\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
Focus cloud transformation strategy, continue to increase investment and maintain the “buy” rating
Considering the continuous increase of the company’s R & D and market investment, we lowered the forecast of the company’s net profit attributable to the parent company from 2022 to 2023 to 899 and 1149 million yuan (the original forecast was 1101 and 1303 million yuan), increased the forecast of the net profit attributable to the parent company in 2024 to 1475 million yuan, and the corresponding PE of the current stock price is 97.3, 76.1 and 59.3 times. The company is facing the historical opportunity of the superposition of three waves of intellectualization, localization and internationalization, and is expected to accelerate its development and maintain the “buy” rating.
Cloud + software business is growing rapidly, and R & D investment continues to increase
(1) the company released its 2021 annual report, realizing an operating revenue of 8.932 billion yuan, a year-on-year increase of 4.7%. Cloud service and software business revenue reached 8.641 billion yuan, a year-on-year increase of 15.7%, of which software business revenue decreased by 18.0% and cloud service business revenue increased by 55.5% year-on-year. (2) The net profit attributable to the parent company was 708 million yuan, a year-on-year decrease of 28.2%; The net profit deducted from non parent company was 405 million yuan, a year-on-year decrease of 55.3%. Mainly due to the continuous increase of the company’s investment, the R & D investment in 2021 was 2.354 billion yuan, a year-on-year increase of 40.7%, and the revenue of R & D investment accounted for 26.4%, a year-on-year increase of 6.8 percentage points; The sales expense was 2.028 billion yuan, a year-on-year increase of 31.7%. In addition, the company realized a net cash flow of 1.304 billion yuan from operating activities, a year-on-year decrease of 19.2%.
Seize the opportunities of digital intelligence and localization of enterprises and continue to expand their advantages in the market of large enterprises
Facing the opportunities of digital intelligence and localization of information innovation, the company broke through a series of central state-owned enterprises and private enterprises such as China Nuclear Power Group, state investment group, Aerospace Hi-Tech Holding Group Co.Ltd(000901) group, China Mobile, China Post, Huawei, Byd Company Limited(002594) and so on. The company’s large order amount of more than 5 million increased by 45% year-on-year, further expanding the company’s leading position in the large enterprise service market.
The subscription priority strategy was fully implemented, and the revenue of cloud service arr was 1.65 billion yuan
In the large-scale enterprise market, yonbip, the company’s core product, has achieved a breakthrough in the public cloud subscription business in the fields of fee control, taxation, human recruitment, collaboration and so on. In the medium-sized enterprise market, yonsuite has achieved large-scale development of public cloud subscription business in the growth enterprise market, with nearly 3000 new customers throughout the year, and successfully signed with Jiangsu ZhongfuDa Co., Ltd., Guangdong Huibao, Sichuan supply and marketing cloud and other model customers. In the small and micro enterprise market, changjietong has realized the rapid growth of public cloud subscription business in the fields of digital intelligence finance and taxation and digital intelligence business.
Risk warning: the impact of macroeconomic changes on customer procurement; Cloud business is not progressing as expected
