Core Viewpoint - Mingyuan Cloud has shown a significant recovery trend in profitability, with its asset management business becoming a new growth driver despite challenges in the real estate sector and infrastructure investment slowdown [1][2]. Financial Performance - In 2024, Mingyuan Cloud achieved total revenue of 1.435 billion RMB, a year-on-year decrease of 12.5% [1]. - Revenue from cloud services and localized deployment fell by 10.7% and 20.4% respectively [1]. - The asset management and operation business under cloud services saw a revenue increase of 14.2% year-on-year, indicating the strategic foresight of the company's focus on digitalization of existing assets [1]. Profitability - The company reported a net loss attributable to shareholders of 190 million RMB in 2024, an improvement from a loss of 598 million RMB in the previous year [1]. - Adjusted net loss, excluding non-cash factors, was 43.96 million RMB, a reduction of 74.1% [1]. Cost Management and Efficiency - Total expenses, excluding share-based payments, decreased by 19.7% in 2024, with per capita output increasing by 14.7% [2]. - Management, R&D, and marketing expenses fell by 19.1%, 25.4%, and 15.7% respectively [2]. - The asset-liability ratio was 13.68%, down 2.01 percentage points from the previous year, indicating improved financial stability [2]. Product Development and Market Position - Mingyuan Cloud has developed a robust product matrix in the AI+ marketing field, addressing various pain points in real estate marketing [3]. - The cumulative contract amount for the cloud AI products reached 28 million RMB, covering nearly 1,000 real estate sales offices [3]. - The company holds a cash reserve of 4.042 billion RMB at the end of 2024, ensuring a solid financial foundation for strategic initiatives [3].

Summary of the Conference Call for Mingyuan Cloud Company Overview - Mingyuan Cloud reported a 12.5% decline in overall revenue for 2024, with net profit decreasing by 67.7%. Adjusted net loss, excluding equity payment factors, was 44 million yuan, a significant reduction of 74.1% year-on-year [3][4][3]. - The decline in revenue was primarily due to the macroeconomic impact on the real estate market, particularly in the real estate development business, where the number of new projects decreased by approximately 20% and sales dropped by over 10% [3][4][3]. Key Financial Performance - Despite the overall revenue decline, the asset management and operations product line performed well, generating nearly 100 million yuan in revenue and showing growth [4][3]. - Overall expenses decreased by over 10%, with three expense categories dropping between 15% to 25%. The workforce was reduced to 1,900 employees, a 25% decrease, leading to an increase in per capita output [3][4][3]. - The company maintained a healthy financial position with a low debt-to-asset ratio and a provision rate for bad debts on accounts receivable above 40% [3][4][3]. - Operating cash flow for 2024 was approximately 70 million yuan, primarily due to performance bonuses distributed in the first half of the year. Year-end cash reserves reached 4.268 billion yuan, providing a safety net against market fluctuations [3][4][3]. Business Lines and Growth Areas - The cloud CRM product line showed resilience with a single-digit revenue decline, while the average transaction price increased. AI product commercialization reached a contract value of 28 million yuan, covering 1,300 real estate projects, indicating significant growth potential [4][6][4]. - The project construction business is undergoing structural adjustments, focusing more on state-owned enterprise (SOE) clients, which increased in proportion, leading to a 4.3% rise in average project price despite a 20.7% revenue decline [4][7][4]. - Asset management and operations are highlighted as growth areas, with nearly 100 million yuan in revenue and continuous growth, targeting SOE clients [4][7][4]. Market Outlook - For 2025, the company anticipates a slight decline in domestic market revenue but expects rapid growth in overseas markets, resulting in relatively minor overall revenue pressure. Sales expenses are projected to decrease by over 10%, with operating net profit and cash flow expected to turn positive [4][14][4]. - The company plans to continue optimizing its business structure and strengthen collaborations with state-owned enterprises [3][4][3]. AI and Technology Integration - The company is focusing on AI and marketing, with recorded contract values between 23 million to 28 million yuan and plans to launch more standalone SKUs [4][13][4]. - AI products are being integrated into various business lines, enhancing customer acquisition capabilities and increasing project transaction prices [4][20][4]. - The integration of AI with IoT and existing SaaS products is expected to enhance product interactivity and data collection capabilities, providing a competitive advantage in the real estate sector [4][28][4]. International Strategy - Mingyuan Cloud is prioritizing partnerships with local tech companies in overseas markets, particularly in Southeast Asia, Japan, and Hong Kong, with a goal of achieving significant growth in these regions [4][12][4]. - The company aims to provide lightweight, understandable SaaS products combined with AI and IoT capabilities, such as safety management systems for construction sites [4][22][4]. Conclusion - Mingyuan Cloud is navigating a challenging domestic market while strategically positioning itself for growth in international markets and leveraging AI technology to enhance its product offerings and operational efficiency [4][27][4].

