Investment Rating - The report maintains a "Buy" rating for Kingdee International (0268.HK) [2] Core Views - Kingdee International's total revenue for H1 2024 reached 28.7 billion RMB, with a year-on-year growth of 8.8% [2] - The company's cloud service revenue grew by 17.2% year-on-year to 23.89 billion RMB, accounting for approximately 83.2% of total revenue [2] - The gross profit was 18.15 billion RMB, corresponding to a gross margin of 63.2%, indicating a slight increase of 1.3 percentage points year-on-year [2] - The company is actively pursuing cloud subscription services, with significant progress in securing large enterprise contracts [2] - The annual recurring revenue (ARR) for cloud subscription services increased by 28.2% year-on-year [2] Summary by Relevant Sections Financial Performance - In H1 2024, Kingdee International reported a net loss attributable to shareholders of 2.84 billion RMB, while maintaining guidance for breakeven in the current year [2] - The company achieved a net renewal rate of 97% for its cloud subscription services [2] - The total contract value for new contracts signed in H1 2024 reached 12.2 billion RMB, reflecting a continuous expansion of customer lifetime value [2] Strategic Focus - Kingdee International's future strategy emphasizes subscription-first AI management solutions, with ongoing innovations in AI applications [2] - The company has established partnerships with major enterprises such as Hisense Group and China Jinmao, validating its AI applications in human resource management [2] Market Position - Kingdee International is solidifying its leadership position in the mid-sized market, with significant revenue growth from its cloud services [2] - The company has expanded its international presence, helping Chinese enterprises to go global, with new clients in countries like Indonesia and Singapore [2] Earnings Forecast and Valuation - The report projects a slight downward adjustment in revenue forecasts for 2024-2026 due to the impact of macroeconomic pressures on small and medium enterprises [2] - The forecasted GAAP net profit for 2024 is adjusted to a loss of 1.8 billion RMB, with expectations of recovery in subsequent years [2]
金蝶国际：2024H1业绩点评：大企业订单快速增长，稳步推进盈亏平衡