2024年05月08日 公 司点评 公 买入 / 维持 司 用友网络(600588) 研 究 目标价: 昨收盘:11.58 业绩恢复增长，创新业务增长明显 事件：公司发布2023年年报，收入97.96亿元，同比增加5.77%； ◼ 走势比较 归母净利润-9.67亿元，同比减少541.28%。 公司发布 2024 年一季报，收入 17.49 亿元，同比增加 18.61%； 10% 太 平 (1( 84 %% ))8/5/32 02/7/32 1/01/32 31/21/32 42/2/42 7/5/42 归母净 利润-4.53亿元，同比减少14.17%。 洋 行业化组织模式升级，费用率提升明显。2023年，公司销售毛利 (32%) 证 率为 50.73%，相对于去年同期下降了 5.64 个百分点；销售费用率为 (46%) 券 27.43%，相对于去年同期提升了5.08个百分点；管理费用率为11.08%， (60%) 相对于去年同期下降了 0.09 个百分点；研发费用率 21.06%，相对于 股 用友网络 沪深300 去年同期提升了3.52个百分点。 份 有 ◼ 股票数据 限 中型客户云收入增长态势明显。2023 ...

用友网络科技股份有限公司（以下简称"用友网络"或"公司"）于 2023 年 6 月 5 日召开了第九届董事会第三次会议，审议通过了《公司关于以集中竞价交易 方式回购公司股份方案的议案》，公司拟使用不低于人民币 60,000 万元（含），不 高于人民币 90,000 万元（含）的自有资金回购公司股份，回购期限自董事会审议 通过回购股份方案之日起 12 个月内，具体情况详见《用友网络关于以集中竞价交 易方式回购公司股份方案的公告》（编号：临 2023-042）、《用友网络关于以集中竞 价交易方式回购公司股份的回购报告书》（编号：临 2023-043）。2023 年 6 月 6 日， 公司以集中竞价交易方式实施了首次回购，具体情况详见《用友网络关于以集中竞 价交易方式首次回购公司股份的公告》（编号：临 2023-044）。 二、 回购股份的进展情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 法律法规的要求，公司在回购股份期间，应当在在每个月的前 3 个交易日内公告 截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 证券代码：600588 证券简称：用友网络 公告编号：20 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 用友网络（600588）公司季报点评 2024年05月02日 [Table_InvestInfo] 大型企业客户业务收入高增长，效益化经 投资评级 优于大市 维持 营初见成效 股票数据 0[4Ta月b3le0_日S收to盘ck价（In元fo）] 11.64 [Table_Summary] 52周股价波动（元） 9.71-23.54 投资要点： 总股本/流通A股（百万股） 3419/3417 总市值/流通市值（百万元） 39792/39774 相关研究  24Q1收入快速增长，费用管控初见成效。24Q1公司实现营业收入17.49亿 [《Ta订b单le保_R持e高p增or，tIn盈fo利] 能力有望快速恢复》 元，同比增长 18.6%；归母净利润-4.53亿元，亏损同比增加 0.56亿元，主 要系公允价值变动收益同比减少1.06亿元影响；扣非归母净利润-4.51亿元， 2024.03.31 同比减亏 0.44 亿元，主要系公司收入增长和成本费用管控所致。毛利率 《Q3 收入拐点已现，新签合同增势延续》 2023.12.28 50.85%， ...

公司快报 2024 年 05 月 05 日 用 友网络(600588.SH) 证券研究报告 组织模式升级完成，期待业务回暖 云软件服务 投资评级 买入-A 事件概述 维持评级 公司近期发布 2023 年年报和 2024 年一季报预告，2023 年实现营业 6个月目标价 13.17元 收入 97.96 亿元，同比增长 5.77%，实现归母净利润-9.67 亿元，同 股价 (2024-04-30) 11.64元 比下降541.28%。2024年一季度，公司实现营业收入 17.49 亿元，同 比增长18.61%，实现归母净利润-4.53亿元，同比下降14.17%。2023 交易数据 年公司启动了规模较大的业务组织模式升级，部分影响了收入和利润 总市值(百万元) 39,791.59 情况。我们认为伴随组织调整结束，预期 2024 年业务端有望复苏， 流通市值(百万元) 39,773.85 24Q1 的收入增长也部分印证了业务趋势。 总股本(百万股) 3,418.52 流通股本(百万股) 3,417.00 组织模式升级短期影响业务，2024 年有望复苏 12个月价格区间 9.92/23.13元 收入端来看，根据年报披露 ...

股 票 研 究 [Table_industryInfo] 计算机/信息科技 [ Table_Main[用ITnaf 友bol]e 网_Ti络tle]( 600588) [评Tab级le_：Inv est] 增持 上次评级： 增持 组织模式升级后收入提速，人员优化预计将降低成本 目标价格： 17.42 上次预测： 30.89 公 ——用友网络2023 年报&2024 年一季报点评 当前价格： 11.82 司 李沐华(分析师) 陈剑鑫(研究助理) 2024.04.29 更 010-83939797 021-38038262 [交Ta易bl数e_M据a rket] 新 limuhua@gtjas.com chenjianxin027974@gtjas.com 证书编号 S0880519080009 S0880123030056 52周内股价区间（元） 9.92-23.13 报 总市值（百万元） 40,407 告 本报告导读： 总股本/流通A股（百万股） 3,419/3,417 流通 B股/H股（百万股） 0/0 收入：组织模式升级阶段性影响已过，2024年收入将提速。成本/费用：2024Q1优化 流通股比例 100 ...

