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]

Key Points - **Company's Net Profit for H1 2024**: The company reported a net profit of -115 million, a decrease of 64.5% compared to the same period last year. This improvement is primarily attributed to a decline in overall operating expenses and a significant reduction in share-based compensation expenses. After adjusting for share-based compensation, the adjusted net loss was -17 million, a decrease of 82.5% compared to the same period last year [1]. References - [1] 2024 H1 financial results discussion

Investment Rating - The report maintains a "Buy" rating for Mingyuan Cloud (0909.HK) [4] Core Views - The company reported a revenue of 720 million RMB for H1 2024, a year-on-year decrease of 5.5%, with a gross profit of 578 million RMB and a gross margin of 80.2%, which is an increase of 0.3 percentage points year-on-year [2] - The net loss narrowed by 64.5% to 115 million RMB, while the adjusted net loss decreased significantly by 82.5% to 17 million RMB, attributed to effective cost control measures [2] - The company plans to repurchase shares worth up to 500 million HKD to enhance market valuation and demonstrate confidence in its development [2] Summary by Sections Revenue Performance - Revenue from localized software and services was 108 million RMB, down 15.1% year-on-year, while cloud service revenue was 612 million RMB, down 3.6% [2] - Revenue from state-owned enterprise clients increased by 12.8% to 380 million RMB, accounting for a larger share of total revenue [2] Customer Segments - Customer relationship management revenue was 441 million RMB, a decrease of 6.0%, with cloud customer product revenue at 397 million RMB, down 6.6% [2] - The number of domestic sales offices equipped with cloud customer products decreased by 9.1% to 10,794, while the average revenue per customer increased by 2.8% to 36,800 RMB [2] Cost Management - Total expenses, excluding share-based payments, were 704 million RMB, down 13.6% year-on-year, with management, R&D, and sales expenses decreasing by 17.5%, 22.0%, and 6.5% respectively [2] - The company reduced its workforce by 24.7% to 2,202 employees, resulting in a semi-annual output per employee of 301,000 RMB, an increase of 22.9% year-on-year [2] Future Outlook - The company is focusing on AI-driven innovations in four areas: "AI + video marketing," "AI + 3D digitalization," "AI + smart hardware," and "AI + Tianji PaaS platform" to enhance competitiveness [2] - Revenue forecasts for 2024-2026 have been adjusted to 1.52 billion, 1.56 billion, and 1.60 billion RMB, reflecting a downward revision of 8%, 11%, and 13% respectively [2]

Key Points - **Company's Net Profit for H1 2024**: The company reported a net profit of -115 million, a decrease of 64.5% compared to the same period last year. [1] - **Reason for Profit Improvement**: The improvement was primarily driven by a decrease in overall corporate expenses. [1] - **Adjusted Net Loss**: After adjusting for stock-based compensation, the company's adjusted net loss narrowed significantly to -17 million, a decrease of 82.5% compared to the same period last year. [1]

