\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
Recent situation of the company
On April 29, the company released its first quarterly report, Q1 revenue was 1.279 billion yuan, Y / y5.5 billion yuan 39%； The net profit attributable to the parent company was -393 million yuan, compared with -13 million yuan in the same period last year. The expansion of the loss was mainly due to the increase of investment and the one-time income from the disposal of the equity of Beijing changjietong Payment Technology Co., Ltd. in 2021.
Event comments
Actively respond to external disturbance factors such as the epidemic, and accelerate cloud transformation. Q1 cloud + software revenue is 1.27 billion yuan, Y / y20.5 billion yuan 1%, of which the cloud revenue is 750 million yuan, Y / y45 1%, accounting for 59% of cloud revenue, Y / y10pp; Contract liabilities increased significantly, including cloud contract liabilities of 1.72 billion yuan and Y / y39.9 billion yuan 5%, subscription contract liabilities 960 million yuan, Y / y95.5% 5%, supporting high income growth in the future. Strong growth of enterprise business, Y / Y27 6%, the government and other public organizations were affected by epidemic control and reduction of financial expenditure, Y / y-31.8%. Actively respond to the impact of the epidemic, increase online business development, and launch a large number of RPA technologies to realize remote delivery. During the transition period, the scale of personnel is expanded to balance the annual income growth and profit objectives.
The effect of layered operation is remarkable, and the product power is continuously improved. Large enterprises with cloud business revenue of RMB 7.24 billion 1%, with a renewal rate of 108%, breaking through the benchmark customers of Three Gorges group, China salt industry, China Agricultural Bank Of China Limited(601288) , Bank Of China Limited(601988) and other benchmark customers. The new generation of treasurer products have been delivered in many central enterprises, setting off a wave of new treasurer construction. It is expected to release a new yonbip accounting version on July 30, which is expected to achieve rapid growth; The cloud revenue of medium-sized enterprises is 89 million yuan, Y / y165 million yuan 6%, the renewal rate is 84%, u9c orders grow strongly, and yonsuite continues to expand the coverage of growing customers; The renewal rate of small and micro enterprises is 73%, which is low. It is mainly due to the natural growth or extinction of customers. It is expected to gradually recover with the mitigation of the epidemic and the resumption of work and production; The cloud revenue of government and other public organizations is 58 million yuan, Y / Y103 4%, the renewal rate is 100%. During the reporting period, 33200 cloud paying customers were added, with a total of 470700 paying customers.
Seize the opportunities of information and innovation, give full play to the aggregation effect and ecological advantages of public cloud, and be optimistic about the future performance toughness. The company has significant advantages in key customers, and the customer orders of central enterprises have increased by more than 60%. Key customers are more resilient in the uncertain market, and the new version of yonbip adds sensitive applications involving external connection, high frequency and high iteration, such as cost control, reimbursement and procurement, which is expected to grasp the demand of digital transformation + localization substitution of large enterprises. The company has gathered ISV partners to strengthen ecological business. There are more than 1000 ISV partners and cooperated with more than 10 large factories in cloud native development. We are optimistic about the company’s prospects and expect cloud revenue to CAGR 50% + in the next three years.
Profit adjustment and investment suggestions
We maintain the profit forecast and expect the net profit attributable to the parent company to be RMB 658 / 827 / 908 million in 22-24 years. The corresponding PE is 100 / 80 / 72 times, maintaining the “buy” rating.
Risk tips
The cloud of enterprises is less than expected; Intensified market competition; The localization process of high-end ERP market is lower than expected.