[用Tab友le_网Stoc络kN（am 6eR 0p 0tT 5yp 8e 8] ） 公司研究/公司点评 2024Q1 营收双位数增长，大型企业客户持续突破 [T投 a资 ble评 _R级 a： nk买 ] 入（维持） 主要观点： 报告日期： 2024-04-27 ⚫[ T 事ab 件le_ 概Su 况m mary] 5收70盘 价（元） 11.75 用友网络于2024 年 4 月 26 日发布 2024 年第一季度报告。2024Q1公 司实现营收17.49亿元，同比增长18.61%；实现归母净利润-4.53亿元， 近12个月最高/最低（元） 25.0/9.7 同比下降14.17%；实现扣非归母净利润-4.51亿元，同比增长8.97%。 总股本（百万股） 3418.52 流通股本（百万股） 3417 ⚫ 2024Q1营收实现双位数增长，扣非净利润减亏 流通股比例（%） 99.96 营收方面，2024Q1公司实现营收17.49亿元，同比增长18.61%。其中， 云服务业务实现收入 12.59 亿元，同比增长 32.5%；占总营收的比例为 总市值（亿元） 401.7 72%，同比增加 7.6pct。公司收入快速 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,749,275,186, representing an increase of 18.6% compared to the same period last year[2]. - The net profit attributable to shareholders of the listed company was a loss of CNY 453,030,627, with a basic and diluted earnings per share of -0.14 yuan[2]. - The weighted average return on net assets was -4.69%, a decrease of 1.1 percentage points year-on-year[2]. - The company reported a net loss attributable to shareholders of 453.03 million yuan, an increase in loss of 5.623 million yuan year-on-year, impacted by a decrease in fair value gains[11]. - Net loss for Q1 2024 was ¥466,813,538, compared to a net loss of ¥417,271,503 in Q1 2023, indicating a deterioration in performance[35]. - Operating profit for Q1 2024 was a loss of ¥468,248,925, compared to a loss of ¥416,442,389 in Q1 2023[34]. - Basic earnings per share for Q1 2024 was -¥0.14, compared to -¥0.12 in Q1 2023[35]. Cash Flow and Assets - The net cash flow from operating activities was a negative CNY 1,297,280,092, indicating significant cash outflow during the quarter[2]. - The company reported a decrease in cash and cash equivalents from CNY 8,045,445,865 at the end of 2023 to CNY 5,268,184,617 as of March 31, 2024, a decline of approximately 34.9%[28]. - Cash flow from operating activities for Q1 2024 was a net outflow of ¥1,297,280,092, compared to a net outflow of ¥1,166,743,199 in Q1 2023[36]. - Cash flow from investing activities for Q1 2024 showed a net outflow of ¥840,589,674, a significant decrease from a net inflow of ¥1,535,100,893 in Q1 2023[37]. - Cash flow from financing activities for Q1 2024 resulted in a net inflow of ¥173,147,258, down from ¥537,422,670 in Q1 2023[37]. - The total current assets decreased from CNY 12,922,361,827 at the end of 2023 to CNY 11,394,111,302, a reduction of about 11.8%[28]. - The company reported cash and cash equivalents at the end of Q1 2024 of ¥4,788,213,328, down from ¥6,198,470,676 at the end of Q1 2023[37]. Shareholder and Equity Information - Shareholders' equity attributable to shareholders of the listed company decreased by 5.1% to CNY 9,632,525,964 compared to the end of the previous year[3]. - The total number of ordinary shareholders at the end of the reporting period was 143,004[6]. - The largest shareholder, Beijing Yonyou Technology Co., Ltd., held 921,161,630 shares, accounting for 26.95% of the total shares[7]. - The company’s retained earnings decreased from CNY 873,526,347 at the end of 2023 to CNY 420,495,720, a decline of approximately 52.0%[30]. Market and Product Development - The company is focusing on expanding its market presence and developing new products and technologies to enhance future performance[2]. - Cloud service revenue reached 1.25864 billion yuan, growing 32.5% year-on-year, accounting for 72.0% of total revenue, an increase of 7.6 percentage points from the previous year[11]. - Revenue from large enterprise customers was 1.09132 billion yuan, a 20.0% increase year-on-year, with cloud service revenue from this segment growing 38.9%[14]. - Revenue from government and public organizations grew 44.6% year-on-year, with cloud service revenue increasing 58.7%[19]. - The company signed contracts with 38 central enterprises, including China CITIC Group and others, enhancing its market position[14]. - The company launched BIP 3-R5, enhancing product competitiveness through continuous upgrades and iterations[22]. - The cumulative number of paid cloud service customers reached 753,000, with an addition of 38,000 new customers during the reporting period[12]. - The total number of ecological solutions developed based on the YonBuilder low-code platform increased to 305, with 26 new iterations of BIP native products[23]. - The number of registered ISV partners reached 3,567, with 5 new BIP native development partners added during the reporting period[23]. - The company maintained its position as the leading provider in the Chinese aPaaS market and large enterprise ERM market according to IDC reports[24]. Liabilities and Financial Position - Total assets at the end of Q1 2024 were CNY 24,351,445,190, down 4.6% from the end of the previous year[3]. - The total liabilities decreased from CNY 13,717,677,549 at the end of 2023 to CNY 13,079,590,422, a decline of approximately 4.7%[30]. - Contract liabilities amounted to 2.77 billion yuan, a 14.1% increase year-on-year, with cloud-related contract liabilities at 2.46 billion yuan, up 26.9%[12]. - The company’s total non-current assets increased from CNY 12,598,678,944 at the end of 2023 to CNY 12,957,333,888, an increase of about 2.9%[29]. Employee Information - The company’s employee count decreased to 23,156, down by 1,793 from the end of 2023[25].

