\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
In 2022q1, cloud + soft revenue grew by 20%, slightly exceeding market expectations
In 2022q1, the company achieved a revenue of 1.279 billion yuan, a year-on-year increase of 5.39%, of which the cloud service + software business achieved a revenue of 1.270 billion yuan, a year-on-year increase of 20.1%; The net loss of net profit attributable to the parent company was 393 million yuan, with a year-on-year increase of 380 million yuan, mainly due to the one-time income from the disposal of the equity of changjietong payment subsidiary in the same period of last year; The net loss of net profit attributable to the parent company after deducting non profits was 362 million yuan, with a year-on-year increase of 152 million yuan, mainly due to increased investment in R & D, sales and market. Overall, the growth rate of revenue in the first quarter was slightly higher than expected, and it still achieved rapid growth under the influence of covid-19 epidemic in some regions.
Subscription contract liabilities increased by 96% year-on-year, and the revenue structure was more optimized
In 2022q1, the company's cloud service business revenue was 748 million yuan, a year-on-year increase of 45.1%, and the software business revenue was 522 million yuan, a year-on-year decrease of 3.7%; Contract liabilities were 2.265 billion yuan, including 1.715 billion yuan of contract liabilities related to cloud business, an increase of 8.5% over the end of last year, a year-on-year increase of 39.5%, and 961 million yuan of contract liabilities related to subscription, an increase of 13.4% over the end of last year, a year-on-year increase of 95.5%, with a better income structure. During the reporting period, the company added 33200 cloud service paying customers, with a total of 470700 paying customers, and the number of customers continued to grow.
Continue to promote the layered management strategy, and the three markets of large, medium and small will grow together
(1) large enterprises: cloud + soft revenue was 814 million yuan, with a year-on-year increase of 19.9%, of which cloud service revenue was 472 million yuan, with a year-on-year increase of 29.1% and a renewal rate of 108%. The contract amount of strategic customer business department for super large enterprises increased by more than 60% year-on-year. (2) Medium sized enterprises: cloud + soft revenue was 203 million yuan, with a year-on-year increase of 42.4%, of which the cloud service revenue was 89 million yuan, with a year-on-year increase of 165.6%, the rate was 84%, and the public cloud subscription doubled. (3) Small and micro enterprises: cloud + soft revenue was 161 million yuan, a year-on-year increase of 57.6%, of which SaaS subscription revenue was 85 million yuan, a year-on-year increase of 94.8%. The number of paying enterprise users of cloud service business increased by 31000 +, with a total of 428000 +, a year-on-year increase of 40%. (4) Government and others: revenue was 91.64 million yuan, a year-on-year decrease of 31.8%, of which cloud service revenue was 57.92 million yuan, a year-on-year increase of 103.4%.
Profit forecast and valuation
In 2022q1, the growth rate of revenue exceeded expectations, the revenue structure was more optimized, and the market of large, medium-sized, small and Micro customers continued to grow rapidly. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 736 million yuan, 980 million yuan and 1.328 billion yuan respectively; The corresponding EPS is 0.22, 0.30 and 0.41 yuan, maintaining the "buy" rating.
Risk tips
The macro-economy affects the downstream expenditure, the market competition intensifies, and the promotion of yonbip is less than expected.