Financial Performance - For the six months ended June 30, 2024, the company's revenue reached RMB 720.1 million, a year-on-year decrease of 5.5% compared to RMB 762.3 million in the same period of 2023[2]. - Gross profit for the same period was RMB 577.7 million, down 5.1% from RMB 608.8 million year-on-year[2]. - 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 same period of 2023[3]. - The company reported a net operating loss of RMB 210.4 million for the first half of 2024, significantly improved from a loss of RMB 403.2 million in the same period of 2023[25]. - The company reported a net loss attributable to the company's owners for the period was RMB 115,369 thousand, compared to RMB 324,733 thousand in the previous year, representing a reduction of 64.5%[51]. - Operating loss narrowed to RMB 210,434 thousand from RMB 403,167 thousand, indicating a significant improvement in operational efficiency[50]. Revenue Breakdown - The company's cloud services revenue was RMB 612.2 million, representing a 3.6% decline from RMB 635.1 million year-on-year, accounting for 85.0% of total revenue[6]. - The customer relationship management product line generated revenue of RMB 441.3 million, a decrease of 6.0% from RMB 469.5 million in the same period of 2023[9]. - The project construction product line recorded revenue of RMB 62.5 million, an increase of 4.9% compared to RMB 59.6 million in the same period of 2023[11]. - The asset management and operations product line recorded revenue of RMB 46.3 million for the six months ended June 30, 2024, representing a year-on-year growth of 30.5% compared to RMB 35.5 million in the same period of 2023[12]. - Revenue from localized deployment software and services was RMB 107.9 million for the six months ended June 30, 2024, down 15.1% from RMB 127.2 million in the same period of 2023[14]. - The Tianji PaaS platform generated revenue of RMB 62.1 million for the six months ended June 30, 2024, a decline of 12.0% from RMB 70.6 million in the same period of 2023[13]. Cost Management - Sales and marketing expenses amounted to RMB 407.8 million for the six months ended June 30, 2024, a decrease of 9.8% compared to RMB 452.0 million in the same period of 2023[17]. - General and administrative expenses were RMB 140.9 million, down 46.6% from RMB 263.8 million in the same period of 2023[17]. - Research and development expenses totaled RMB 254.1 million, a decrease of 22.2% from RMB 326.7 million in the same period of 2023[17]. - The company aims to enhance operational efficiency and reduce costs through resource optimization and internal budget management[16]. Customer Retention and Market Strategy - The company achieved a customer account retention rate of 88% for the customer relationship management product line, up from 85% in the same period of 2023[9]. - The customer account retention rate for the asset management and operations segment was 94% as of June 30, 2024, up from 93% in the same period of 2023[12]. - The company aims to deepen its focus on high-quality state-owned enterprise clients to ensure continuous revenue growth[21]. - The company plans to integrate AI technology into its products to explore more business growth opportunities, including the launch of "AI+SaaS" applications[22]. - The company continues to focus on expanding its cloud services and localized deployment software offerings in the Chinese real estate sector[56]. Cash Flow and Financial Position - The company reported a net cash outflow from operating activities of approximately RMB 164.5 million, a decrease of 39.1% year-on-year[3]. - Cash and cash equivalents and 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[40]. - Current ratio as of June 30, 2024, was approximately 5.43, a decrease from 5.96 as of December 31, 2023[41]. - The company maintained a net cash position as of June 30, 2024, with no significant capital commitments[42]. - The company has implemented a detailed cash management policy to enhance financial security and reduce funding costs[47]. Future Outlook and Strategic Initiatives - The company plans to enhance its ERP solutions, allocating 6% of the net proceeds, which is approximately RMB 414.62 million[83]. - The company aims to seek strategic investments and acquisitions, allocating 20% of the net proceeds, which is approximately RMB 1,382.06 million[83]. - The company has completed the international adaptation of its key products and plans to launch several AI-enabled overseas products and solutions in the second half of 2024[23]. - Future outlook includes potential new product launches and enhancements in technology to improve service delivery[56]. Shareholder and Corporate Governance - The board has proposed a special dividend of RMB 0.1 per share, amounting to RMB 179,532,000, to be paid on July 5, 2024[75]. - The board has decided not to declare any interim dividend for the six months ended June 30, 2024[86]. - The audit committee has reviewed the company's accounting principles and internal controls, confirming compliance with applicable accounting standards and regulations[91]. - The company operates under international financial reporting standards[97]. - The board consists of executive and non-executive directors, including independent directors[98].

