The company disclosed the 21H1 results announcement. 21H1 realized income of 974 million yuan (YoY+45.2%), net profit of 165 million yuan, and adjusted net profit of 194 million yuan (YoY+32.7%). The gross profit margin remained stable at 79.5%; the sales expense rate was from + 5.4 pct to 39.6%, the management expense rate was from-2.7pct to 8.3%, and the R & D expense rate increased by 4.1pct to 26.2%.
SaaS revenue continues to grow at a high level. 21H1 SaaS revenue rose sharply from 65.5% to 552 million yuan compared with the same period last year, accounting for 56.7%; gross profit margin 89.7%; loss increased to 26.9 million yuan year-on-year, mainly due to slightly higher expense rate as a result of business expansion. The increase in volume and price drives Yunke's revenue from + 82.1% to 428 million yuan compared with the same period last year, the number of sales offices equipped with Yunke in China is + 33.9% to 16000, and ARPU is + 36.8% to 26000 yuan compared with the same period last year. The revenue of cloud chain was + 23.5% to 138 million yuan compared with the same period last year, and the number of construction sites equipped with cloud chain increased by 46.3% to 6000 compared with 2020. The amount of long-term SaaS contracts (excluding taxes) outstanding by 21H1 increased by 50.8% to 844 million yuan over the same period last year. Increase the technology and marketing investment of enterprise-level PaaS platform-Skyline Open platform, enrich SaaS products and optimize the customization of VIP customers.
As the epidemic eased, ERP maintained steady growth, with 21H1 revenue from + 25.1% to 422 million yuan year-on-year; gross profit margin from-1.5pct to 66.1% year-on-year; and net profit fell 3.2% from a year earlier to 138 million yuan. Software license sales revenue increased by 37.6% year-on-year, product support service revenue increased by 40.1% year-on-year, to service revenue increased by 17.7% year-on-year.
Profit forecast and investment advice. It is predicted that the operating income for the year 21-22 is 2.377 billion yuan and 3.265 billion yuan respectively, and the adjusted return net profit is 354 million yuan and 464 million yuan respectively. The company has been ploughing real estate for 20 years and is the leader of SaaS in the vertical industry of real estate. Its business is in the stage of high growth. It is expected that SaaS income will maintain high growth in the next 3 years. The view of maintaining the fair value of HK $49.3 per share remains unchanged. Maintain a "buy" rating.
Risk hint. Yunke, cloud chain business customers and ARPU rose less than expected, revenue growth slowed down; real estate industry growth slowed; SaaS profits fell short of expectations.