Core Viewpoint - Mingyuan Cloud's chairman Gao Yu stated that the most challenging times have passed, and the company will focus on high-quality clients and AI innovation moving forward [3]. Financial Performance - For the fiscal year 2024, Mingyuan Cloud reported total revenue of 1.435 billion RMB, a decrease of 12.5% year-on-year [5][6]. - The company incurred a loss of approximately 190 million RMB, which is a 67.7% reduction compared to the previous year [3][5]. - Adjusted net loss was 43.96 million RMB, down 74.1% year-on-year [3][5]. Business Segments - The cloud service revenue declined by 10.7% to 1.195 billion RMB, accounting for 83.3% of total revenue [6]. - The customer relationship management product line, "Yunke," generated revenue of 859 million RMB, a decrease of 9.2% year-on-year [6]. - The asset management and operation product line recorded 99.8 million RMB, showing a growth of 14.2% [9]. AI and Innovation - The cumulative signed amount for the AI product "Yunke" reached nearly 28 million RMB, adopted by major real estate companies [3][6]. - The company anticipates a three-digit growth in paid income from AI commercial products in the real estate sector [3]. Market Outlook - Gao Yu expressed optimism about the recovery of the real estate market, noting that the probability of a significant further decline is low [9]. - The company plans to enhance profitability by focusing on core products and establishing better relationships with state-owned and quality private enterprises [12]. Strategic Initiatives - Mingyuan Cloud is launching an overseas market strategy, targeting regions such as Japan, Singapore, Malaysia, and Indonesia, with a direct sales team exceeding 300 members [13]. - The company aims to develop AI+/AIOT SaaS products and explore opportunities in the Middle East and North America [13].

Core Insights - Mingyuan Cloud reported a revenue of 1.435 billion yuan for the year 2024, a decrease of 12.5% year-on-year due to adjustments in the real estate industry [1] - The adjusted net loss narrowed to 43.96 million yuan, a 74.1% decrease from the previous year's loss of 170 million yuan [1] - The company maintained a strong cash reserve of 4.042 billion yuan and a stable asset-liability structure [1] Revenue and Growth Areas - Despite a reduction in new projects in the industry, Mingyuan Cloud increased investment in digital management of existing assets, resulting in a 14.2% revenue growth in asset management and operation product lines, reaching 99.75 million yuan [1] - The company has partnered with over 230 state-owned enterprise investment platform companies, focusing on industrial park operations and affordable housing [1] - AI technology applications led to the launch of multiple real estate video marketing AI products, achieving a total contract value of nearly 28 million yuan, covering around 1,000 sales offices nationwide [1] Cost Control and Efficiency - Mingyuan Cloud effectively controlled costs through optimized product resource allocation, organizational restructuring, and AI-assisted R&D processes [2] - Sales expenses decreased by 17.8%, management expenses dropped by 53.0%, and R&D expenses fell by 25.0% [2] - The productivity per employee increased from 557,000 yuan to 639,000 yuan year-on-year [2] Shareholder Returns - The board of directors proposed a special dividend of 0.1 Hong Kong dollars per share to shareholders from the company's premium account [2]

Financial Performance - The company's total revenue for the year ended December 31, 2024, was RMB 1,434.8 million, a decrease of 12.5% compared to RMB 1,639.6 million in 2023[5]. - Gross profit for the same period was RMB 1,102.7 million, down 15.4% from RMB 1,303.2 million in the previous year[5]. - The adjusted net loss for 2024 was RMB 44.0 million, a significant reduction of 74.1% compared to RMB 169.7 million in 2023[8]. - The overall expenses for 2024 amounted to RMB 1,483.8 million, reflecting a decrease of 28.8% year-on-year[7]. - Operating loss for the period was RMB 376.3 million, a decrease of 50.7% year-on-year (Q3 2023: RMB 763.2 million)[57]. - Net loss for the period was approximately RMB 189.5 million, a decrease of 67.7% year-on-year (Q3 2023: RMB 587.0 million)[62]. - The company reported a loss attributable to owners of RMB 189,546,000 for the year ended December 31, 2024, compared to a loss of RMB 585,634,000 for the previous year, representing a 67.7% improvement[113]. - The basic loss per share decreased to RMB 0.10 in 2024 from RMB 0.32 in 2023, reflecting a reduction of 68.8%[113]. Revenue Breakdown - In 