Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 6.6, indicating a potential upside of 12.6% from the current price of HKD 5.86 [3]. Core Insights - The company's revenue and profitability are impacted by short-term macroeconomic factors, while the transition to a cloud subscription model is ongoing [3]. - In the first half of 2024, the company reported a revenue of RMB 2.87 billion, a year-on-year increase of 11.9%, with cloud service revenue reaching RMB 2.39 billion, up 17.2% [3]. - The annual recurring revenue (ARR) from cloud subscription services is approximately RMB 3.15 billion, reflecting a growth of 24.2% year-on-year [3]. - The company is focusing on large enterprise clients, which have shown significant growth, and is accelerating its international expansion [3]. - Cost reduction and efficiency improvements are evident, with a gross profit margin increase to 63.2% due to a higher proportion of subscription revenue [3]. Financial Summary - Total revenue (in RMB thousand) is projected to grow from 4,865,769 in 2022 to 8,469,372 by 2026, with a compound annual growth rate (CAGR) of approximately 13.79% [1]. - Net profit is expected to improve from a loss of 389,158 in 2022 to a profit of 470,236 by 2026, indicating a significant turnaround [1]. - The diluted earnings per share (EPS) is forecasted to rise from -0.11 in 2022 to 0.13 in 2026, reflecting a strong recovery trajectory [1]. - The company has been actively repurchasing shares, with 47.3 million shares bought back for a total of HKD 400 million [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$10.80, representing an 84.9% upside from the current price of HK$5.84 [2][3]. Core Insights - The company reported a revenue growth of 11.9% year-on-year for 1H24, down from 16.8% in 1H23, attributed to extended transaction cycles and macroeconomic headwinds affecting small and micro enterprises [2]. - The net loss for 1H24 was RMB 218 million, a 23% decrease year-on-year, indicating a commitment to improving operational efficiency [2]. - The company's core SaaS product, Galaxy, showed a healthy annual recurring revenue (ARR) growth of 24% in 1H24, although this was a decline from 29% in 1H23 [2]. - Cloud revenue grew by 17.2% year-on-year, reaching RMB 2.4 billion, accounting for 83.2% of total revenue, up from 79.5% in 1H23 [2]. - The company expects revenue growth to accelerate to 16% in 2H24, despite a 4% downward revision in the 2024 revenue forecast [2]. Financial Performance Summary - For FY24E, the company is projected to generate revenue of RMB 6.475 billion, reflecting a 14% year-on-year growth [3][4]. - The net profit is expected to improve significantly, with a forecasted loss of only RMB 11.5 million for FY24E, compared to a loss of RMB 209.9 million in FY23A [3][4]. - Gross profit margin is projected to be 64.9% for FY24E, slightly improving from 64.5% in FY23A [4][5]. - Operating cash flow (OCF) guidance for 2024 remains at RMB 900 million, indicating confidence in operational efficiency improvements [2]. Revenue Breakdown - The company's revenue from large enterprises grew by 38.9% year-on-year in 1H24, indicating stable demand despite longer transaction cycles [2]. - The Galaxy product line generated RMB 1.1 billion in revenue for 1H24, marking a 14.3% increase year-on-year [2]. - The contribution of cloud revenue continues to rise, with a significant increase in the share of total revenue [2]. Market Position and Outlook - The management remains optimistic about the recovery of demand, particularly for small enterprises, and anticipates a gradual improvement in contract values and transaction cycles [2]. - The company signed 275 new customers for its C&C business in 1H24, emphasizing the solid expansion trajectory of its lifetime contract value (LTCV) [2].

