Investment Rating - The report maintains a "Buy" rating for Kingdee International (0268.HK) [5] Core Views - The company is expected to achieve a revenue growth of 14% in 2024, reaching 6.45 billion RMB, with specific segments like Cangqiong and Xinghan projected to maintain over 40% growth [1] - Operating cash flow is anticipated to exceed 900 million RMB in 2024, with a narrowing loss forecasted to 100 million RMB, indicating a path towards breakeven in 2025 [1] - The company is focusing on subscription-first and AI-first strategies, benefiting from the domestic substitution trend and rapid order growth in its cloud services [5] Summary by Sections Revenue and Growth - The overall revenue for 2024 is projected at 6.45 billion RMB, with Cangqiong and Xinghan expected to grow at over 40% [1] - The company has signed over 250 clients as part of its strategy to replace foreign vendors like SAP and Oracle, with a net renewal rate of 97% for Cangqiong and Xinghan as of Q3 2024 [2] Market Position - Kingdee has maintained its leading position in the mid-sized enterprise market, serving over 42,000 clients and holding the top market share for four consecutive years [3] - The launch of the new flagship version of Kingdee Cloud Xingkong in November 2024 is expected to enhance product offerings and profitability [3] AI Integration - The company has integrated DeepSeek into its SaaS applications, aiming to provide efficient and cost-effective solutions, including private deployment options for clients [4] - The introduction of the Cangqiong APP as an AI management assistant is expected to drive significant revenue growth in AI-related services, projected to reach tens of millions in 2024 [4] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are set at 6.45 billion, 7.47 billion, and 8.63 billion RMB respectively, with a gradual improvement in profitability expected [6] - The company anticipates a return to profitability with a net profit of 175 million RMB in 2025 and 385 million RMB in 2026 [6]

Group 1 - The company Fenda Technology (002681) announced that several shareholders plan to reduce their holdings by a total of up to 3% of the company's shares [1][2] - Shareholder Yang Minghuan, holding 5.83% of the shares, intends to reduce his stake by up to 1%, while Gree Financial Investment Management Co., Ltd. (Gree Jin Tou) and its concerted action partner plan to reduce their holdings by up to 2% [1][2] - The reduction period for Yang Minghuan is from December 24, 2024, to March 23, 2025, with a maximum of 18.05 million shares to be sold [1][2] Group 2 - Gree Jin Tou holds 9,123,381 shares (5.07% of total shares) and its concerted action partner holds 34,747,100 shares (1.93% of total shares), planning to reduce a combined total of up to 36.01 million shares [2] - The reason for Yang Minghuan's reduction is personal financial needs, while Gree Jin Tou and its partner cite shareholder financial requirements [3] - Fenda Technology specializes in the research, design, production, and sales of consumer electronics and core components, with main products including audio products, smart wearables, smart locks, and health appliances [3]

证券时报e公司讯，日前，金蝶国际发布国内企业管理领域首款AI原生移动应用苍穹APP，该应用基于 金蝶自研大模型和AI agent技术架构，能够在自然语言交互中理解用户意图，不仅能提供财务通识问 答，而且能提供企业财务制度、差旅制度、法务政策等企业知识问答及智能分析服务，还能连接SaaS， 覆盖财务诊断、指标分析、员工服务等多个企业级AI应用场景，可为企业用户提供智能化、便捷化的 管理服务新体验，有望引领中国企业管理软件真正迈向AI原生时代，加速中国企业数字化转型。 ...

Investment Rating - The report assigns a "Recommend" rating for the company, marking it as the first coverage [1] Core Views - The company is a leading domestic ERP provider, accelerating its cloud transformation and narrowing losses, with breakeven expected soon [1] - The company's cloud transformation has shown initial results, with revenue growth stabilizing and losses narrowing [9] - The company is leveraging AI and domestic substitution trends to drive ERP upgrades, accelerating the transition to the EBC era [17] - The company's cloud-native products and services are well-positioned to capture new opportunities in overseas markets [34] Company Overview - The company is a leading ERP provider in China, transitioning from financial software to ERP and now to SaaS cloud services [1] - Revenue grew from RMB 1.547 billion in 2014 to RMB 5.679 billion in 2023, with a 9-year CAGR of 15.5% [1] - The company's cloud business accounted for 79.33% of total revenue in 2023, up from 56.72% in 2020 [11] - The company's cloud subscription ARR grew from RMB 630 million in 2019 to RMB 2.86 billion in 2023, with a 5-year CAGR of 45.97% [12] Cloud Transformation - The company's cloud transformation began in 2014, with cloud revenue surpassing traditional ERP revenue in 2020 [11] - Cloud revenue reached RMB 4.505 billion in 2023, accounting for 79.33% of total revenue, with a 7-year CAGR of 35.6% [11] - The company's cloud subscription ARR reached RMB 3.15 billion in H1 2024, up 24.2% YoY [12] - The company's core cloud products, such as Kingdee Cloud·Star and Kingdee Cloud·Star River, have renewal rates above 90% [12] AI and EBC Era - The company is leveraging AI to upgrade traditional ERP systems, accelerating the transition to the EBC era [17] - The company's EBC platform, built on cloud-native and modular architectures, supports enterprise digital transformation [28] - The company's self-developed AI model, Cosmic, enhances ERP systems with better integration, automation, and security [32] Market Opportunities - The company is well-positioned to benefit from domestic substitution trends and the growing demand for industrial software [21] - The company's cloud products are gaining traction in overseas markets, with revenue from international operations growing 8.2% YoY in H1 2024 [43] - The company has established a presence in Southeast Asia, with new offices in Singapore, Vietnam, and Thailand [43] Financial Projections - The company's revenue is expected to grow from RMB 6.642 billion in 2024 to RMB 9.418 billion in 2026, with a CAGR of 18.07% [2] - Net profit is expected to turn positive in 2025, reaching RMB 276 million in 2026, with a YoY growth of 408.9% [2] - Cloud revenue is projected to grow from RMB 5.455 billion in 2024 to RMB 8.218 billion in 2026, with a CAGR of 22.16% [45] Product Portfolio - The company offers a diverse range of cloud products, including Kingdee Cloud·Star River for large enterprises, Kingdee Cloud·Star for mid-sized enterprises, and Kingdee Cloud·Star Light for small businesses [34] - Kingdee Cloud·Star River, the company's flagship product for large enterprises, achieved revenue of RMB 546 million in H1 2024, up 38.9% YoY [35] - Kingdee Cloud·Star, targeting mid-sized enterprises, generated revenue of RMB 1.054 billion in H1 2024, up 14.3% YoY [35] - Kingdee Cloud·Star Light, aimed at small businesses, saw revenue grow 70.8% YoY in H1 2024 [35]

