金吾财讯 | 海通国际发研指，2024年迈富时(02556)营收15.59亿元（+26.5%），受可转换可赎回优先股的公允价值变动影响，公司表观净利润-8.77亿元（上年同期-1.69亿元），经调整净利润0.79亿元（上年同期-0.28亿元），经营性现金流净流入1.38亿元（上年同期-1.22亿元）。2024年公司销售/管理/研发费用率分别为21.01%/16.99%/15.75%，同比分别-5.51pct/+0.44pct/-1.30pct，整体经营效率与经营质量进一步提升。该机构指，2025年公司已推出面向政府及国企的智能体一体机系列产品，集成40余个“企业+政务”智能体、AI-Agentforce智能体中台及智能设备管理软件，以“软硬一体、开箱即用”的创新解决方案赋能政企客户。该机构表示，公司营销与销售SaaS产品有望受益AI快速增长，预计公司2025-2027年营收23.68/32.51/43.27亿元（原2025-265预测为19.90/27.02亿元），归母净利润为-0.04/1.27/3.50亿元（原2025-26预测为0.38/1.24亿元），EPS为-0.01/0.50/1.36元。采用分部估值法，给予目标价82.80港元（-28%），维持“优于大市”评级。
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