Investment Rating - The report maintains a BUY rating for Kingdee with a target price lowered to HK$10.80 per share from HK$15.50, indicating an upside potential of 84.9% from the current price of HK$5.84 [3]. Core Insights - Kingdee's revenue for 1H24 increased by 11.9% YoY to RMB2.87 billion, slightly below Bloomberg consensus estimates, attributed to a lengthened deal cycle and macroeconomic challenges affecting small and micro enterprises [2]. - The net loss for 1H24 was RMB218 million, representing a 23% YoY reduction and 20% narrower than consensus estimates, showcasing Kingdee's focus on improving operational efficiency [2]. - The company's core SaaS product, Galaxy, demonstrated healthy growth with a 24% YoY increase in subscription ARR in 1H24, although the dollar retention rate slightly decreased to 95% [2]. - Kingdee's cloud revenue grew by 17.2% YoY to RMB2.4 billion, accounting for 83.2% of total revenue, while license ERP revenue declined by 8.8% YoY [2]. Financial Performance Summary - Revenue projections for FY24E have been lowered by 4% to RMB6.475 billion, with expectations for 2H24 revenue growth to reaccelerate to 16% [2][6]. - The gross profit margin improved to 63.2% in 1H24, up 1.3 percentage points YoY, driven by increased cloud revenue contribution [2]. - Kingdee's operating loss is projected to narrow, with a forecasted net profit of RMB240.6 million in FY25E and RMB466.8 million in FY26E [5][9]. Customer and Market Dynamics - Kingdee signed 275 new customers for its Cosmic & Constellation (C&C) business in 1H24, with revenue growth of 38.9% YoY [2]. - The lifetime contract value (LTCV) for C&C customers has shown a solid expansion trajectory, indicating strong demand for localized software solutions [2]. - Management's guidance remains optimistic for operational cash flow (OCF) growth, targeting RMB900 million for 2024, despite a slower overall revenue growth pace [2].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 52周内股价走势图 -57% -45% -32% -20% -7% 6% 金蝶国际 恒生指数 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 ——金蝶国际 2024 年中报点评 本报告导读： 投资要点： [Table_Report] 相关报告 股票研究 /[Table_Date] 2024.08.18 | --- | --- | --- | |----------|-------------------|-----------------------------| | | 李沐华(分析师) | 陈剑鑫(研究助理) | | | 010-83939797 | 021-38038262 | | | limuhua@gtjas.com | chenjianxin027974@gtjas.com | | 登记编号 | S088051908 ...

Investment Rating - The report maintains a "Buy" rating for Kingdee International (00268 HK) with a target price of HKD 11 88 per share [4][17] Core Views - Kingdee International reported H1 2024 revenue of RMB 2 87 billion, up 11 9% YoY, with a net loss attributable to shareholders of RMB -220 million, improving from RMB -280 million in H1 2023 [2][6] - Cloud transformation continues to progress, with cloud business revenue growing 17 2% YoY to RMB 2 39 billion, accounting for 83 2% of total revenue ARR reached RMB 3 15 billion, up 24 2% YoY [2][7] - Key cloud products maintained high renewal rates: 97% for Cangqiong/Xinghan, 95% for Xingkong, and 92% for Xingchen, reflecting strong competitiveness in cloud services [2][9] - R&D and sales expense ratios declined by 0 9pct and 1 9pct YoY, respectively, indicating the cloud transformation is entering a harvest phase [2] Financial Performance - Traditional software revenue declined 8 8% YoY to RMB 480 million, while cloud revenue grew 17 2% YoY to RMB 2 39 billion [7] - Gross margin improved to 63 2% in H1 2024, up from 61 9% in H1 2023 [7] - Operating cash flow was RMB -166 million, slightly better than RMB -169 million in H1 2023 [7] - Contract liabilities related to cloud subscriptions reached RMB 2 71 billion, up 28 2% YoY [7] Cloud Business Breakdown - Cangqiong/Xinghan (PaaS/SaaS for large enterprises) revenue grew 38 9% YoY to RMB 550 million, with ARR up 29% YoY and a renewal rate of 97% [12][13] - Xingkong (mid-market SaaS) revenue increased 14 3% YoY to RMB 1 05 billion, with a renewal rate of 95% and 42,000 cumulative customers [14] - Xingchen (SME cloud) revenue surged 70 8% YoY, with a renewal rate of 92% [16] Market Expansion - Kingdee secured major clients in H1 2024, including China National Petroleum Corporation, China Aviation Group, and Dongfeng Motor [12] - The company expanded its global presence, signing 121 new overseas customers in regions like Southeast Asia and Europe [14] Valuation and Forecast - The report forecasts 2024-2026 revenue of RMB 6 51 billion, RMB 7 54 billion, and RMB 8 88 billion, respectively, with YoY growth rates of 14 6%, 15 9%, and 17 8% [17] - Based on a 6x PS multiple for 2024, the target price is set at HKD 11 88 per share [17] Competitive Positioning - Kingdee is positioned as a leading domestic cloud ERP provider, with strong market share growth, particularly in the large enterprise segment [17] - The company's financial quality is better than peers, with receivables accounting for only 2 6% of total assets in H1 2024, compared to 10 4% for Yonyou Network [17]

