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]
明源云：2024H1业绩点评：收入依旧承压，强费用管控加速盈亏平衡