Event
The company released its annual report on the evening of March 28, with an annual income of 2.185 billion yuan, and YUnip Y 28.1%. The adjusted net profit was 307 million yuan, a decrease of-19.7% compared with the same period last year. In line with market expectations.
Comment
With the rapid growth of SaaS revenue, the market recognition of cloud business products has increased. The income of SaaS is 1.338 billion yuan, and 53.5% of Yplink Y, accounting for 61.2% of the income, which is up 10ppm yuan of SaaS ARR12.42 over the same period last year, and 47.6% of YUnip Y. Among them, the unit price of cloud-guest cooperative case of SaaS product is 62000 yuan, and the unit price of YUnip Y40%; the number of cooperative crime field is 16600, and the number of YUnip Y is 11%. The number of cloud chain cooperation sites is 7500, and the area of cloud investment management and cloud space management is 344 million square meters. The growth rate of revenue is lower than the growth rate of business volume. Drawing lessons from the development process of Yunke, we judge that cloud chain, cloud space and other products are still in the market expansion period, giving priority to improving customer adoption rate. In the future, with the rich coverage scenarios and massive data, the aggregation effect will be highlighted, which will further improve customer conversion rate. The slowdown in ERP revenue growth is mainly due to the extension of the project delivery cycle due to macro factors, and the implementation revenue is lower than that of the same period last year.
Market response, strategic transformation is flexible, improve the signing rate of state-owned assets. In the second half of the 21st year, the company has actively laid out and rapidly adjusted its strategy, fully entered the real estate development / operation / service market in 2022, ERP transformed from OP to SaaS, continued to strengthen the investment of the Skyline open platform and speed up the process of platform commercialization. The real estate industry entered the stage of management dividend and began to differentiate. The company has put forward the strategy of state-owned enterprises and rapidly integrated resources. The proportion of income from customers with state-owned assets has increased from 28% in 20 years to 33% in 21 years, and is expected to rise to 40% this year. From the second half of last year to the beginning of this year, we established cooperation with Wuhan Urban Construction, Fuzhou City Investment, Jinan City Investment, Shenzhen Bay Science and Technology Park, etc.
Real estate policy warms up, asset management information space is broad, optimistic about the company's long-term growth prospects. Policies related to the real estate industry have warmed up, and the importance of stable economic growth and financial market stability has increased again and again. We believe that early market pessimism has been fully released. Equity incentives have led to a sharp increase in the 21-year management fee rate by 33 PP to 45%. The current stock price is in a historical position, and it is estimated that the equity incentive fee this year and next year is lower than last year. We believe that the company's product strength and management ability are expected to enable the company to maintain resilient growth.
Value Evaluation and Investment suggestions
According to the latest guidelines, we downgrade our profit forecast for the next three years, lower income growth, and increase the rate of management expenses. We estimate revenue of 26.40 (- 22%) / 31.74 (- 33%) / 3.837 billion yuan for 22-24 years, and return to the mother net profit of-1.30 (- 133%) /-1.09 (- 120) /-121 million yuan, maintaining the "buy" rating.
Risk hint
The policy of the real estate industry is tightening; the effect of channel sinking is not as good as expected; and the profit of ERP solution is slowing down.