Investment Rating - The report maintains a "Buy" rating for Kingdee International (0268.HK) [2] Core Views - Kingdee International's total revenue for H1 2024 reached 28.7 billion RMB, with a year-on-year growth of 8.8% [2] - The company's cloud service revenue grew by 17.2% year-on-year to 23.89 billion RMB, accounting for approximately 83.2% of total revenue [2] - The gross profit was 18.15 billion RMB, corresponding to a gross margin of 63.2%, indicating a slight increase of 1.3 percentage points year-on-year [2] - The company is actively pursuing cloud subscription services, with significant progress in securing large enterprise contracts [2] - The annual recurring revenue (ARR) for cloud subscription services increased by 28.2% year-on-year [2] Summary by Relevant Sections Financial Performance - In H1 2024, Kingdee International reported a net loss attributable to shareholders of 2.84 billion RMB, while maintaining guidance for breakeven in the current year [2] - The company achieved a net renewal rate of 97% for its cloud subscription services [2] - The total contract value for new contracts signed in H1 2024 reached 12.2 billion RMB, reflecting a continuous expansion of customer lifetime value [2] Strategic Focus - Kingdee International's future strategy emphasizes subscription-first AI management solutions, with ongoing innovations in AI applications [2] - The company has established partnerships with major enterprises such as Hisense Group and China Jinmao, validating its AI applications in human resource management [2] Market Position - Kingdee International is solidifying its leadership position in the mid-sized market, with significant revenue growth from its cloud services [2] - The company has expanded its international presence, helping Chinese enterprises to go global, with new clients in countries like Indonesia and Singapore [2] Earnings Forecast and Valuation - The report projects a slight downward adjustment in revenue forecasts for 2024-2026 due to the impact of macroeconomic pressures on small and medium enterprises [2] - The forecasted GAAP net profit for 2024 is adjusted to a loss of 1.8 billion RMB, with expectations of recovery in subsequent years [2]

[Performance Summary](index=1&type=section&id=Performance%20Summary) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the six months ended June 30, 2024, the Group's total revenue increased by 11.9% year-on-year to approximately RMB 2.87 billion, while loss attributable to equity holders significantly narrowed to approximately RMB 218 million from RMB 284 million in the prior period Financial Performance Summary | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Revenue** | Approx. RMB 2.87 billion | - | | **YoY Growth** | 11.9% | - | | **Loss Attributable to Equity Holders** | Approx. RMB 218 million | Approx. RMB 284 million | | **Basic Loss Per Share** | Approx. 6.12 cents | Approx. 8.23 cents | [Company Financial Performance](index=2&type=section&id=Company%20Financial%20Performance) In H1 2024, the Group's total revenue increased by 11.9% to RMB 2.87 billion, driven by cloud services growth of 17.2% and 24.2% ARR growth, narrowing loss attributable to equity holders by 23.2% to RMB 218 million Key Financial Indicators | Financial Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | **Total Revenue** | RMB 2.87 billion | +11.9% | | **Cloud Services Revenue** | RMB 2.39 billion | +17.2% | | **Cloud Subscription Services ARR** | RMB 3.15 billion | +24.2% | | **Cloud Subscription Contract Liabilities** | - | +28.2% | | **Loss Attributable to Equity Holders** | RMB 218 million | -23.2% | | **Basic Loss Per Share** | 6.12 cents | Narrowed | | **Net Cash Flow from Operating Activities** | Outflow of RMB 166 million | Largely Stable | - The narrowing of losses is primarily due to the gradual realization of economies of scale in the large enterprise business[4](index=4&type=chunk) [Business Review and Outlook](index=2&type=section&id=Business%20Review%20and%20Outlook) [Strategic Summary](index=2&type=section&id=Strategic%20Summary) The Group's core strategy focuses on empowering enterprises by cultivating large enterprise markets, penetrating medium enterprise markets for overseas expansion, and leveraging AI to lead in micro and small enterprise markets - The Group's key strategic initiatives include: - **Large Enterprise Market**: Prioritizing product and value, deeply cultivating key industries, and establishing digital benchmarks - **Medium Enterprise Market**: Focusing on integrated R&D, production, supply, sales, and service, empowering with AI, and accelerating internationalization to seize opportunities for Chinese enterprises expanding overseas - **Micro and Small Enterprise Market**: Maintaining leadership in financial and tax products, continuously innovating with AI, and consolidating market leadership[6](index=6&type=chunk) [Company Business Summary](index=3&type=section&id=Company%20Business%20Summary) The Group's business continues to grow, with cloud services revenue increasing by 17.2% as the primary source, while large, medium, and micro enterprise markets achieved steady growth, particularly in domestic substitution, overseas expansion, and AI applications, despite a decline in traditional ERP business revenue - According to IDC's 2023 report, Kingdee ranks first in China's SaaS ERM, financial cloud, and enterprise EPM markets, and has maintained its leading market share in China's growth-oriented enterprise application software market for 19 consecutive years[7](index=7&type=chunk) [Cloud Services Business](index=3&type=section&id=Cloud%20Services%20Business) Cloud services, the Group's core growth engine, saw revenue increase by 17.2% to RMB 2.39 billion, accounting for 83.2% of total revenue, with strong performance across segments including large enterprise market revenue growth of 38.9%, medium market growth of 14.3%, and micro financial cloud growth of 17.3% Cloud Services Revenue by Segment | Segment | Revenue | YoY Growth | | :--- | :--- | :--- | | **Total Cloud Services Business** | RMB 2.39 billion | 17.2% | | **Large Enterprises (Cosmic & Xinghan)** | RMB 546 million | 38.9% | | **Medium Enterprises (Xingkong)** | RMB 1.054 billion | 14.3% | | **Micro Financial Cloud** | RMB 588 million | 17.3% | - Large Enterprise Market: Successfully signed leading enterprises such as China National Petroleum Corporation and Dongfeng Motor, launched AI management assistant Cosmic, and deepened AI cooperation with Baidu and Microsoft[9](index=9&type=chunk) - Medium Enterprise Market: Seized opportunities for Chinese enterprises expanding overseas, newly signed 121 outbound enterprises, with business covering Southeast Asia, the United States, and Europe[10](index=10&type=chunk) - Micro and Small Enterprise Market: Kingdee Cloud · Xingchen revenue increased by **70.8% year-on-year**, and intelligent solutions such as AI inventory management were launched[11](index=11&type=chunk) [Enterprise Resource Planning Business and Others](index=4&type=section&id=Enterprise%20Resource%20Planning%20Business%20and%20Others) As the Group transitions to cloud services, traditional Enterprise Resource Planning (ERP) and other business revenues continued to contract, decreasing by **8.8% year-on-year** to **RMB 481 million** during the reporting period ERP and Other Business Revenue | Business Segment | H1 2024 Revenue | H1 2023 Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **ERP and Others** | RMB 481 million | RMB 527 million | -8.8% | [Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Interim Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets decreased to **RMB 13.04 billion** from **RMB 14.14 billion** at the beginning of the year, with total liabilities decreasing to **RMB 4.996 billion** from **RMB 5.437 billion**, resulting in net assets of **RMB 8.047 billion** Key Financial Position Indicators | Indicator (RMB thousand) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | 13,042,893 | 14,139,197 | | **Total Liabilities** | 4,995,770 | 5,437,045 | | **Net Assets** | 8,047,123 | 8,702,152 | | **Contract Liabilities** | 3,367,104 | 3,176,589 | [Condensed Consolidated Interim Statement of Profit or Loss](index=7&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) In H1 2024, the Group achieved revenue of **RMB 2.87 billion**, a **11.9% year-on-year increase**, with gross profit of **RMB 1.82 billion** and a gross margin of **63.2%**, while operating loss narrowed to **RMB 317 million** and net loss attributable to equity holders decreased by **23.2%** to **RMB 218 million** Key Profit or Loss Indicators | Indicator (RMB thousand) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Revenue** | 2,870,025 | 2,565,850 | | **Gross Profit** | 1,815,187 | 1,588,770 | | **Operating Loss** | (317,060) | (388,191) | | **Loss Attributable to Equity Holders of the Company** | (217,851) | (283,535) | | **Basic Loss Per Share (RMB cents)** | (6.12) | (8.23) | [Condensed Consolidated Interim Statement of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) During the reporting period, net cash outflow from operating activities was **RMB 166 million**, largely stable year-on-year, while net cash outflow from investing activities was **RMB 651 million**, and from financing activities was **RMB 889 million**, primarily due to loan repayments and share repurchase payments, with cash and cash equivalents at period-end totaling **RMB 1.258 billion** Key Cash Flow Activities | Cash Flow Activities (RMB