Per AI Express, on December 28, 2023, Haitong** released a research report commenting on Yonyou Network (600588).
Q3 revenue saw an inflection point, and the impact of the upgrade of the organizational model gradually passed. In the first three quarters of 2023, the company achieved operating income of 570.8 billion yuan, a year-on-year increase of 201%；Achieved net profit attributable to the parent company -103 billion yuan, -5 in the same period last year4 billion yuan;Realized net profit deducted from non-attributable to the parent company -113.6 billion yuan, -54 billion yuan;In the single quarter of Q3 2023, the company achieved operating income of 233.8 billion yuan, a year-on-year increase of 1358%；Achieved net profit attributable to the parent company -18.5 billion yuan, -2 in the same period last year8.4 billion yuan;Realize the net profit of non-attributable to the parent company -19.6 billion yuan, -33.4 billion yuan. The company's operating income in the first three quarters was mainly affected by the phased impact of the upgrading of the business organization model, with a low year-on-year growth rate, and the number of personnel in the first half of the year increased by 2,111 year-on-year, resulting in a large year-on-year increase in the sum of operating costs and sales, R&D and management expenses accumulated in the first three quarters. The company's operating income in Q3 recovered rapid growth, the company gradually passed the phased impact of the upgrade of the organizational model, and the company's business ran smoothly according to the new organizational model and has entered a good growth track.
The revenue of cloud service business achieved rapid growth. The cloud service business achieved revenue of 39 in the first three quarters4.8 billion yuan, a year-on-year increase of 113%, Q3 achieved 160.2 billion yuan, a year-on-year increase of 284%。From the perspective of different customer layers, the company's large enterprise customer business Q3 cloud service business revenue was 107.5 billion yuan, a year-on-year increase of 225%；Medium-sized enterprise customer business Q3 cloud service business revenue 20.7 billion yuan, a year-on-year increase of 611%；Small and micro enterprise customer business Q3 cloud subscription business revenue 12 billion yuan, a year-on-year increase of 216%；* Q3 cloud service business revenue with other public organization customer business16.2 billion yuan, a year-on-year increase of 678%。
The contract signing continued to grow well. The company signed 53 contracts in the first three quarters400 million yuan, a year-on-year increase of 103%, the year-on-year growth rate increased by 7 compared with the half-year2 percentage points, Q3 single-quarter contract signing 22200 million yuan, a year-on-year increase of 223%。The year-on-year growth rate of contract signing has exceeded 20% for four consecutive months since June, forming a sustained good growth momentum, and the advantages of the company's new business organization model are gradually emerging. As of the end of the third quarter, the company's contractual liabilities were 260 billion yuan, a year-on-year increase of 151%, of which 22400 million yuan, a year-on-year increase of 137%, and subscription-related contract liabilities were realized at 15200 million yuan, a year-on-year increase of 406%。As of the end of the third quarter, the cumulative number of paid customers of the company's cloud services was 66420,000, with 9 new paying customers for cloud services270,000.
Launched an employee stock ownership plan to demonstrate confidence in long-term development. The company launched the 2023 employee stock ownership plan, and the number of targets to be held does not exceed 80000000000 shares, accounting for about 2 of the company's total share capital as of the date of the announcement of the plan33%, of which 6400 is to be granted for the first time0000000 shares, reserved 16000000000 shares, and the number of participants planned to be granted for the first time does not exceed 2615. According to the performance appraisal target, the revenue from 2023 to 2025 will not be less than 106500 million yuan, 13 billion yuan, 162500 million yuan, compared with 2022, the revenue growth rate will not be less than4%。Through the employee stock ownership plan, the company has established and improved the benefit sharing mechanism with employees, fully motivated and mobilized employees, helped the company's development strategy, and promoted the company's long-term, sustainable and healthy development.
Profit** & Investment Advice. We believe that the company has upgraded its business organization model in the first half of the year, and the business of large enterprise customers has been upgraded to an industry-based organizational model, and the new organizational model is more efficient and mainstream, which is conducive to the company's long-term customer operation and business development. With the basic completion of the upgrading and transformation of the business organization model, the company has strengthened the construction of supporting operation capabilities of the business organization, and the business of large enterprise customers has continued to achieve rapid growth since the third quarter, further showing the advantages of industrialization, and the company's overall operating income and operation efficiency are expected to accelerate the recovery in the future. We expect the company's operating income from 2023 to 2025 to be ., respectively7.8 billion yuan, and the net profit attributable to the parent company was .0.3 billion yuan, EPS were .35 yuan, using the PS valuation method, giving the company 7-8 times the dynamic PS in 2024, and the 6-month reasonable value range is 2688-30.72 yuan, maintaining the "better than the market" rating.
Risk Warning. Business development is less than expected, policy promotion is less than expected, and market competition is intensifying.
*: Huibo Investment Research).
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Edited by Tsang Kin-fai).
National Business Daily.