2024 年上半年，公司云服务业务实现收入28.45 亿元，同比增长21.3%，占营业收入的74.8%，同比增加5.2pct，收入占比持续提升。2024 年上半年末，公司订阅相关合同负债为19.5 亿元，同比增长33.8%，占总合同负债比例达68.6%；云服务业务ARR 为23.3 亿元，同比增长13.1%；累计付费客户数为79.68 万家，新增8.18 万家。业务收入结构质量进一步提升，增强未来收入持续稳定增长的基础。occurrences
Yonyou Network released its 2024 semi-annual report. In the first half of 2024, the company achieved revenue of 3.805 billion yuan, a year-on-year increase of 12.93%; net profit to mother -0.794 billion yuan, narrowing the year-on-year loss; net profit after deducting non-return to mother -0.794 billion yuan, narrowing the year-on-year loss; and gross margin was 52.55%, an increase of 3.70 pcts year-on-year. In the second quarter of 2024, the company achieved revenue of 2.056 billion yuan, an increase of 8.51% year on year; net profit to mother was 0.341 billion yuan, which narrowed the year-on-year loss; after deducting non-return net profit of 0.342 billion yuan, the year-on-year loss narrowed; and gross margin was 53.99%, up 1.81 pct year on year.
Cloud service business revenue share continues to rise
In the first half of 2024, the company's cloud service business achieved revenue of 2.845 billion yuan, an increase of 21.3% over the previous year, accounting for 74.8% of revenue, an increase of 5.2 pcts over the previous year, and the share of revenue continued to increase. At the end of the first half of 2024, the company's subscription related contract debt was 1.95 billion yuan, up 33.8% year on year, accounting for 68.6% of total contract debt; the cloud service business ARR was 2.33 billion yuan, up 13.1% year on year; the cumulative number of paying customers was 0.7968 million, adding 0.0818 million. The quality of the business revenue structure has been further improved, strengthening the foundation for continued steady future revenue growth.
Deepening “AI+ enterprise applications”
In August 2024, the company released YongPT2.0 and more than 100 intelligent applications to lead the innovation and development of enterprise AI applications. Based on YongPT 2.0, Youyou BIP has three important products: “Smart Friends,” “Digital Smart Employees,” and “Intelligent Big Search”, which are based on the application frameworks of agents (agents), human-computer interaction (HCI), and RAG, respectively. At the same time, the company released major models for the three major industries of public resources trading, industrial equipment, and transportation construction.
Comprehensive efficient management to improve overall operational efficiency
The company controlled personnel size, optimized personnel structure, and controlled costs and expenses. In the first half of 2024, sales/management/R&D expenses decreased by 2.02pct/0.25pct/2.10pct year on year, respectively; gross margin was 52.55%, up 3.70 pcts year on year, and 53.99% in the second quarter, up 3.14 pcts from month to month.
Profit Forecasts, Valuations, and Ratings
Considering the continuous increase in the revenue share of the company's cloud service business and strengthening overall efficient management, we adjusted the company's 2024-2026 revenue to 11.033/12.528/14.24 billion yuan respectively, with year-on-year growth rates of 12.63%/13.55%/13.67%, respectively, and net profit to mother of 0.038/0.4/0.692 billion yuan, respectively. The year-on-year growth rates were -/ 940.00%/73.08%, EPS was 0.01/0.12/0.20 yuan respectively /share. Since the company is the world's leading provider of enterprise cloud services and software, deepening “AI+ enterprise applications”, it is recommended that you continue to pay attention.
Risk warning: Demand in some downstream industries falls short of expectations, market competition increases risks, and the risk of technological upgrades and product updates and iterative risks.
