酒店信息化稳健成长，软硬结合相关业务实现高增。据公司公告，公司24H1 酒店信息管理系统业务实现收入5.5 亿元，同比+11%，毛利率78.88%；自有智能商业设备实现收入2.4 亿元，同比+28%，毛利率为20.81%。下游景气度逐步恢复，公司主要业务实现稳健成长，毛利率小幅度下滑主要系海外销售占比下降等原因所致，预计后续海外业务恢复将拉动毛利率回升。Key points of investment:
The company released its 2024 semi-annual report. The company 24H1 achieved operating income of 1.382 billion yuan, +15.09% year-on-year; realized net profit of 24.72 million yuan to mother, +10.83% year-on-year. The company achieved revenue of 0.75 billion yuan in a single quarter of 24Q2, +17.31% year-on-year, and realized net profit of 13.33 million yuan to mother, +10.71% year-on-year. The performance was in line with expectations.
ARR continues to increase, and cloud revenue supports long-term growth. According to the company's announcement, the company's SaaS business annual recurring subscription fee (ARR) was 0.45 billion yuan at the end of June 2024, +30.8%; at the end of the reporting period, the total number of SaaS business enterprise customer (end user) stores exceeded 0.08 million hotels, and the average renewal rate was over 90%. The company began to adapt to the trend of globalization and platformization in 2017, and the business gradually switched to a SaaS model. When customers reach a certain scale, profit margins can be increased by reducing sales expenses and the share of development expenses. Currently, the results are gradually showing, and high-quality development is expected to support the company's long-term growth.
Hotel informatization is growing steadily, and software and hardware are combined to achieve high growth in related businesses. According to the company's announcement, the company's 24H1 hotel information management system business achieved revenue of 0.55 billion yuan, +11% year-on-year, and a gross profit margin of 78.88%; its own intelligent commercial equipment achieved revenue of 0.24 billion yuan, +28% year-on-year, with a gross margin of 20.81%. The downstream boom gradually recovered, and the company's main business achieved steady growth. The slight decline in gross margin was mainly due to a decline in the share of overseas sales, etc. It is expected that the subsequent recovery in overseas business will drive a recovery in gross margin.
Cash flow has improved markedly, and the quality of operations has improved. According to the company's announcement, the net cash flow from the company's 24H1 operating activities was 25.65 million yuan, compared to -64.42 million yuan in the same period last year, a significant improvement. The company's contract debt at the end of the reporting period was 0.515 billion yuan, -1.3% compared to the beginning of the period. It remained stable, showing the high quality of operations in the first half of the year.
The cost control effect is remarkable. According to the company announcement, the company's 24H1 sales expenses were 0.15 billion yuan, -3.1% year on year; management expenses were 0.36 billion yuan, +3.0% year on year; and R&D expenses were 0.15 billion yuan, +0.6% year over year. Expenses are properly controlled, and large-scale effects are beginning to show, which is conducive to the continuous release of the company's subsequent profits.
Maintain a “buy” rating. Maintaining the profit forecast, the company is expected to achieve revenue of 3.28, 3.92, and 4.72 billion yuan in 24-26, respectively, and achieve net profit of 0.08, 0.15, and 0.32 billion yuan. Due to the company's international competitiveness in hotel information cloud products and the sustainability of performance brought about by the steady progress of cloud transformation, it maintained a “buy” rating.
Risk warning: Downstream hotel and restaurant business boom falls short of expectations; cloud product promotion falls short of expectations; changes in the international environment affect products going overseas.