证券代码：600588 证券简称：用友网络 公告编号：2024-038 用友网络科技股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 27 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,708,160,002 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 49.9678 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由用友网络科技股份有限公司董事会召集，公司董事长王文京 先生主持。所有表决方式均符合《公司法》及《公司章程》的相关规定。 (一) 股东大会召开的时间：2024 年 4 月 25 日 (二) 股东大会召开的地点：用友产业园（北京）中区 8 号楼 E102 室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 ...

北京市天元律师事务所 关于用友网络科技股份有限公司 2023 年年度股东大会的法律意见 京天股字（2024）第 153 号 致：用友网络科技股份有限公司 用友网络科技股份有限公司（以下简称"公司"）2023 年年度股东大会（以下 简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2024 年 4 月 25 日下午 14:00 在用友产业园（北京）中区 8 号楼 E102 会议室召开。北 京市天元律师事务所（以下简称"本所"）接受公司聘任，指派律师参加本次股东 大会现场会议并进行见证，并根据《中华人民共和国公司法》《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股东大会规则（2022 年修订）》 （以下简称"《股东大会规则》"）以及《用友网络科技股份有限公司章程》（以 下简称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程序、出席 现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法律 意见。 为出具本法律意见，本所律师审查了《用友网络科技股份有限公司关于召开 2023 年年度股东大会的通知》（以下简称"《召开股东大会通知》"）《用友网络 科技股份有 ...

Summary of Conference Call on Enterprise-Level AI by Yonyou Network Industry Overview - The conference discusses the significant growth of AI in the enterprise-level B2B sector, highlighting a shift in revenue generation from consumer (C-end) to business (B-end) applications of AI [1][2][3]. Key Insights - **Rapid Revenue Growth in B2B AI**: Both in China and the US, AI in the B2B sector has started to generate substantial revenue, contrasting with the slower monetization seen in the C-end [1][2]. - **Cost and Efficiency Drivers**: Companies are motivated to adopt AI due to its potential to enhance productivity and efficiency, driven by competitive pressures [3][7]. - **Differences Between C-end and B-end**: The payment habits and business models for C-end and B-end AI differ significantly, with B-end companies showing a quicker adaptation to effective payment models [2][6][10]. - **Barriers to Entry**: The complexity of AI implementation in enterprises creates significant barriers, leading to a more stable revenue model compared to the C-end, where competition is high and products are often similar [9][12][13]. Company Strategy - **Yonyou's AI Strategy**: Yonyou has been focusing on integrating AI into its products since 2019, with a strategic emphasis on enhancing operational efficiency through AI [15][16]. - **Product Development**: The company has developed two layers of AI products: the foundational AI model (AIR) and AI pass, aimed at providing tailored solutions for different customer scenarios [16][17]. - **Market Positioning**: Yonyou aims to leverage both public and private AI models, recognizing the need for enterprises to protect sensitive data while utilizing AI capabilities [18][19][30]. Future Outlook - **Revenue Projections**: While Yonyou anticipates rapid growth in AI revenue, it does not expect AI to constitute a significant portion of total revenue in the next three years, estimating it may not exceed 20-25% [49][50]. - **Data Management Challenges**: The company acknowledges that many enterprises face challenges with data organization and integration, which must be addressed before effective AI implementation can occur [50][51][62]. Additional Considerations - **Cultural Differences in CRM**: The discussion touches on the differences in customer relationship management (CRM) software adoption between China and the US, with the latter seeing more dynamic changes due to cultural factors [38][39]. - **AI as a Tool vs. Toy**: There is a distinction made between how enterprises view AI as a productivity tool versus how individuals may perceive it as a novelty or toy [14][15]. - **Interactivity and User Experience**: The need for improved user interfaces in enterprise software is emphasized, suggesting that AI can enhance user experience by simplifying interactions [43][44]. Conclusion - The conference highlights the transformative potential of AI in the enterprise sector, with Yonyou positioning itself as a key player in this evolving landscape. The focus on efficiency, data management, and tailored solutions will be critical for capturing future growth opportunities in the B2B AI market.