Financial Performance - The company's revenue for 2023 reached RMB 1,639.6 million, a decrease of 9.7% year-on-year[10]. - Total expenses for 2023 amounted to RMB 2,084.2 million, down 16.8% year-on-year[10]. - Adjusted net loss for 2023 was RMB 169.7 million, a reduction of 72.9% compared to the previous year[10]. - The company reported a gross profit of RMB 1,303.2 million for 2023, down from RMB 1,479.3 million in 2022[8]. - The operating loss for 2023 was RMB 763.2 million, an improvement from a loss of RMB 1,265.7 million in 2022[8]. - Total revenue for the year ended December 31, 2023, was RMB 1,639.6 million, a decrease of 9.7% compared to RMB 1,816.4 million in the same period of 2022[40]. - The overall gross profit for the group was RMB 1,303.2 million, a year-on-year decrease of 11.9%[43]. - The net loss for the year was approximately RMB 587.0 million, a year-on-year decrease of 49.4%[50]. Assets and Liabilities - The total assets as of December 31, 2023, were RMB 5,852.2 million, compared to RMB 6,184.2 million in 2022[9]. - The total liabilities decreased to RMB 918.3 million in 2023 from RMB 1,089.7 million in 2022[9]. - As of December 31, 2023, the total cash and cash equivalents and time deposits amounted to approximately RMB 4,392.0 million, a decrease from RMB 4,636.2 million as of December 31, 2022[56]. - As of December 31, 2023, the company is in a net cash position, with no capital commitments for construction assets reported[60]. - The company has no significant contingent liabilities as of December 31, 2023[60]. Revenue Breakdown - In 2023, cloud service revenue was RMB 1,338.7 million, a decrease of 6.2% year-on-year, accounting for 81.6% of total revenue[16]. - The customer relationship management product line generated revenue of RMB 945.9 million, down 9.2% year-on-year, with a customer retention rate of 80%[19]. - The project construction product line recorded revenue of RMB 156.5 million, an increase of 32.7% year-on-year, with a single construction site customer price of RMB 23,000, up 35.3% year-on-year[21]. - The asset management and operation product line achieved revenue of RMB 87.4 million, a growth of 42.0% year-on-year, managing approximately 47.069 million square meters of real estate, up 5.3% year-on-year[22]. - The revenue from the Tianji PaaS platform in 2023 was RMB 148.9 million, a decrease of 27.6% year-on-year compared to RMB 205.6 million in the same period of 2022[23]. - The revenue from localized deployment software and services totaled RMB 301.0 million in 2023, down 22.8% year-on-year from RMB 398.8 million in 2022[25]. Market Conditions and Strategy - The residential market in China saw a total sales area of 1.12 billion square meters in 2023, a decline of 8.5% year-on-year[13]. - The company is focusing on strategic transformation and cost control to improve its financial performance amid challenging market conditions[12]. - Future growth is expected as core business segments show signs of revenue growth and reduced losses[12]. - The company anticipates a recovery in the Chinese residential market, with no further drastic declines expected in property development and sales[28]. - The government plans to invest RMB 1 trillion in infrastructure construction starting in 2024, which is expected to drive significant investment in local infrastructure projects[30]. Operational Efficiency and Cost Management - The average output per employee in 2023 was RMB 557,000, an increase of 15.8% compared to RMB 481,000 in 2022[27]. - Sales and marketing expenses were RMB 921.7 million, a year-on-year decrease of 8.5%[44]. - General and administrative expenses were RMB 519.5 million, a year-on-year decrease of 23.9%[45]. - Research and development expenses were RMB 643.0 million, a year-on-year decrease of 21.3%[47]. - The company has implemented a series of fund layout adjustments to effectively reduce foreign exchange risks due to significant currency fluctuations in 2023[60]. Client and Supplier Relationships - The company signed contracts with over 130 new supplier clients, including leading firms such as Dongfang Yuhong and Haier Smart Home[19]. - The company is focusing on high-quality state-owned enterprise residential developers, which have clear digital transformation goals and sufficient IT budgets[25]. - The competitive landscape among residential developers is increasingly polarized, with state-owned enterprises outperforming private enterprises[28]. Product Development and Innovation - The company launched new products like "Video Marketing Assistant" and "AI Digital Human" to enhance marketing efficiency for real estate developers[17]. - The company is integrating AI technology into its products, launching applications like "AI Creative Factory" to enhance marketing productivity[34]. - The company aims to improve operational efficiency by leveraging AI tools such as "Tianji GPT - Application Development Assistant" to enhance development and testing processes[36]. Shareholder Information and Corporate Governance - The company proposed a special dividend of HKD 0.1 per share, subject to shareholder approval at the upcoming annual general meeting[76]. - As of December 31, 2023, the company's distributable reserves amounted to approximately RMB 7,529.9 million[80]. - The annual general meeting is scheduled for May 10, 2024, to discuss the proposed special dividend and other matters[78]. - The company will suspend share transfer registration from May 7 to May 10, 2024, to determine eligibility for voting at the annual general meeting[78]. Employee and Share Plans - The total employee cost for the year ended December 31, 2023, was approximately RMB 1,599,847,000, which includes salaries, bonuses, and other employee benefits[141]. - The company had a total of 2,577 employees as of December 31, 2023, a decrease from 3,310 employees as of December 31, 2022[141]. - The company has adopted three share plans: (1) equity incentive plan, (2) share reward plan, and (3) stock option plan, with a potential issuance of shares based on these plans amounting to 3.75% of the weighted average number of shares issued during the reporting period[142]. Compliance and Risk Management - The company has confirmed compliance with the disclosure requirements for related party transactions under the Listing Rules[117]. - The company faces risks related to its contractual arrangements, including potential non-compliance with Chinese laws and regulations, which could lead to severe consequences[135]. - The company has arranged appropriate directors' liability insurance as of December 31, 2023, in accordance with the permitted indemnity provisions[140].