Key Points - **Industry/Company**: Economic International - **Core Viewpoints and Arguments**: The presenter, Du Peng from GF Securities, maintains an "outperform" recommendation for Economic International at the current time node [1]. - **Other Important Content**: N/A

[Table_Page] 跟踪研究|信息技术 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|------------------------------------------------|----------------------|------------------|------------------|---------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------------------------------------------------------------------------------------------------------|---------------------| | [Table_Title] ...

港股公司报告 | 公司点评 分子分母端或共振，中期利润率回升能见度有望提升 1、分母侧利好或只是开始，分子侧市场关注的宏观预期正企稳 从分母端看，SaaS 类资产对分母端较为敏感。随着降息周期的开启，公司 估值有望持续受益。从分子端看，随着宏观预期企稳，市场此前的担心如 业务或受中小企业经营情况拖累有望得到缓解。金蝶股价在 2024 年跑输恒 生科技约 45%，分子分母端共振下公司有望迎来均值回归。 2、重申重视公司韧性，强刚需下公司全年需求我们预计稳定 我们持续强调，公司主力产品财务云产品是企业刚需且费用不高（根据公 司公告，星空2023 年Arpu 值在5 万，为A 股上市公司单人平均薪酬的25%）。 根据公司公告，2024 年 H1 公司续费率稳定在 95%。考虑公司业务韧性， 我们预计公司 2024 年收入接近 15%。 3、降本增效更坚决，预计中期研发费用率降至 20%以下 互联网行业的降本增效始于 2021 年年末，财务端在 2022 年下半年开始体 现，如腾讯、阿里。软件行业 24 年年初普遍进行了更坚决更有力的降本增 效，若行业需求稳定预计在 2025 年财务端有望得到体现。考虑金蝶历史研 发 ...

司点评报 外 研 究 | --- | --- | |--------------------------------------|-------------------------------------| | | | | 日期 | 2024-9-13 | | 收盘价（港元） | 5.70 | | 总股本（亿股） | 35.86 | | 流通股本（亿股） | 35.86 | | 归母净资产（亿元） | 79.47 | | 总资产（亿元） | 130.43 | | | | | 每股归母净资产（元） 数据来源： Wind | 2.22 ，兴业证券经济与金融研究院整理 | hongjiajun@xyzq.com.cn SFC：BPL829 SAC：S0190519080002 zhouluyun@xyzq.com.cn SAC：S0190522070002 请注意：周路昀并非香港证券及期货 事务监察委员会的注册持牌人，不可 在香港从事受监管的活动 ＃海e外m研ail究Author＃ 洪嘉骏 | --- | --- | --- | --- | --- | |------------------------------ ...

Contents 目 錄 | 2 | Report of Directors | 40 | Condensed Consolidated Interim Statement of Comprehensive Income | | --- | --- | --- | --- | | | 董事會報告 | | 簡明綜合中期綜合收益表 | | 19 | Business Review and Outlook | 41 | Condensed Consolidated Interim Statement of Changes in Equity | | | 業務回顧及展望 | | 簡明綜合中期權益變動表 | | 24 | Management Discussion and Analysis | 43 | Condensed Consolidated Interim Cash Flow Statement | | | 管理層討論及分析 | | 簡明綜合中期現金流量表 | | 37 | Condensed Consolidated Interim Statement of Financial Position | 45 | ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 金蝶国际（0268）公司半年报点评 [Table_InvestInfo] 大型企业业务表现亮眼，苍穹重构升级为 企业级 AI 平台 [Table_Summary] 投资要点： 24H1 收入增速有所放缓，亏损缩窄。公司披露 2024 年半年报。24H1 实现营 业收入 28.70 亿元，同比增长 11.9%；归母净利润亏损 2.18 亿元，同比缩窄 23.2%，主要系大型企业业务的规模效应逐步体现所致。24H1 销售/管理/研发 费用率分别为 42.7%/8.7%/28.1%，同比下降 1.9pct/0.6pct/0.9pct。 云订阅转型持续推进。24H1 云服务业务实现营收 23.9 亿元，同比增长 17.2%， 占集团收入达 83.2%；云订阅服务年经常性收入（ARR）约 31.5 亿元，同比增 长 24.2%；云订阅服务相关的合同负债同比增长 28.2%。 大型企业业务收入及合同金额保持高增长。①大型企业业务：金蝶紧抓大型 企业加速数字化转型及国产化替代的机遇，24H1 金蝶云·苍穹和金蝶云·星瀚 收入 5.46 亿元，同比增长 ...