\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
Revenue slightly exceeded expectations, and contract liabilities returned to an accelerated trend.
Q1 achieved an operating revenue of 127918 million yuan, with a year-on-year increase of 5.4%. Among them, cloud + soft achieved a revenue of 1.270 billion yuan, with a year-on-year increase of 20.1%, and cloud service business revenue of 748 million yuan, with a year-on-year increase of 45.1%. The company’s contract liabilities reached 2.265 billion yuan, and the overall trend returned to normal. Among them, the cloud contract liabilities were 1.715 billion yuan, an increase of 8.5% month on month and 39.5% year on year. The subscription related contract liabilities were 961 million yuan, an increase of 13.4% month on month and 95.5% year on year. The net profit attributable to the parent company was -393 million yuan, a year-on-year loss, and the cash flow from operating activities was -1.003 billion yuan, which was slightly affected by the epidemic on the whole.
Medium sized yonsuite products accelerated, and revenue / contract liabilities / signing and other indicators doubled.
The overall revenue of Q1 medium-sized enterprises was 203 million yuan, with a year-on-year increase of 42.4%. Among them, the revenue of cloud service business was 88.55 million yuan, with a year-on-year increase of 165.6%, and the public cloud subscription business doubled, with a renewal rate of 84%. The professional version of cloud native yonsuite product yonsuite 202203 has formed industrial solutions such as software and information technology services, daily chemicals and professional technical services. 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, golvuzun, 800 bottles and Shibin e-commerce. The company’s medium-sized product lines yonsuite, u8c and u9c have formed a strong product line structure and began to catch up and surpass in subscription and other aspects
The large-scale confirmed income is slightly affected by the epidemic, and the signing of central state-owned enterprises is still in the state of high-speed landing.
The overall revenue of Q1 large enterprises was 814 million yuan, with a year-on-year increase of 19.9%. Among them, the revenue of cloud service business was 472.44 million yuan, with a year-on-year increase of 29.1%. The overall revenue was slightly affected by the epidemic. The contract amount of strategic customer business headquarters for super large enterprises increased by more than 60% year-on-year. The overall contract was signed with new central enterprise level-1 units such as Three Gorges group and China Salt Group, as well as 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, China Development Bank, Bank Of China Limited(601988) , Gansu Tobacco, Guizhou tobacco, Anhui Zhongyan, Shaanxi hande axle, China United Network Communications Limited(600050) China Star network and other industry leaders and benchmark customers continue to grasp the advantages of large enterprises in the wave of localization.
Investment suggestion: in view of the impact of the epidemic and the company’s focus on cloud business strategy to shrink financial business, the revenue forecast for 20222024 is adjusted to 10.739/13.188/16.356 billion yuan (the original forecast was 12.068/14.964 billion yuan from 20222023). In view of the company’s continued grasp of localization opportunities, the investment in R & D and sales may continue to increase year-on-year, The net profit forecast from 2022 to 2024 was adjusted to RMB 885 / 12.06 / 1.641 billion (the original forecast was RMB 11.01 / 1.291 billion from 2022 to 2023), and the “buy” rating was maintained.
Risk tip: the localized orders of central enterprises and state-owned enterprises are not received as expected; The cloud transformation in the medium-sized market is less than expected; The cloud of large enterprise products is less than expected
