China Galaxy Securities has issued a research report, forecasting that MARKETINGFORCE (02556) will achieve operating revenues of RMB 3.992 billion, RMB 5.581 billion, and RMB 7.649 billion for the years 2026 through 2028, representing year-on-year growth rates of 41.7%, 39.8%, and 37.1% respectively.
The report projects net profit attributable to shareholders of RMB 250 million, RMB 429 million, and RMB 766 million for the same periods, with growth rates of 181.5%, 71.4%, and 78.5% year-on-year.
Converting the share price from Hong Kong dollars to Renminbi, the current stock price corresponds to price-to-earnings ratios of 40, 23, and 13 for the years 2026 to 2028.
After a comprehensive evaluation of absolute and relative valuation methods, the firm has determined a reasonable per-share value range of HKD 94.58 to HKD 166.27.
This valuation implies a market capitalization range of HKD 24.238 billion to HKD 42.610 billion. The brokerage has initiated coverage on the stock with a "Recommended" rating. The key points from the report are outlined below.
An Early Leader in Marketing AI
The company is a leading provider of SaaS marketing and sales solutions in China, serving sectors such as retail and consumer goods, automotive and mobility, finance, healthcare, B2B manufacturing, enterprise services, cross-border e-commerce, and international markets, with a cumulative client base exceeding 210,000.
With forward-looking investments in areas like AI Agents and GEO, the company has successfully transitioned from a traditional SaaS service provider to an AI-native application platform.
AI has become the core driver of the company's performance growth. Over the past five years, revenue from its AI and SaaS business has sustained rapid growth, with operating income increasing from RMB 225 million in 2020 to RMB 1.487 billion in 2025, representing a compound annual growth rate of 45.86%.
Growth rates for 2025 and the first quarter of 2026 reached 76.53% and 110.5% respectively, indicating significant marginal acceleration.
The company's AI applications enjoy high recognition among key account clients, with both client numbers and average contract values rising.
In 2025, the number of key account clients for its AI application business reached 1,609, a year-on-year increase of 105.5%. The average contract value for key accounts increased by 60.6%, while for small and medium-sized business clients it rose by 33.1%, demonstrating substantial value release driven by AI-native capabilities.
Internally, the company's profitability has improved markedly, with AI driving enhancements in operational efficiency.
The company actively applies its self-developed AI tools to internal management, operations, and customer acquisition processes. In 2025, various expense ratios declined, and revenue per employee increased by 63% year-on-year.
Frontrunner in AI Agent Capabilities and GEO
The company leads the industry in AI technology development and commercialization progress.
It possesses comprehensive capabilities and implementation experience in the AI Agent domain, spanning from the data foundation to development platforms and business applications.
Its technical framework encompasses three major layers: the "Generative AI Operating System," the "Intelligent Agent Development Platform," and the "Six Clouds and Full-Scenario AI Employee Matrix."
The GEO intelligent assistant deeply leverages the enterprise-grade AI-Agentforce intelligent middle platform and the full-chain AI Agent layout to achieve capability enhancement, holding leading advantages from customer base and data to technology.
In terms of commercial implementation, the company's industry coverage, client structure, and the scale and growth rate of its AI-related revenue outperform comparable peers. The boost AI provides to its SaaS business is particularly pronounced compared to industry competitors.
Regarding its pricing model, the company is gradually shifting from a traditional subscription model towards diversified models, including performance-based payments and usage-based billing.
Products like GEO and EVA have already pioneered a hybrid charging model combining consumption-based and performance-based fees, validating the viability of the scenario Token model and client recognition of the company's AI capabilities.
AI Transforming the Marketing Value Chain
AI is fundamentally reshaping the marketing value chain, leading to significant shifts in value distribution.
The development trend of the AI marketing market is characterized by technological leadership from AI Agents and GEO, with the profit model transitioning from "selling tools" to "pay-for-performance."
The marketing SaaS industry is fragmented, and AI Agents are becoming a key differentiator.
On one hand, AI Agents will gradually replace certain SaaS services and amplify value by improving efficiency. On the other hand, they will create value through the customized development of high-value functions, potentially expanding the market space to one to five times the size of the original SaaS market.
Marketing is one of the most commercially valuable arenas for AI Agents. GEO directly addresses pain points in the marketing industry by enabling quantifiable and traceable return on investment.
It also uses attribution analysis to pinpoint high-value optimization areas and continuously refine strategies, solving the challenges of difficult effect measurement and low marketing ROI.
Among the nodes enterprises plan to utilize in the future, monitoring and broadcasting, along with effect evaluation, have the highest proportion, indicating substantial growth potential for GEO.
Key Risk Factors
The primary risks highlighted include intensifying market competition, the risk of bad debts from accounts receivable, and the potential for market demand to fall short of expectations.
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