\u3000\u3000 Yonyou Network Technology Co.Ltd(600588) (600588)
The fund-raising was 5.26 billion yuan, and UFIDA fixed growth was successfully completed. Yonyou Network Technology Co.Ltd(600588) issued an announcement on the evening of January 25 to disclose the results of non-public offering of shares. After deducting expenses, it raised 5.258 billion yuan and locked the issue price at 31.95 yuan / share.
The fixed value-added tax was finally implemented and long-term investors were introduced. Focusing on the results of this fixed increase, the company has introduced a number of well-known investment institutions, including hhlr Management Co., Ltd., GIC (Singapore government investment company), Kaiyu capital, Gaoyi assets, Huarong assets, etc. of which Gaoling was allocated 1 billion yuan, Gaoyi assets, GIC and Huarong were allocated 480 million yuan, 340 million yuan and 280 million yuan respectively.
Focus on the strategic product yonbip and firm cloud transformation. The 5.3 billion yuan raised by the company will focus on yonbip, the heavyweight core product launched by UFIDA in 20 years. Yonyou yonbip adopts the cloud native architecture, takes super large and large enterprises as the key target customers, and leads customers to digital transformation in combination with yonyou’s own decades of experience in serving large enterprise informatization. Compared with the advanced ERP products, YonBIP can provide the ability of linking up and down the industrial chain. Besides, the online trading platform represented by the friends cloud has realized the transaction volume of 118 billion 600 million yuan in 21 years, and has achieved a breakthrough in transformation from ERP to the industrial Internet.
Digital economy leads the next stage of development, UFIDA is expected to play the role of “pioneer”. The 14th five year plan for digital economy It defines several key indicators by 2025: increase the proportion of core industries of digital economy to 10%; The scale of software and information technology industry reached 14 trillion, with CAGR of 11.4%; The penetration rate of industrial Internet platform has reached 45%, which is currently 14.7%; The number of real name users of online government services has reached 800 million, double that of 20 years. UFIDA, as the leader of China’s ERP, can empower enterprises in terms of products, digitalize the whole process of product R & D, production and manufacturing, inventory and sales and middle and back office management, and ecologically own the “smart” industrial Internet platform to lead the industry to the cloud, which is expected to become the leader of Chinese enterprise digitalization in the next stage.
Investment suggestion: it is estimated that the company’s revenue in 21-23 years will be 9.64 billion yuan, 12.46 billion yuan and 14.97 billion yuan respectively, and the net profit attributable to the parent company in 21-23 years will be 1.10 billion yuan, 1.22 billion yuan and 1.63 billion yuan respectively. The current market value corresponds to 113, 101 and 76 times of PE in 21 years and 13 / 10 times of PS in 21 / 22 years. UFIDA is the leader of China’s ERP software SaaS. At present, under the unanimous expectation of wind, the average PS of China Cloud Computing SaaS company in 21 / 22 years is 21 / 16 times, and the company’s PS valuation has room for improvement. Therefore, the “recommended” rating is maintained.
Risk tip: the downward pressure of the economy and the decline of enterprise it expenditure; The gross profit margin fell due to the intensification of industry competition; The R & D and promotion progress of yonbip, a heavy product, was less than expected.
