\u3000\u3000 Yonyou Network Technology Co.Ltd(600588) (600588)
Product integration and PAAS are the key to the success of salesforce. Throughout the development process of salesforce, there are two routes that the company has been adhering to: one is comprehensive products. The company not only includes traditional products such as sales cloud, marketing cloud, customer service cloud and business cloud, but also includes new products such as experience cloud and industry cloud; The second route is the salesforce platform (cloud platform): for the development department, it is used to build enterprise applications and enhance the functions of salesforce applications. Salesforce provides a series of its own tools, frameworks and services to help customers and partners quickly build applications.
Perfect cloud computing product line, yonnip enables enterprise digital upgrading. The company’s product lines for large and super large customers include yonbip and NC cloud; Product lines for medium-sized customers include yonsuite, U8 cloud and u9 cloud; The product line for small customers is changjietong. In addition to cloud ERP, the company also has industry cloud and domain cloud products. Domain cloud includes financial cloud, marketing cloud, procurement cloud, human cloud and other product lines. Yonbip is positioned as a business innovation platform. Through the convenient form of “cloud service package”, help enterprises to go to the cloud, adopt an open platform and architecture, focus on the cloud services in the seven core areas of Finance / human resources / collaboration / Procurement / marketing / supply chain / manufacturing, and improve the efficiency and quality of the industry as a whole based on a unified platform and services.
Constant growth helps the company develop by leaps and bounds. In January 2022, the company issued the report on the issuance of non-public offering A-Shares in 2020. The non-public offering raised 5.3 billion yuan and the issuance price was 31.95 yuan / share. The investors included 17 issuing objects, including hhlr (owned by Hillhouse), China International Capital Corporation Limited(601995) , Shenwan Hongyuan Group Co.Ltd(000166) , GIC, Wanjia fund and JPMorgan. The raised funds are used for yonbip construction project of UFIDA business innovation platform, phase III R & D center construction project of UFIDA Industrial Park (Nanchang), replenishing working capital and repaying bank loans. Yonbip, a business innovation platform of UFIDA, plans to invest 4.6 billion yuan. Yonbip is the flagship product of the company’s cloud services. The smooth issuance of fixed growth will contribute to the company’s leapfrog development.
Investment suggestion: yonnip, UFIDA’s flagship cloud product, will receive sufficient development resources after the fixed increase. The company’s cloud product line is complete and has been recognized by large users. Considering the beginning of 21 years, the company continued to increase investment. It is estimated that the company’s EPS from 2021 to 2023 will be 0.16 yuan, 0.29 yuan and 0.48 yuan respectively, maintaining the “buy” rating.
Risk warning: industry competition intensifies; The equity incentive assessment cannot be achieved; The promotion progress of large enterprises is less than expected.
