YONYOU(600588):BUSINESS ADJUSTMENT IMPACT GRADUALLY FADING
YONYOU(600588):BUSINESS ADJUSTMENT IMPACT GRADUALLY FADING
Yonyou reported (26 Apr) 1Q24 results: revenue was RMB1.7bn, up 19% YoY (1Q23: 15% YoY), 13% better than Bloomberg consensus driven by solid revenue growth in large enterprises. Net loss attributable to ordinary shareholders was RMB453mn, missing Bloomberg consensus by 16%, while adjusted net loss (excluding change in fair value gain or loss of investment) narrowed by RMB44mn YoY to RMB451mn, driven by expansion in gross margin aided by increase in cloud services revenue contribution and efficient cost control in operating expenses. Yonyou's business adjustment impact is gradually fading. The YoY growth in contract value should accelerate from 2Q, and operating leverage should continue with revenue growth recovery and opex optimization, while the increase in cloud services ARR contribution remains a key metric to watch. We maintain HOLD with a new target price of RMB12.11 (previous: RMB12.33).
用友公佈（4月26日）第一季度業績：收入爲人民幣17億元，同比增長19％（23年第一季度：同比增長15％），比彭博社的共識好13％，這得益於大型企業收入穩步增長。歸屬於普通股股東的淨虧損爲人民幣4.53億元，比彭博社的共識低16％，而調整後的淨虧損（不包括公允價值收益或投資虧損的變化）同比縮小了4,400萬元人民幣至4.51億元人民幣，這得益於雲服務收入貢獻的增加和運營開支的有效成本控制。Yonyou的業務調整影響正在逐漸減弱。合同價值的同比增長將從第二季度開始加速，隨着收入增長的恢復和運營支出的優化，運營槓桿率應繼續下去，而云服務ARR貢獻的增加仍然是一個值得關注的關鍵指標。我們維持持有，新的目標價爲人民幣12.11元（前值：人民幣12.33元）。
1Q24 revenue beats expectation aided by robust cloud revenue growth in large enterprises. In 1Q24, cloud services revenue was RMB1.3bn, up 32% YoY (1Q23: 27%) and ERP revenue fell 11% YoY to RMB454mn. As a percentage of revenue, cloud services revenue contribution increased to 72.0% of total, up 7.6pp YoY. Revenue generated from large/mid-sized enterprise/small and micro sized businesses came in at RMB1.1bn/288mn/213mn for 1Q24, with respective growth of 20/6/9% YoY.
在大型企業雲收入強勁增長的推動下，24 年第一季度的收入超出預期。在24年第一季度，雲服務收入爲13億元人民幣，同比增長32％（23年第一季度：27％），ERP收入同比下降11％，至人民幣4.54億元。雲服務收入佔收入的百分比增加到總收入的72.0％，同比增長7.6個百分點。24年第一季度，大/中型企業/小型和微型企業產生的收入爲11億元人民幣/2.88億元/2.13億元人民幣，分別同比增長20/6/ 9%。
Gross margin expansion better than consensus expectation. GPM improved by 6.2pp YoY to 50.8% in 1Q24, driven by healthy revenue growth, and was 2.3pp better than consensus, as the contribution from cloud revenue is increasing. As for operating expenses, S&M expenses grew 11% YoY in 1Q24 (29.2% of total revenue, -2.0ppts YoY), administrative expenses rose 24% YoY in 1Q24 (16.8% of revenue, +0.7ppts YoY), and R&D expenses climbed 12% YoY in 1Q24 (31.4% of total revenue, -1.9ppts YoY).
毛利率增長好於共識預期。受收入健康增長的推動，GPM在24年第一季度同比增長6.2個百分點至50.8％，並且由於雲收入的貢獻正在增加，比預期好2.3個百分點。至於運營費用，S&M支出在24年第一季度同比增長11％（佔總收入的29.2％，同比下降2.0個百分點），管理費用在24年第一季度同比增長24％（佔收入的16.8％，同比增長0.7個百分點），研發費用在24年第一季度同比增長12％（佔總收入的31.4％，同比下降1.9個百分點）。
Business adjustment impact is fading, while ARR contribution remains key to watch. We lift 2024-2025E revenue to reflect better-than- expected revenue growth from large enterprises, but cut net profit forecast to RMB105mn/436mn to reflect the impact from fair value change of investment. We remain positive that Yonyou will swing from net loss to net profit in 2024, as business adjustment impact is fading, and the positive impact from headcount optimization should gradually translate into bottom line, in our view. Yonyou is striving for greater revenue contribution from cloud subscription, which should improve overall operating efficiency and drive for long-term margin expansion, while the increase in ARR contribution remains a key metric to watch, in our view. We maintain HOLD with a new target price of RMB12.11, based on unchanged 3.7x 2024E EV/sales.
業務調整的影響正在減弱，而ARR的貢獻仍然是值得關注的關鍵。我們提高了2024-2025年度的收入，以反映大型企業的收入增長好於預期，但將淨利潤預期下調至1.05億元人民幣/4.36億元人民幣，以反映投資公允價值變動的影響。我們仍然樂觀地認爲，隨着業務調整的影響正在減弱，Yonyou將在2024年從淨虧損轉爲淨利潤，在我們看來，員工人數優化的積極影響應逐漸轉化爲利潤。Yonyou正在努力通過雲訂閱獲得更大的收入貢獻，這將提高整體運營效率並推動長期利潤擴張，而在我們看來，ARR貢獻的增加仍然是一個值得關注的關鍵指標。根據2024電動汽車/銷量的3.7倍不變，我們維持持有，新的目標價爲人民幣12.11元。
譯文內容由第三人軟體翻譯。