thousand) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | (166,292) | (168,887) | | **Net Cash Used in Investing Activities** | (650,806) | (914,362) | | **Net Cash Used in Financing Activities** | (888,701) | 209,919 | | **Net Decrease in Cash and Cash Equivalents** | (1,705,799) | (873,330) | | **Cash and Cash Equivalents at Period-End** | 1,258,498 | 1,071,870 | [Notes to Financial Information](index=12&type=section&id=Notes%20to%20Financial%20Information) [Segment Information](index=14&type=section&id=Segment%20Information) The Group is segmented into Cloud Services, ERP and Others, and Investment Property Operations; Cloud Services is the largest revenue source but remains at a loss, while ERP business is marginally profitable despite shrinking, and investment properties provide stable profit, with most revenue from mainland China H1 2024 Segment Performance | H1 2024 Segment Performance (RMB thousand) | Cloud Services Business | ERP Business and Others | Investment Property Operations | Group Total | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 2,389,247 | 480,778 | - | 2,870,025 | | **Operating (Loss)/Profit** | (347,384) | 4,456 | 25,868 | (317,060) | - The Group's primary operations are in China, with revenue from external customers in mainland China totaling **RMB 2.848 billion**, accounting for **99.2% of total revenue**[31](index=31&type=chunk) [Management Discussion and Analysis](index=38&type=section&id=Management%20Discussion%20and%20Analysis) [Analysis of Key Financial Information](index=38&type=section&id=Analysis%20of%20Key%20Financial%20Information) Management analysis indicates revenue growth was primarily driven by a **17.2% strong increase** in cloud services, with gross margin improving by **1.3 percentage points to 63.2%** due to a higher proportion of subscription revenue, while selling, administrative, and R&D expenses as a percentage of revenue all decreased, reflecting improved cost control and operational efficiency, collectively narrowing the operating loss - Gross margin improved from **61.9% to 63.2%**, primarily due to an increased proportion of subscription revenue[79](index=79&type=chunk) - Selling and marketing expenses as a percentage of revenue decreased from **44.5% to 42.7%**[80](index=80&type=chunk) - Administrative expenses as a percentage of revenue decreased from **9.3% to 8.7%**[81](index=81&type=chunk) - Research and development expenses as a percentage of revenue decreased from **29.0% to 28.1%**[82](index=82&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of the end of the reporting period, the Group held total cash and bank balances of **RMB 4.19 billion**, with an equity ratio (total liabilities/total equity) of **62.08%**, remaining relatively stable, and manages liquidity, interest rate, foreign exchange, and credit risks centrally through a unified treasury department Liquidity and Capital Resources Indicators | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Cash and Bank Balances** | RMB 4.19 billion | RMB 5.69 billion | | **Equity Ratio** | 62.08% | 62.48% | | **Current Ratio** | 1.07 | - | - The Group's foreign exchange risk primarily arises from USD to RMB and HKD to RMB exchange rates; currently, there is no foreign currency hedging policy, but management monitors these risks[97](index=97&type=chunk) [Future Outlook](index=45&type=section&id=Future%20Outlook) The Group will continue to firmly execute its core strategy of "Subscription First, AI First," focusing on AI innovation and supporting Chinese enterprises' overseas expansion to continuously enhance product and service quality for high-quality growth, while upholding its new mission of "Empowering Enterprises to Achieve Excellence" - The company will continue to focus on its core strategy of "**Subscription First, AI First**" in the future[104](index=104&type=chunk) - Key areas of exploration include AI innovation applications and supporting Chinese enterprises in their overseas expansion[104](index=104&type=chunk) [Directors' Report](index=46&type=section&id=Directors%20Report) [Share Incentive Scheme and Share Repurchase](index=46&type=section&id=Share%20Incentive%20Scheme%20and%20Share%20Repurchase) During the reporting period, the company actively utilized its share incentive scheme, granting **12.82 million** award shares, while also repurchasing and canceling **46.88 million** shares from the open market at a total cost of approximately **HKD 397 million** to enhance shareholder value - During the reporting period, **12,821,280** award shares were granted under the share award scheme[109](index=109&type=chunk) - During the reporting period, the company repurchased a total of **46,876,000** shares on the Stock Exchange at a total cost of approximately **HKD 397 million**, all of which have been canceled[129](index=129&type=chunk)[130](index=130&type=chunk) [Directors' and Shareholders' Interests](index=50&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) The report discloses the shareholding status of directors and major shareholders, with Mr. Xu Shaochun, Chairman of the Board, holding approximately **19.57%** of the company's interests, and BlackRock, Inc. as a major shareholder with approximately **5.02%** long position Major Shareholders' Interests | Shareholder Name | Nature of Interest | Shareholding Percentage | | :--- | :--- | :--- | | **Xu Shaochun (Chairman)** | Interest in controlled corporation/Beneficial owner, etc. | 19.57% | | **Easy Key Holdings Limited** | Interest in controlled corporation | 18.98% | | **BlackRock, Inc.