2024, cloud services revenue was RMB 1,195.1 million, a decrease of 10.7% year-on-year, accounting for 83.3% of total revenue[20]. - The customer relationship management product line generated revenue of RMB 858.9 million in 2024, down 9.2% year-on-year, with the number of sales offices equipped with the product decreasing by 8.9%[26]. - The project construction product line recorded revenue of RMB 124.2 million, a decline of 20.7% year-on-year, with the number of construction sites equipped with the product decreasing by 23.5%[29]. - The asset management and operation product line is seeing increased demand, with over 230 state-owned platform companies equipped with related products by the end of 2024[30]. - The AI product line, including "AI Creative Factory" and "AI Salesperson," has signed contracts worth nearly RMB 28 million, covering around 1,000 real estate sales offices[24]. - In 2024, the asset management and operation product line recorded revenue of RMB 99.8 million, a year-on-year increase of 14.2% compared to RMB 87.4 million in the same period of 2023[32]. - The Tianji PaaS platform's product line generated revenue of RMB 112.3 million in 2024, a year-on-year decrease of 24.6% from RMB 148.9 million in 2023[33]. - The localized deployment software and services revenue was RMB 239.7 million in 2024, down 20.4% from RMB 301.0 million in 2023[34]. Market Trends and Strategies - In 2024, the cumulative sales area of commercial housing in China was 970 million square meters, a decline of 12.9% year-on-year, with total sales amounting to RMB 9.7 trillion, down 17.1%[9]. - The real estate market is anticipated to stabilize due to government policies aimed at reducing transaction costs and stimulating market liquidity[9]. - The company plans to leverage its technological capabilities in the domestic real estate digitalization sector to expand into overseas markets, targeting differentiated demands[14]. - The company aims to focus on domestic market strategies to improve profitability and enhance AI innovation while expanding into overseas markets[37]. - The company plans to establish localized teams in Southeast Asia, Japan, and Hong Kong, and explore opportunities in the Middle East and North America[40]. Cost Management - Sales and marketing expenses were RMB 757.7 million in 2024, a decrease of 17.8% from RMB 921.7 million in 2023[36]. - General and administrative expenses were RMB 244.0 million in 2024, down 53.0% from RMB 519.5 million in 2023[36]. - R&D expenses were RMB 482.1 million in 2024, a decrease of 25.0% from RMB 643.0 million in 2023[36]. AI and Technology Integration - The introduction of AI technology is expected to enhance the company's SaaS product offerings, providing more intelligent solutions and driving business growth[16]. - The company aims to accelerate the AI application across various real estate business scenarios, enhancing SaaS product functionalities and services[17]. - The company is focusing on integrating AI technology into project management, enhancing efficiency and reducing costs in various business scenarios[27]. - The company plans to extend its "AI + Video Marketing" capabilities to other industries, including automotive and home decoration, under the new brand "Chengguo Technology" established in November 2024[24]. - The company plans to prioritize the promotion of "AI + marketing" products to drive rapid revenue growth[12]. - The company aims to explore "AI + management" commercial opportunities to enhance operational efficiency[12]. - By 2025, the company intends to prioritize the international expansion of AI products, focusing on AI and AIOT SaaS offerings[12]. Shareholder Returns and Governance - The company proposed a special dividend of HKD 0.1 per share, equivalent to approximately RMB 0.092, pending shareholder approval[115]. - The board has proposed an additional special dividend of HKD 0.1 per share (approximately RMB 0.092), pending shareholder approval at the upcoming annual general meeting[124]. - The board does not recommend a final dividend for the year ending December 31, 2024[126]. - The company has adopted the corporate governance code as a basis for its governance practices and believes it has complied with all applicable provisions for the year ending December 31, 2024[131]. Employee and Operational Metrics - The average number of employees decreased to 1,912 as of December 31, 2024, down from 2,577 in the previous year, a reduction of 26.0%[123]. - The company has established a monthly, quarterly, and annual budget management system to align capital budgeting with business needs[76]. Audit and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and internal controls for the financial year ending December 31, 2024[129]. - The company's auditor, Ernst & Young, confirmed that the preliminary financial results align with the audited financial statements for the year ending December 31, 2024[130].

