\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
In 2021, it will come to a successful conclusion and make a comprehensive cloud transformation Yonyou Network Technology Co.Ltd(600588) released its annual report on the evening of March 18. In 2021, the annual revenue reached 8.932 billion yuan, a year-on-year increase of 4.7%; The net profit attributable to the parent company was 708 million yuan, a year-on-year decrease of 28.2%. UFIDA's "cloud + software" revenue in the past 21 years was 8.641 billion yuan, a year-on-year increase of 15.7%, of which the cloud business revenue reached 5.321 billion yuan, a year-on-year increase of 55.5%.
Promote the development of cloud business with high quality, and the subscription revenue is outstanding. UFIDA's current strategic direction is clear, that is, comprehensive focus cloud transformation. From the results of 21 years, the subscription business has achieved high-quality development: arr reached 1.65 billion yuan, an increase of 98% compared with 21h1; Cloud subscription contract liabilities amounted to 850 million yuan, a year-on-year increase of 79%. High quality cloud transformation is the key to the success of SaaS model. The company has increased the assessment of subscription revenue in 21 years. At present, the process is smooth. On the premise of high-quality development, the company still maintains the strong growth of cloud business. The overall cloud revenue increased by 55% year-on-year, accounting for 59.5% of the overall revenue. In addition, increasing the assessment of subscription business and stopping the sale of software business will affect the current apparent data to a certain extent, superimposing the company's stripping of the financial sector, so the overall revenue growth rate is a single digit growth of 4.7%.
Layered management strategy, step by step. UFIDA has implemented the layered development strategy in the past 21 years and adopted different strategies for large, medium and small enterprises: 1) in the core advantage field of super large and large enterprise market, the company continued to polish the strategic product yonbip and iterated four versions. In the past 21 years, the cloud service revenue of large enterprises reached 3.735 billion yuan, a year-on-year increase of 45.4%; 2) Facing the blue ocean market of medium-sized enterprises, the company launched the heavyweight product u9c in 21 years, focusing on the specialized and special new market of medium-sized enterprises, and achieved a good breakthrough. The cloud business revenue of medium-sized enterprises in the whole year was 393 million yuan, an increase of 150% year-on-year; 3) For small and micro enterprises, the company made every effort to promote the public cloud model. The cloud business revenue was 509 million yuan, with a year-on-year increase of 111%, and most of them were high-quality public cloud subscription revenue, providing a strong driving force for the company's arr growth.
The curtain of digital transformation opens, and 2022 is ready to go. In 2021, the company implemented high-quality cloud transformation and achieved a good end with strong subscription revenue growth. Looking forward to 2022, under the background of the superposition of digitization, localization and cloud, the company is expected to usher in good restorative growth. On the one hand, the digital economy and the conflict between Russia and Ukraine are expected to accelerate the digitization and localization of large enterprises; On the other hand, the company's own cloud transformation dividend will continue to be released in 22 years.
Investment suggestion: it is estimated that the company's revenue in 22-24 years will be RMB 11.46 billion, RMB 14.33 billion and RMB 17.42 billion respectively, and the net profit attributable to the parent company in 22-24 years will be RMB 930 million, RMB 1.32 billion and RMB 1.71 billion respectively. The current market value corresponds to 8 / 6 / 5 times of the PS in 22 / 23 / 24 years. UFIDA is the leader of China's ERP software SaaS. At present, under the unanimous expectation of wind, the average PS of China Cloud Computing SaaS company in 22 years is 10 times, and the company's PS valuation has room for improvement. Therefore, the "recommended" rating is maintained.
Risk tip: the downward pressure of the economy and the decline of enterprise it expenditure; The gross profit margin fell due to the intensification of industry competition; The R & D and promotion progress of yonbip, a heavy product, was less than expected.
