金吾财讯 | 浙商证券表示，迈富时(02556)是国内营销及销售SaaS龙头厂商，面向中小及KA客户已构建完善的产品矩阵，同时积极布局AI大模型结合企业管理的功能应用，未来有望在SaaS服务基础上打造AI Agent产品矩阵。该行认为公司有望受益于下游企业客户数智化需求成长叠加AI应用加速渗透的浪潮，实现整体经营的快速成长。 该行指，公司作为国内及销售SaaS龙头厂商，SaaS业务矩阵完善并保持快速增长；多重因素推动企业SaaS市场成长，小微企业数智化需求有望打开万亿空间；AI大模型商业化加速，营销内容生成、AI客服等场景市场空间广阔 ，经该行测算国内中小企业AI营销视频内容市场规模有望超千亿。另外，公司积极布局AI大模型应用，构建智能体中台赋能SaaS产品。随着公司AI Agent产品全面接入DeepSeek-V3和DeepSeek-R1模型，未来有望持续提升SaaS产品的核心竞争力，推动业务快速成长。该行认为随着公司在营销、销售SaaS领域产品竞争力持续扩充提升，叠加AIGC应用的加速融合，有望受益于企业智能化需求增长趋势而实现快速成长。该行预计公司2024-2026年实现营收15.22/20.17/26.49亿元，同比增速分别为23.53%/32.53%/31.33%，对应归母净利润为-7.87/0.67/1.73亿元，同比增速分别为-364.44%/-/157.28%，对应EPS为-3.33/0.29/0.73元，首次覆盖，给予“买入”评级。
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