Summary of Mingyuan Cloud Conference Call Company Overview - **Company**: Mingyuan Cloud - **Industry**: Real Estate Technology Key Points AI Product Development and Commercialization - Mingyuan Cloud launched AI products such as Youke Factory and AI Video Risk Control Tool to assist real estate developers in acquiring customers at low costs through short video platforms, achieving a cumulative signed amount of 25 million RMB by October 2024 [2][3] - The introduction of generative AI models has enhanced customer acquisition tools, improving content generation, lead management, and violation detection capabilities, effectively boosting commercial outcomes [2][3] - The company has integrated various domestic large models like BigScience and Doubao for short video marketing effect analysis and sales office data analysis, significantly reducing costs and improving efficiency [2][3] Customer Base and Market Trends - Mingyuan Cloud's primary customers include real estate developers and related enterprises, with a shift from traditional sales models to marketing-driven approaches [4] - Customers measure the ROI of AI tools through exposure rates and lead conversion rates, with AI-generated video content achieving significant natural exposure and AI sales tools increasing lead conversion rates by over 50% [4][12] Competitive Advantage and Market Penetration - The company’s AI marketing products cover nearly 50% of sales offices nationwide, with nine out of the top ten real estate companies deploying its AI marketing tools [6] - Mingyuan Cloud sees substantial growth potential in the real estate sector, with only a few hundred projects currently utilizing its AI products out of nearly 20,000 available projects in China [7][17] Future Growth and Expansion Plans - The company has established direct sales teams in Southeast Asia and Japan, focusing on localized ERP systems and adapting to the management needs of developers in these regions [21][22] - In Japan, the focus is on providing marketing tools and CRM solutions to real estate agencies, capitalizing on the active second-hand property market [23] Financial Performance and Revenue Structure - Mingyuan Cloud's revenue is heavily reliant on state-owned enterprises, which account for 53% of total income, with the real estate marketing (CRM) segment contributing 60%-70% of total revenue [24] Industry Impact and Adaptation - The overall recovery cycle in the real estate industry affects different business lines differently, with marketing budgets likely to increase in response to policy stimuli that boost demand [19][20] Key Metrics and Cost Efficiency - The AI tools have demonstrated significant cost savings, with the AI Creative Factory allowing for the generation of numerous videos at a fraction of the cost compared to traditional paid promotions [12][13] - AI-driven contract reviews in real estate can reduce processing time from several days to two days, achieving an accuracy rate of 80%-90% [11][9] Conclusion - Mingyuan Cloud is positioned to leverage its technological advantages and extensive data assets to expand its market share in the real estate sector, with a strong focus on AI-driven solutions that enhance marketing efficiency and customer engagement [14][18]

Summary of Conference Call Company and Industry Overview - The company is a leading player in the SaaS sector, focusing on the digital transformation of the real estate ecosystem since 2022, positioning itself as a provider of digital solutions for the real estate ecosystem [1][2] - The business consists of two main segments: localized software and services, and cloud services, which include customer relationship management (CRM), asset management, and operational platforms [1][2] Key Financial Performance - For the mid-year report, the company reported revenues of 720 million RMB, a decrease of 5.5% compared to the same period last year [3] - The gross margin has remained stable at approximately 80% [3] - The net loss for the mid-year was 115 million RMB, but adjusted net profit excluding stock-based compensation (SBC) was anticipated to improve [3][5] - Total expenses decreased by 13.6% year-on-year, with management, R&D, and marketing expenses down by 6.6% to over 20% [4] Business