The company publishes the 21-year results announcement. 21 the annual income was 2.184 billion yuan (YoY+28.1%), the net loss was 344 million yuan, and the adjusted net profit was 307 million yuan (YoY-19.7%), mainly adding back shares to pay compensation of 803 million yuan. The sales expense rate increased from + 6.4 pct to 41.1% year-on-year; the management fee rate excluding listing fees and equity payments increased from + 0.6pct to 9.1% year-on-year; and the R & D expense rate increased by 8.5pct to 29.4%.
SaaS business continues to grow at a high level. In 21 years, SaaS revenue rose to 61.2% from + 53.6% to 1.338 billion yuan compared with the same period last year, and the net profit was 19.3 million yuan. Yunke's revenue from + 53.3% to 1.025 billion yuan, the number of sales offices from + 11% to 17000, and ARPU from + 39% to 62000 yuan year-on-year. ARPU has become the main driver of Yunke's growth. Cloud chain revenue from + 37.6% to 189 million yuan, the number of construction sites from + 83% to 7500, ARPU from-24.8% to 25200 yuan, continue to expand the number of construction sites. By the end of 21, the amount of unfulfilled long-term SaaS contracts increased by 34.6% to 838 million yuan compared with the same period last year, most of which will be recognized in 22 years.
ERP:21 's annual revenue has increased slightly, and the cloud-switching strategy is expected to shrink revenue. First from the small and medium-sized housing enterprises gradually landed, some of the original ERP authorization model will gradually turn to SaaS subscription model.
Profit forecast and investment advice. It is predicted that the annual income in 2223 is 2.538 billion yuan and 3.144 billion yuan respectively, and the return net profit is 132 million yuan and 169 million yuan respectively. The current stock price corresponds to 7.0,5.6 times of PS in 2223. Considering the low digitization rate of the real estate industry, the company's product penetration and market share still have much room for improvement, while fully entering the industrial development / operation / service market, the increased coverage of the customer base of state-owned enterprises is expected to bring increment. In addition, policy improvement will have a positive impact. With reference to the valuation of the comparable company, it is given 12 times PS for 22 years, corresponding to a reasonable value of HK $18.60 per share. Maintain a "buy" rating.
Risk hint. The growth of Yunke and cloud chain is not as expected; the strengthening of regulation and control of the real estate industry leads to the bad debts of some real estate enterprises; the expansion of state-owned enterprises is not as expected; the investment in the sky is increased, and the process is not as expected.