Investment Rating - Outperform rating maintained [1] Core Views - Cloud subscription transformation is progressing steadily, with cloud service revenue reaching RMB 2.39 billion in H1 2024, up 17.2% YoY, accounting for 83.2% of total revenue [3] - Large enterprise business revenue and contract amounts continue to grow rapidly, with Kingdee Cloud·Cangqiong and Kingdee Cloud·Xinghan revenue reaching RMB 546 million in H1 2024, up 38.9% YoY [4] - The company upgraded its enterprise-level AI platform, launching the Cosmic AI management assistant, and deepened cooperation with major AI players like Baidu, Microsoft, AWS, and Tencent [4] Financial Performance - H1 2024 revenue reached RMB 2.87 billion, up 11.9% YoY, with net loss narrowing by 23.2% to RMB 218 million [3] - Cloud subscription annual recurring revenue (ARR) reached RMB 3.15 billion, up 24.2% YoY, with related contract liabilities up 28.2% [3] - Revenue from medium-sized enterprise business (Kingdee Cloud·Xingkong) reached RMB 1.054 billion, up 14.3% YoY, with 42,000 customers [4] - Small and micro enterprise business revenue reached RMB 588 million, up 17.3% YoY, with Kingdee Cloud·Xingchen revenue up 70.8% [4] Business Segments - Cloud service business revenue is expected to grow from RMB 4.505 billion in 2023 to RMB 7.848 billion in 2026, with a CAGR of 20.91% [7] - ERP and other business revenue is expected to decline slightly from RMB 1.174 billion in 2023 to RMB 1.089 billion in 2026 [7] - Total revenue is forecasted to grow from RMB 5.679 billion in 2023 to RMB 8.938 billion in 2026, with a CAGR of 17.58% [7] Valuation and Forecast - 2024-2026 revenue is projected at RMB 6.532 billion, RMB 7.602 billion, and RMB 8.938 billion, with YoY growth of 15.0%, 16.4%, and 17.6% respectively [4] - Net profit is expected to turn positive in 2025 at RMB 15 million, reaching RMB 168 million in 2026 [4] - The company is valued at 5-6x 2024 PS, with a fair value range of HKD 9.90-11.88 per share [4] Comparative Analysis - The company's 2024 PS ratio of 3x is lower than the industry average of 7x, indicating potential undervaluation [6] - Key competitors include Yonyou Network, Kingsoft Office, Glodon, and YiduTech, with average PS ratios of 7x for 2024 [6]

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.91 港元 金蝶国际（0268.HK）计算机 目标价：——港元 大型企业订单高增，亏损持续收窄 [Table_Summary 事件：公司发布] 2024 年半年度报告，实现收入 28.7 亿元，同比增长 11.9%； 净利润亏损 2.2 亿元，同比收窄 23.2%。 云转型稳步推进，亏损进一步收窄。2024H1，公司实现云收入 23.9 亿元，同 比增长 17.2%，云收入占比达 83.2%；ARR收入 31.5亿元，同比增长 24.2%； 订阅合同负债 31.8亿元，同比增长 28.2%，云服务业务持续高质量增长。费用 端改善明显，2024H1公司销售、管理、研发费用率分别为 42.7%(yoy-1.85pp)、 8.7%(yoy-0.63pp)、28.1%(yoy-0.89pp)。利润端，24H1公司亏损 2.2亿元，相 较 2023H1（2.8 亿元）亏损大幅收窄。大型企业业务规模效应逐步显现，稳步 迈入高质量经营阶段。 中型企业市场领导地位持续稳固，小微企业云收入 ...

计算机 2024 年 08 月 18 日 副公司 韩国 ⁄ 天韩国 ⁄ (00268) -ARR 保持高增，展现高韧性+高质量 报告原因：有业绩公布需要点评 投资要点： e 市场数据：2024 年 08 月 16 日 收盘价 (港币)5.84 恒生中国企业指数6161.9 52 周最高/最低（港币）13.02/5.45 H 殷市值（亿港币）209.41 流通Ｈ股（百万股）3,585.79 汇率 (人民币/港币)1.0911 一年内股价与基准指致对比走势 : 资料来源：Bloomberg 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 联系人 黄忠娘 (8621)23297818× huangzh@swsresearch.com 申万宏源研究微信服务导 o o � o e o 公司发布 24 半年报。公司 24H1 实现营业收入 28.7 亿元，同比+11.9%；实现归母净亏损 2.18 亿元，同比缩亏 6568 万元。业绩整体符合市场预期。 ARR 符合增速预期, 预计 24-26 年 CAGR 保持 30%+, 据公司公告, 公司 24H1 实现 ARR 收 ...

公司快报 2024 年 08 月 20 日 金蝶国际(00268.HK) 云订阅持续推进，高质量经营大企业市场 事件概述： 近日，金蝶国际发布 2024 年中期业绩。今年上半年，公司实现营业 收入 28.7 亿元，同比增长 11.9%；权益持有人应占当期亏损约 2.18 亿元，亏损同比缩窄 23.2%。 云订阅 ARR 持续增长，高质量经营大企业市场 据半年报披露，1）云服务业务实现收入 23.89 亿元，同比增长约 17.2%，占集团收入约 83.2%。金蝶云订阅服务年经常性收入（ARR） 约 31.5 亿元（YoY+24.2%），云订阅服务相关的合同负债 27.08 亿元 （YoY+28.2%）。①大企业方面：金蝶云·苍穹和金蝶云·星瀚合计录得 云服务收入约人民币 5.46 亿元（YoY+38.9%），合同签约 9 亿元，同 比增长约 63%；苍穹和星瀚云订阅 ARR 同比增长 29% ，净金额续费率 （Net Dollar Retention，NDR）为 97%。苍穹&星瀚客均 ARR 持续提 升，客户订阅超 100 万的 ARR 金额占比达 35%。②中型企业方面：金 蝶云·星空实现收入约人民币 10 ...

金蝶国际（0268） 更新报告 持有 2024 年 8 月 19 日 公司营收和盈利受短期宏观影响，云订阅模式转型持续推进 24H1 亏损逐步缩窄，回购力度加大：2024 年上半年公司实现营业收入 28.7 亿元，同比增长 11.9%，其中云服务收入 23.9 亿元，同比增长 17.2%，云订阅服务年经常性收入(ARR)约为 31.5 亿元，同比增长 24.2%， 云订阅服务相关合同负债实现同比增长 28.2%。归属于股东应占亏损 2.2 亿 元，去年同期亏损 2.8 亿元，亏损同比缩窄 23.2%，主要是大型企业业务规 模效应所致。上半年经营现金净流出 1.7 亿元,公司年初至今回购 4730 万 股，回购金额达 4 亿港元。 大企业客户保持高增长，加速国际化布局：上半年云服务收入 23.9 亿元， 同比增长 17.2%，占收入比为 83.2%。其中企业云服务收入 16.8 亿元，同 比增长 19.9%。大型企业方面，金蝶云·苍穹和星瀚上半年录得收入 5.5 亿 元，同比增长 38.9%，签约合同金额 9 亿元，签约新客户 275 家，订阅 ARR 增速超过 29%，净金额续费率达 97%。中型企业方面，金 ...

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]