Developments - The company is expanding its product lines, including the introduction of an AI cost management product and a new sub-brand for CRM solutions targeting home decoration and automotive sales [6][7] - The asset management and operations product line is primarily aimed at state-owned enterprises (SOEs) and has seen a significant increase in demand [2][8] - The company is also exploring opportunities in the Southeast Asian market, with expectations of generating around 10 million RMB in revenue from this region [9][23] Market Trends and Challenges - The real estate market is experiencing pressure due to macroeconomic factors, leading to a cautious outlook for revenue growth [4][5] - Recent government policies aimed at stabilizing the real estate market have shown some positive effects, with improved sales figures reported for major real estate companies [11][12] - The company is adapting to market conditions by implementing aggressive cost-cutting measures, with an expected overall expense reduction of 15% to 20% for the year [5] Strategic Initiatives - The company is focusing on enhancing its CRM capabilities and expanding into new sectors such as home decoration and automotive sales [6][27] - There is a strong emphasis on digital transformation in the management of both new and existing real estate assets, with a focus on providing comprehensive digital solutions [8][9] - The company is also considering potential investments in overseas markets, particularly in real estate technology firms that align with its existing product offerings [30][31] Conclusion - The company is navigating a challenging real estate environment while actively pursuing growth opportunities in both domestic and international markets. The focus on digital solutions and cost management is expected to position the company favorably for future growth despite current market pressures [4][5][9]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 720.1 million, a decrease of 5.5% year-on-year compared to RMB 762.3 million in the same period of 2023[7]. - Gross profit for the same period was RMB 577.7 million, down from RMB 608.8 million, reflecting a decline in profitability[7]. - The adjusted net loss for the six months ended June 30, 2024, was RMB 17.0 million, a significant reduction of 82.5% compared to RMB 97.1 million in the prior year[9]. - Operating loss improved to RMB 210.4 million from RMB 403.2 million year-on-year, indicating better operational efficiency[7]. - Total revenue for the six months ended June 30, 2024, was RMB 720.1 million, a decrease of 5.5% compared to RMB 762.3 million in the same period of 2023[32]. - Gross profit for the period was RMB 577.7 million, down 5.1% year-on-year, with a stable gross margin of 80.2%[35]. - Operating loss decreased by 47.8% to RMB 210.4 million from RMB 403.2 million in the previous year[39]. - The company reported a total comprehensive loss of RMB 93,009,000 for the period, an improvement from RMB 264,438,000 in the previous year[94]. - The net loss attributable to owners of the company was RMB 115,369,000, significantly improved from RMB 324,733,000 in the previous year[94]. - Basic loss per share improved to RMB 0.06 from RMB 0.18, indicating a positive trend in financial performance[93]. Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of approximately RMB 164.5 million, a decrease of 39.1% year-on-year[9]. - Cash and cash equivalents, along with time deposits, totaled approximately RMB 3,841.5 million as of June 30, 2024, down from RMB 4,392.0 million as of December 31, 2023[43]. - The company maintained a strong cash position with a beginning cash balance of RMB 3,972,900 thousand, despite a net decrease in cash and cash equivalents of RMB (1,539,436) thousand during the period[100]. - The company reported cash and cash equivalents of RMB 2,451,619,000 as of June 30, 2024, down from RMB 3,972,900,000 at the end of 2023[159]. - Operating cash flow for the six months ended June 30, 2024, was RMB (164,539) thousand, compared to RMB (270,057) thousand for the same period in 2023, indicating an improvement of 39%[100]. Market and Industry Trends - In the residential market, China's cumulative sales area for commercial housing in the first half of 2024 was 480 million square meters, down 19.0% year-on-year[10]. - The cumulative sales amount for commercial housing in the same period was RMB 4.7 trillion, a decline of 25.0% year-on-year[10]. - Infrastructure investment in China increased by 7.7% year-on-year in the first half of 2024, although the growth rate has slowed compared to earlier in