\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
Key investment points
Cloud + software revenue is bright, and the annual performance target remains unchanged. While the company has achieved rapid growth in its main business income, its business income structure has been optimized to a certain extent. During the reporting period, UFIDA cloud + software achieved a revenue of 1.27 billion yuan, a year-on-year increase of + 22.1%, of which the cloud revenue was 750 million yuan, accounting for 59%. The total contract liabilities were 2.265 billion yuan, a year-on-year increase of + 11%, of which the liabilities of cloud contract and subscription contract were + 39.5% and + 95.5% year-on-year, and the liabilities of software contract decreased by 44.3% year-on-year. The company made great efforts to give priority to public cloud subscription, improve the proportion of cloud business revenue, and consolidate the core position of cloud business in the revenue structure. Since the epidemic has little impact on Q1 performance in 2022 and will resume production in May, we speculate that the annual performance target will remain unchanged.
The enterprise business maintains strong growth, and the advantage of key customers brings revenue certainty. The market revenue of large customers was 814 million yuan, a year-on-year increase of + 19.9%. Yonbip's new generation treasurer products were delivered and verified in many central enterprises, and the orders of central enterprises increased by more than 60%; Small and medium-sized customers achieved income of 203 million yuan and 161 million yuan respectively, with a large proportion of growth compared with the same period last year, which is the result of the company's adjustment of resources into enterprise business. In addition, during the reporting period, the national epidemic spread in many places. Under the severe situation of epidemic prevention and control, the revenue of the government and other public organizations was 90 million yuan, a year-on-year increase of - 31.8%; The total revenue of the enterprise side is 1.18 billion yuan, still maintaining a high growth of 27.6%, reflecting the company's income structure dominated by large customers, which can still maintain the certainty of income under the epidemic.
Multiple measures to reduce the impact of the epidemic. UFIDA actively adjusts its working thinking and mode. On the one hand, it increases online marketing, and adopts immersive and multi scene methods to strengthen customers' understanding of products and improve the awareness of potential customers; On the other hand, RPA technology is widely used in combination with remote mode to ensure the company's operation and customer delivery progress, and ensure that the order delivery is not affected to the greatest extent. In addition, accelerate the iteration of cloud service products, achieve four pioneering technological breakthroughs such as YKS / YMS cloud middleware technology, and continue to enhance the capability of yonbip cloud platform; Further strengthen the market promotion of public cloud service products, improve the competitiveness of enterprises while coping with the epidemic, and create a source of strength for sustainable development.
Expand the enterprise ecology and strengthen the business development and support of strategic partners. The company continued to consolidate its ecological advantages in the industry. During the reporting period, the R & D investment was 620 million yuan, a year-on-year increase of 40.6%. UFIDA has reached cloud native development cooperation with more than 10 ISVs, with a total of more than 1000 ISV partners. Yonstore, a cloud market application mall, has developed more than 10000 settled partners, listed 129 ecological integration schemes, and actively promoted market penetration. Yonbuilder, a low code development platform, has listed 10 cloud original products to help strengthen and expand the developer ecology.
Profit forecast and investment rating: we maintain the revenue forecast of 11.1 billion yuan / 13.4 billion yuan / 16.1 billion yuan from 2022 to 2024, and the current market value corresponds to 6 / 5 / 4 times of PS from 2022 to 2024 respectively. With the strategic opportunity of promoting the localization of Xinchuang in the new international situation, the company will continue to maintain and enhance the growth momentum formed in the first quarter and realize the rapid growth of public cloud service business of small and medium-sized enterprises with the advantage of large customers. We are optimistic about the development and performance of yonbip platform carrying UFIDA's "platform" + "ecology" strategy and maintaining the "buy" rating.
Risk warning: the competition of enterprise service industry intensifies; Covid-19 epidemic has brought about the overall economic downturn
