Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company is expected to accelerate its transition to a cloud subscription service model, with a focus on AI applications driving innovation [5][6]. - Financially, the increase in SaaS revenue is anticipated to enhance gross margins, while a slight decrease in total employees suggests a potential for faster profitability recovery [5][6]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 2.87 billion yuan, an increase of 11.9%, while the net profit attributable to the parent company was a loss of 218 million yuan, a reduction in loss of 23.2% [6]. - The gross margin improved to 63.2%, up 1.3 percentage points year-on-year, primarily due to the increased subscription revenue [6]. - Cloud service revenue reached 2.39 billion yuan, growing by 17.2%, accounting for 83.2% of total revenue, reflecting the effectiveness of the subscription-first strategy [6]. Customer Segmentation - The company is focusing on large enterprises, with revenue from its cloud services for large enterprises growing by 38.9% year-on-year [6]. - Revenue from small and micro enterprises also showed strong growth, with a 17.3% increase in cloud financial services revenue [6]. Future Outlook - The company aims to continue expanding its customer base across various market segments, which is expected to lead to stable revenue growth [6]. - The ongoing push for AI application innovation and the increasing share of cloud service revenue are projected to further enhance gross margins [6].
金蝶国际2024年中报点评：订阅优先、AI优先，叠加降本增效盈利拐点将至