the year[11]. - The company anticipates a long-term increase in digitalization demand in the real estate sector due to ongoing market recovery and the evolution of emerging technologies[25]. Product and Service Performance - Cloud services revenue for the six months ended June 30, 2024, was RMB 612.2 million, a year-on-year decrease of 3.6% from RMB 635.1 million in the same period of 2023, accounting for 85.0% of total revenue[13]. - The customer relationship management product line generated revenue of RMB 441.3 million, down 6.0% year-on-year from RMB 469.5 million, with the number of sales offices equipped with the cloud customer product decreasing by 9.1% to 10,794[15]. - The project construction product line recorded revenue of RMB 62.5 million, an increase of 4.9% year-on-year from RMB 59.6 million, with the number of construction sites equipped with the product decreasing by 1.6% to 7,316[17]. - The asset management and operations product line achieved revenue of RMB 46.3 million, a year-on-year increase of 30.5% from RMB 35.5 million, with a customer account retention rate of 94%[19]. - The localized deployment software and services segment recorded revenue of RMB 107.9 million, a year-on-year decrease of 15.1% from RMB 127.2 million, reflecting conservative IT spending by private residential developers[21]. Expenses and Cost Management - As of June 30, 2024, the company's sales and marketing expenses amounted to RMB 407.8 million, a decrease of 9.8% year-on-year (RMB 452.0 million in the same period of 2023)[24]. - General and administrative expenses were RMB 140.9 million, down 46.6% year-on-year (RMB 263.8 million in the same period of 2023)[24]. - Research and development expenses totaled RMB 254.1 million, a decline of 22.2% year-on-year (RMB 326.7 million in the same period of 2023)[24]. - The company has implemented strict cash management policies to enhance financial efficiency and reduce costs[46]. Strategic Initiatives - The company plans to deepen its focus on high-quality state-owned enterprise clients to ensure continuous revenue growth[28]. - The integration of AI technology into management products aims to enhance customer service experiences and increase market share among state-owned residential developers[29]. - The company has initiated an internationalization strategy, achieving breakthroughs in the Southeast Asian market and establishing partnerships with several ecological partners[30]. - The company plans to expand its overseas teams, establishing local teams in Malaysia and Hong Kong, and enhancing its overseas product R&D team[31]. - The company aims to strengthen internal AI applications to enhance R&D efficiency and maintain a competitive edge[31]. Shareholder and Equity Information - The company repurchased a total of 7,251,000 shares during the reporting period, at a total cost of HKD 15,272,040.43[57]. - The share repurchase reflects the board's confidence in the company's business development prospects[58]. - The net proceeds from the global offering, as of June 30, 2024, amounted to approximately HKD 6,910.3 million[60]. - No interim dividend was declared for the six months ended June 30, 2024, consistent with the previous period[55]. - The company recognized a dividend distribution of RMB 178,744,000 to its owners during the reporting period[165]. Employee and Management Information - As of June 30, 2024, the company had 2,202 employees, a decrease of 14.6% from 2,577 employees as of December 31, 2023[49]. - The total employee cost for the six months ended June 30, 2024, was approximately RMB 593.0 million, covering salaries, bonuses, and other employee benefits[49]. - The company has adopted a competitive compensation policy to optimize its incentive system[49]. - The total remuneration for key management personnel was RMB 2,425,000, a decrease of 8.3% from RMB 2,646,000 for the same period in 2023[179]. Financial Position and Assets - Total assets as of June 30, 2024, were RMB 5,604.7 million, a decrease from RMB 5,852.2 million as of December 31, 2023[8]. - The company's total equity decreased from RMB 4,933,957 thousand to RMB 4,731,363 thousand, a decline of approximately 4.11%[95]. - The total amount of financial assets at fair value through profit or loss increased significantly due to acquisitions totaling RMB 1,329,511,000 for the six months ended June 30, 2024[150]. - The company reported a change in fair value for financial assets at fair value through profit or loss, with unrealized gains of RMB 2,237,000 and realized gains of RMB 3,912,000 during the reporting period[121].