Investment Rating - The report gives an "Accumulate" rating with a target price of HKD 3.23 [2][5]. Core Views - The company is a leader in the digitalization of the real estate ecosystem, showing significant results from its cloud service transformation and benefiting from favorable policies. The optimization of product and customer structure suggests that future revenue growth may exceed expectations [5][16]. Summary by Sections 1. Profit Forecast and Valuation - The company is expected to generate revenues of RMB 16.67 billion, RMB 17.91 billion, and RMB 19.64 billion for the years 2023-2025, with net losses of RMB 2.95 billion, RMB 2.39 billion, and RMB 2.26 billion respectively. The EPS is projected to be -0.15, -0.12, and -0.12 for the same period [9][12]. 2. Cloud Service Transformation and Policy Support - The company is positioned as a digital leader in the real estate ecosystem, leveraging a dual strategy of PaaS and digitalization for growth. The cloud service revenue is expected to account for 81.6% of total revenue in 2023, despite a 6.2% decline due to market conditions [8][10][19]. - The company has a comprehensive product matrix covering the entire customer lifecycle, including customer relationship management, project construction, and asset management [19][20]. 3. Market Demand Driven by Policy and Funding - The CRM market is rapidly developing, with cloud deployment becoming mainstream. The market size for CRM in China is projected to exceed RMB 250 billion by 2024, growing at around 10% annually [40][41]. - The residential market is expected to rebound due to policy support, with various measures being implemented to stabilize the real estate sector [44][45]. 4. Focus on State-Owned Enterprises and International Markets - The company is deepening its engagement with high-quality state-owned enterprise clients, enhancing customer value through product upgrades and tailored solutions [53]. - An international strategy is underway, with the establishment of a headquarters in Singapore to expand into Southeast Asia and the Middle East [57]. 5. AI Technology Integration - The company is increasing its investment in AI technology, integrating it into various product lines to enhance marketing productivity and operational efficiency [55].

业务结构优化&降本增效显成效，三大抓手着眼未来 明源云（0909.HK）/计算机 证券研究报告/公司点评 2024年04月02日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：2.44港元 指标 2022A 2023A 2024E 2025E 2026E 总收入（百万元） 1,833 1,657 1,686 1,832 2,114 分析师：闻学臣 增长率yoy% -17.2% -9.6% 1.8% 8.7% 15.4% 执业证书编号：S0740519090007 净利润（百万元） -1,154 -586 -244 -211 -112 Email：wenxc@zts.com.cn 增长率yoy% -235.5% 49.3% 58.3% 13.7% 46.9% 每股收益（元） -0.59 -0.30 -0.13 -0.11 -0.06 每股经营现金流（元） -0.19 0.00 0.01 0.04 0.05 研究助理：刘一哲 净资产收益率 -20.9% -11.7% -5.1% -4.6% -2.5% Email： ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - Mingyuan Cloud (0909.HK) reported a revenue of 1.64 billion RMB in 2023, a year-on-year decrease of 9.7%, primarily due to the ongoing adjustment in the domestic residential market [2] - The company achieved a gross profit of 1.303 billion RMB, with a gross margin of 79.5%, down 2 percentage points year-on-year [2] - Net loss narrowed to 587 million RMB, a 49.4% improvement compared to the previous year, while adjusted net loss significantly reduced by 72.9% to 170 million RMB, attributed to ongoing cost reduction and efficiency improvement efforts [2] - The company has a strong cash reserve of approximately 4.392 billion RMB as of December 31, 2023, and plans to distribute a special dividend of 0.1 HKD per share for 2023 [2] Revenue Structure and Performance - The revenue structure continues to optimize, with project construction and asset management income maintaining high growth rates [2] - Localized software and service revenue was 301 million RMB, down 22.8% year-on-year, while cloud service revenue was 1.34 billion RMB, down 6.2%, accounting for 81.6% of total revenue [2] - Customer relationship management revenue was 946 million RMB, down 9.2%, with cloud customer product revenue at 869 million RMB, down 4.9% [2] - Project construction revenue increased by 32.7% to 157 million RMB, driven by clearer digital transformation budgets from state-owned enterprises [2] - Asset management and operations combined revenue was approximately 87 million RMB, up 42% year-on-year [2] Cost Reduction and Efficiency Improvement - Significant cost reduction and efficiency improvement results were achieved in 2023, with operating expenses (excluding share-based payments) decreasing by 16.9% to 1.67 billion RMB [2] - Management, R&D, and sales expenses decreased by 20.6%, 22.4%, and 11.7% respectively [2] - The company’s per capita output value reached 557,000 RMB, an increase of 15.8% year-on-year [2] Profit Forecast and Valuation - The company continues to expand its industrial infrastructure and existing market, optimizing product layout and focusing on state-owned enterprise clientele [2] - Revenue forecasts for 2024 and 2025 have been adjusted down to 1.65 billion RMB and 1.76 billion RMB respectively, with a new forecast for 2026 set at 1.84 billion RMB [2] - Non-GAAP net profit forecasts for 2024 and 2025 have been revised down to 15 million RMB and 57 million RMB respectively, with a new forecast for 2026 at 108 million RMB [2]