CCB International: McFTSE (02556)'s revenue CAGR is expected to reach 24% in the next three years, first rated “outperforming the market”

The Zhitong Finance App learned that CCB International released a research report saying that Mifushi (02556) is a rapidly growing marketing and sales SaaS market participant, and Al-Agent is expected to become an emerging growth driver. The compound annual revenue growth rate is expected to be 24% over the next three years, and profitability will continue to improve. The bank gave Maifushi an “outperforming the market” rating for the first time.

CCB International notes that Maifushi is a rapidly growing player in the marketing and sales SaaS market. The company provides a variety of cloud-based marketing and sales SaaS products and precise marketing services, covering enterprises of all sizes. In 2024, AI+SaaS contributed 54% of the company's revenue. The company launched Al-Agent products in 2025, and this business segment is expected to become a new growth engine in the medium term.

CCB International said that McFTSE's competitive advantages include: 1) a strong marketingforce platform, providing integrated, end-to-end SaaS products, covering a variety of use scenarios; 2) excellent R&D capabilities and leading proprietary technology; 3) a broad and diverse customer base with considerable growth potential; 4) a wide-ranging sales network and perfect customer success system, which prioritizes customer experience.

CCB International believes that McFTSE's growth prospects are strong. The bank expects the company's total revenue to grow from RMB 1,559 billion in 2024 to RMB 2,969 billion in 2027, which means a CAGR of 24% for the period. Among them, AI+SaaS business revenue is expected to increase from RMB 842 million in 2024 to RMB 1,537 million in 2027, with a compound annual growth rate of 22%; revenue from new businesses is expected to grow from zero to RMB 359 million. The bank also expects adjusted net profit to increase from RMB 79 million in 2024 to RMB 303 million in 2027, with a compound annual growth rate of 56%.

Furthermore, CCB International pointed out that the main risks faced by McFTSE include: 1) macroeconomic uncertainty; 2) regulatory risks brought about by privacy and data protection; 3) increased competition; 4) failure to commercialize new products; 5) the risk of excessive concentration of customers and media platforms; 6) product or algorithm errors; and 7) lower profitability than expected.