%YoY,demonstrates that AI-driven strategy is yielding strong returns.Notably,while SMB segment maintains healthy growth with 88%subscription revenue retention,the KA se

5、gment shows even stronger momentum with 124%retention rate,suggesting successful up-selling and cross-selling.In the current Chinese SaaS unsaturated market(where SaaS/PaaS penetration stands at just 34.3%vs U.S.80%,while IaaS dominates at 65.7%vs U.S.28%),Marketingforces ability to maintain high ma

6、rgins while growing both SMB and KA revenue indicates their technology leadership in the segment.This structural difference presents significant opportunities:1)the high IaaS penetration provides robust computing infrastructure for AI deployment;2)lower legacy SaaS lock-in enables direct adoption of