Yonyou(600588) 新浪财经· Xin Lang Cai Jing·2025-04-04 06:46Core Insights - The company has experienced a revenue decline of 6.57% year-on-year, with total revenue reaching 9.153 billion yuan in 2024, and a net loss of 2.061 billion yuan [1] - Despite the overall performance pressure, the core product BIP3 has shown resilience with revenue of 3.14 billion yuan, increasing its share of total revenue by 2.4 percentage points year-on-year [1] - Subscription revenue has grown by 26.0% year-on-year, indicating an improvement in revenue quality and potential for recovery in 2025 [1] Revenue and Profitability - The company’s revenue for 2024 was 9.153 billion yuan, down 6.57% from the previous year, while the net profit was -2.061 billion yuan [1] - Subscription revenue from medium-sized enterprises increased by 65.8%, and from small and micro enterprises by 34.1%, with a total of 1.43 million new paid enterprise users [2] - The company’s cloud-related contract liabilities reached 2.78 billion yuan, showing a solid foundation for future revenue growth [2] Strategic Initiatives - The company is focusing on AI to transform B-end service demands, launching the YonGPT2.0 model to bridge complex enterprise needs with general AI models [3] - The introduction of various applications such as intelligent assistants and smart employees aims to enhance efficiency and reduce costs for clients [3] - Successful applications have been implemented with major clients, demonstrating significant efficiency improvements [3] Financial Forecast - Projected total revenues for 2025, 2026, and 2027 are 10.172 billion, 11.323 billion, and 12.450 billion yuan, respectively, with growth rates of 11.14%, 11.31%, and 9.96% [4] - Expected net profits for the same years are -139 million, 463 million, and 1.032 billion yuan, reflecting substantial year-on-year growth [4] - The company’s current price corresponds to a price-to-sales ratio (PS) of 5.04, 4.52, and 4.11 for 2025-2027, indicating a favorable valuation compared to peers [4]