持续推动AI 应用创新，多领域AI 产品加速落地。公司提出“AI 优先”战略，推动公司产品及服务智能化发展。今年金蝶云苍穹峰会上，公司正式发布超级智能的AI 管理助手——Cosmic。大型客户方面，基于Cosmic 的财务和人力AI 应用已经在海信集团、温氏股份、中国金茂等客户中验证。中型客户方面，公司推出智能BOSS 助理、AI 记账等智能化解决方案。小微客户方面，金蝶精斗云推出AI 进销存管理应用，赋能微型企业智慧经营。Investment event: The company released its 2024 mid-year report: The revenue scale reached 2.87 billion yuan, up 11.9% year on year, and net profit to mother was a loss of 0.218 billion yuan, a year-on-year decrease.
Gross margin increased, net profit reduced losses, and the company's profitability continued to improve. In the first half of 2024, the company's revenue reached 2.87 billion yuan, up 11.9% year on year, including cloud service revenue reached 2.39 billion yuan, up 17.2% year on year; net profit due to mother was a loss of 0.218 billion yuan, and the loss narrowed by 23.2% year on year; and the company's gross margin reached 63.25%, 61.92% in the same period last year, up 1.33 percentage points year on year. The data shows that the company's revenue increased in the first half of the year, losses narrowed, gross margin increased, and the company's profitability improved markedly.
The cloud business maintains good growth and optimizes operating indicators. The company continues to accelerate the pace of transformation of the cloud subscription service model, and cloud business revenue continued to grow at a high rate in the first half of 2024. Cloud service revenue in the first half of 2024 was 2.39 billion yuan, a growth rate of 17.2%, accounting for 83.2% of revenue. The market revenue of large enterprises in cloud business revenue was 0.546 billion yuan, up 38.9% year on year, contract amount increased 63%; ARR for Sky and Star Cloud subscriptions increased 29% year on year, and the net renewal rate was about 97%; medium enterprise market revenue reached 1.054 billion yuan, up 14.3% year on year, subscription ARR growth rate was 24%, and the net renewal rate was about 95%; small and micro enterprise market revenue was 0.588 billion yuan, up 17.3% year on year, and subscription ARR growth rate reached 31%. The net renewal rate is approximately 92%. In addition, the company's other cloud business indicators are also impressive. The ARR scale of the cloud subscription business reached 3.15 billion yuan, an increase of 24.2% over the previous year; the size of contract liabilities related to cloud subscriptions increased by 28.2%.
Continue to promote innovation in AI applications and accelerate the implementation of AI products in various fields. The company proposed an “AI first” strategy to promote the intelligent development of the company's products and services. At the Golden Butterfly Cloud Summit this year, the company officially unveiled Cosmic, a super intelligent AI management assistant. For large customers, financial and human resource AI applications based on Cosmic have been validated in customers such as Hisense Group, Wen's Co., Ltd., and China's Jinmao. For medium-sized customers, the company launched intelligent solutions such as intelligent BOSS assistants and AI bookkeeping. For small and micro customers, Kingdee Jingdou Cloud launched an AI purchasing, sales and inventory management application to enable smart management of micro enterprises.
Investment advice: We expect the company's revenue for 2024/2025/2026 to be 6.737/7.931/9.333 billion yuan, with net profit of -0.043/0.181/0.459 billion yuan, respectively, and corresponding PS of 3.0/2.5/2.2 times, respectively. Considering the optimization of the company's revenue structure and enhanced competitive advantage, we gave the company a “buy” rating.
Risk warning: Business development falls short of expectations, policy progress is slow