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 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 [table_Authors] 朱丽江(分析师) 010-83939785 zhulijiang@gtjas.com 登记编号 S0880523060002 本报告导读： 公司收入端仍有承压，内部收入结构有所改善，利润端亏损显著收窄，降本增效成 果显著，下游需求呈现改善趋势，AI 化有望带动业务超预期发展。 投资要点： [Table_Summary] 维持"增持"评级，维持目标价 3.23 元。维持盈利预测，预计 2024- 2026 年公司营收分别为 16.67、17.91、19.64 亿元，维持目标价 3.23 元，对应 2024 年 3.75 倍 PS，维持"增持"评级。 收入端仍有承压，利润端亏损显著收窄。2024 年上半年，公司实现 营收 7.27 亿元，同比小幅下降 5.73%，实现归母净利润-1.15 亿元， 亏损幅度同比收窄 64.32%，收入端仍有一定承压，利润端亏损显著 收窄，符合市场 ...

Investment Rating - The report maintains a "Buy" rating for Mingyuan Cloud with a target price of HKD 2.65 per share [1] Core Views - Mingyuan Cloud's 24H1 revenue decreased by 5.5% YoY to RMB 720 million, with a net loss of RMB 115 million and an adjusted net loss of RMB 17 million [1][2] - The company's gross margin improved by 0.4 percentage points YoY to 80.2% [2] - Cloud services revenue declined by 3.6% YoY to RMB 610 million, accounting for 88.5% of total revenue [1][2] - The company has a strong cash position with RMB 4.36 billion in cash and cash equivalents, and no bank financing [2] Business Segments Cloud Services - Customer Relationship Management (CRM) revenue decreased by 6.0% YoY to RMB 440 million, with a 9.1% decline in the number of sales offices [2] - Project Construction revenue increased by 4.9% YoY to RMB 60 million, driven by higher ARPU [3] - Asset Management & Operations revenue grew by 30.5% YoY to RMB 46 million, with a customer retention rate of 94% [3] - Tianji PaaS platform revenue decreased by 12.0% YoY to RMB 62 million, but the platform has been fully adapted for domestic use and integrated with AI capabilities [4] ERP Solutions - Localized deployment software and services revenue declined by 15.1% YoY to RMB 108 million, reflecting cautious IT spending by private residential developers [4] Strategic Initiatives - The company is focusing on deepening relationships with high-quality state-owned enterprise (SOE) clients and leveraging AI to upgrade products [5] - Mingyuan Cloud is expanding internationally, with initial breakthroughs in Southeast Asia and plans to establish local teams in Malaysia and Hong Kong [5] - The company is implementing cost-saving measures and improving operational efficiency [5] Financial Projections - Revenue for 2024-2026 is projected to be RMB 1.59 billion, RMB 1.593 billion, and RMB 1.629 billion, respectively [6] - Adjusted net profit is expected to turn positive in 2024 and continue to improve in 2025 and 2026 [6] - The company's gross margin is forecasted to increase as SaaS revenue grows, with further optimization of expense ratios [6] Valuation - The report values Mingyuan Cloud at 3x PS for 2024, based on comparable SaaS companies such as Adobe, Salesforce, Kingdee, and Glodon [6] - The target price of HKD 2.65 per share reflects the company's improving business structure and strong cash position [6]