持续巩固大型企业客户市场领先地位。公司大型企业客户业务坚定行业化发展，优化了行业客户事业部组织方式与资源部署，有效提升行业客户事业部的客户覆盖和组织能力。面向大型企业客户市场的产品与解决方案持续创新发展，全面加强智能化、数据服务和全球化能力，截至24H1 积累了96 个细分行业数智化创新领先实践，发布了193 个行业解决方案。24H1 大型企业客户业务实现收入23.88 亿元，同比增长11.2%，其中云服务业务实现收入17.65 亿元，同比增长16.8%。YonBIP 收入同比增长42.1%，续费率为101.1%。Key points of investment:
Revenue has been growing steadily, and efficient management is beginning to bear fruit. The company discloses its 2024 semi-annual report. 24H1 achieved operating income of 3.805 billion yuan, a year-on-year increase of 12.9%, and achieved steady growth; net profit to mother -0.794 billion yuan, a year-on-year decrease of 51.17 million yuan; net profit after deducting non-attributable net profit of 0.794 billion yuan, a year-on-year decrease of 0.146 billion yuan.
Q2 achieved operating income of 2.056 billion yuan, an increase of 8.51% year on year; net profit due to mother - 0.341 billion yuan, a year-on-year decrease of 0.107 billion yuan; net profit after deducting non-return to mother - 0.342 billion yuan, a year-on-year decrease of 0.101 billion yuan. 24H1's gross margin was 52.5%, up 3.6 pct year on year; sales/management/R&D expense ratios were 30.04%/14.86%/27.95%, respectively, down 2.02pct/0.25pct/2.10pct year on year; as of June 30, 2024, the number of employees in the company was 22,658, a decrease of 2,291 compared to the end of 2023. The company's efficient management has seen initial results, laying the foundation for the annual efficiency goals.
Continue to strengthen the leading position of large enterprise customers in the market. The company's large enterprise customer business is firmly industrialized, the organizational methods and resource deployment of the industry customer division have been optimized, and the customer coverage and organizational capabilities of the industry customer division have been effectively enhanced. Products and solutions for large enterprise customer markets continue to innovate and develop, comprehensively strengthening intelligence, data services and global capabilities. As of 24H1, we have accumulated leading practices in digital intelligence innovation in 96 industry segments, and released 193 industry solutions. The 24H1 large enterprise customer business achieved revenue of 2.388 billion yuan, an increase of 11.2% over the previous year. Among them, the cloud service business achieved revenue of 1.765 billion yuan, an increase of 16.8% over the previous year. YonBIP's revenue increased 42.1% year over year, and the renewal rate was 101.1%.
Business subscription revenue for medium and small business customers is growing rapidly. ① The medium-sized enterprise customer business of 24H1 achieved revenue of 0.6 billion yuan, an increase of 8.3% over the previous year. Among them, the cloud service business achieved revenue of 0.429 billion yuan, an increase of 39.1% over the previous year. YonSuite revenue increased 116.1% year over year, and renewal rates continued to rise to 92.4%.
The company's medium-sized enterprise customer business has vigorously promoted the subscription business model, and subscription revenue has grown rapidly by more than 60%. ② Changjietong, the holding subsidiary of the company, focuses on the two major fields of digital intelligence finance and taxation of small and micro enterprises. 24H1 Changjietong achieved revenue of 0.456 billion yuan, an increase of 20.4% over the previous year. Among them, cloud subscription revenue was 0.309 billion yuan, an increase of 35.3% over the previous year.
The product continues to innovate and the technical capabilities of the platform are upgraded. In August 2024, Yonyou released the BIP3 R6. Yonyou BIP's intelligence and data service capabilities were further upgraded, and it has the characteristics of stronger digital intelligence, higher operating performance, lower resource consumption, and more safety and reliability. At the same time, as a new engine that empowers enterprise AI applications, YonGPT, the big service model of YonGPT, was heavily upgraded and released YongPT 2.0 and more than 100 intelligent applications, leading the innovation and development of enterprise AI applications.
Profit forecasting and investment advice. We expect the company's revenue for 2024-2026 to be 11.286/13.084/15.336 billion yuan, up 15.2%/15.9%/17.2% year on year; net profit to mother will be 0.201/0.39/0.724 billion yuan, respectively, up 120.8%/94.1%/85.7% year on year; EPS will be 0.06/0.11/0.21 yuan respectively. Using the PS valuation method, referring to comparable companies, the company was given 4.0-4.5 times the 2024 dynamic PS, with a reasonable value range of 13.21-14.86 yuan, maintaining a “superior to the market” rating.
Risk warning. Policy progress fell short of expectations, cloud transformation fell short of expectations, and market competition intensified.
