\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 maintain that the company’s net profit attributable to the parent company from 2022 to 2024 is predicted to be 899, 1149 and 1475 million yuan, EPS is 0.26, 0.33 and 0.43 yuan / share, and the current share price corresponds to 73.1, 57.2 and 44.6 times of PE. 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.
The performance is in line with expectations, and the cloud + software business is growing rapidly
In 2022q1, the company achieved an operating revenue of 1.279 billion yuan, a year-on-year increase of 5.4%, of which the revenue of cloud + software was 1.270 billion yuan, a year-on-year increase of 20.1%. The net profit attributable to the parent company was -393 million yuan, which was mainly due to the increase of R & D investment, sales and market investment and the one-time income from the disposal of changjietong equity in 2021. The gross profit margin of the company’s sales was 49.11%, an increase of 2.02 percentage points year-on-year. At the same time, the company’s various expense rates have increased, and the sales expense rate, management expense rate and R & D expense rate have increased by 2.72, 0.83 and 9.22 percentage points respectively. In addition, the company’s contract liabilities reached 2.265 billion yuan, including 1.715 billion yuan of cloud contract liabilities, a year-on-year increase of 39.5%, and 961 million yuan of subscription related contract liabilities, a year-on-year increase of 95.5%.
Seize the opportunities of digital intelligence and localization of enterprises and continue to expand their advantages in the market of large enterprises
Faced with the opportunities of digital intelligence and localization of Xinchuang, the company’s strategic customer business headquarters for super large enterprises continued to make breakthroughs, and the contract amount increased by more than 60% year-on-year. The first-class units of central enterprises signed new contracts with Three Gorges group and China salt group. In addition, they signed with China Shipbuilding and fuel group, China Gold Coin Corporation, Kirin software, China Agricultural Bank Of China Limited(601288) , China Life Insurance Company Limited(601628) endowment insurance and other top benchmark customers, The renewal rate of cloud service business of large enterprises reached 108%.
Continue to fully implement the subscription priority strategy
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’s revenue, contract liabilities, signing and other indicators have doubled, and has successfully signed contracts with many well-known enterprises such as Guangdong fruit products, gaoerfzun, 800 bottles, Shibin e-commerce and so on. In the small and micro enterprise market, subscription revenue accounts for more than 50% of changjietong’s overall revenue.
Risk warning: the impact of macroeconomic changes on customer procurement; Cloud business is not progressing as expected. Financial summary and valuation indicators