** | Interest in controlled corporation | 5.02% | [Corporate Governance](index=56&type=section&id=Corporate%20Governance) During the reporting period, the company complied with most provisions of the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are both held by Mr. Xu Shaochun, which the Board believes benefits the company's stable development and strategic execution, and the Audit Committee has reviewed the current period's results - The company has one deviation from the Corporate Governance Code: the roles of Chairman and Chief Executive Officer are not separated, both held by Mr. Xu Shaochun, which the Board believes facilitates effective strategy formulation and rapid response to market changes[132](index=132&type=chunk) - The Audit Committee has reviewed the Group's unaudited consolidated results and this announcement[135](index=135&type=chunk)

Summary of Conference Call Industry or Company Involved - The discussion focuses on a specific core product that has been emphasized over the past year, indicating its significance in the current macroeconomic environment [1]. Core Points and Arguments - The overall fundamentals of the core product are believed to exhibit strong alpha characteristics in the current macroeconomic context [1]. - The valuation and cost-effectiveness of the product are considered to be at historically low levels, suggesting a favorable investment opportunity [1]. - The organization of this exchange activity indicates a proactive approach to engage stakeholders and share insights on the product's potential [1]. Other Important but Possibly Overlooked Content - The emphasis on the product's performance and valuation suggests a strategic focus on identifying and capitalizing on market opportunities during challenging economic times [1].

股 票 研 究 [Table_industryInfo] 计算机 [ Table_Main[ 金 TIna 蝶fbole] 国 _T 际itle （] 0268） [评Tab级le_：Inv est] 增持 当前价格（港元）： 9.21 云转型卓有成效、AI 协同发力，盈利拐点将至 2024.05.21 海 [ 交Ta易bl数e_据M arket] 外 李沐华(分析师) 陈剑鑫(研究助理) 52周内股价区间（港元） 7.28-13.88 公 010-83939797 021-38038262 当前股本（百万股） 3,594 当前市值（百万港元） 33,098 司 limuhua@gtjas.com chenjianxin027974@gtjas.co （ 证书编号 S0880519080009 mS0 880123030056 [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 订阅优先：再显成效，云服务营收占比继续提升，续费率维持高位。AI优先：大模型 金蝶国际 恒生指数 香 加速ERP国产替代，Cosmic优化用户体验。叠加降本增效，扭亏步伐或超预期。 20% 摘要： 港 8% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months [8]. Core Insights - The company has launched an AI management assistant named Cosmic, which accelerates its "subscription-first, AI-first" strategy. This product is based on extensive data from over 7.4 million enterprise clients and aims to enhance management efficiency across various business scenarios [5]. - The company's cloud transformation strategy is progressing rapidly, with a reported annual recurring revenue (ARR) of approximately 2.98 billion yuan as of Q1 2024, reflecting a growth rate of 28%. The company has achieved high net dollar retention rates across its cloud products, indicating strong customer loyalty [5]. - Financial performance is improving, with a gross margin of 64.17% in 2023, up from 61.61% the previous year. The net loss has significantly decreased from 389 million yuan to 210 million yuan year-on-year, and operating cash flow reached 653 million yuan, a 74.6% increase from the previous year [5]. Financial Projections - Revenue projections for the company have been adjusted to 6.737 billion yuan for 2024, 7.931 billion yuan for 2025, and 9.333 billion yuan for 2026, with corresponding net profits of -43 million yuan, 181 million yuan, and 459 million yuan respectively. The price-to-sales (P/S) ratios are projected to be 4.4, 3.8, and 3.2 for the same years [4][3]. - The company is expected to achieve a gross margin of 65% in 2024, with a net profit margin turning positive by 2025 [7]. Market Position - The company holds a market capitalization of approximately 32.92 billion HKD, with a share price of 9.16 HKD [4]. - The report highlights the company's competitive advantages and the optimization of its revenue structure, which supports the positive outlook for its stock performance [4].