Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrated high resilience and quality in its operations, with a significant increase in ARR and cloud revenue [6][7] - The company reported a revenue of 2.87 billion RMB for H1 2024, a year-on-year increase of 11.9%, and a net loss of 218 million RMB, which is a reduction of 65.68 million RMB compared to the previous year [6] - The ARR revenue reached 3.15 billion RMB, reflecting a year-on-year growth of 24.2%, with expectations of a CAGR of over 30% from 2024 to 2026 [6] Summary by Sections Market Data - Closing price (HKD): 5.84 - H-share market capitalization: 20.941 billion HKD - 52-week high/low (HKD): 13.02/5.45 - Exchange rate (RMB/HKD): 1.0911 [2] Financial Performance - H1 2024 revenue: 2.87 billion RMB, up 11.9% YoY - H1 2024 net loss: 218 million RMB, down 65.68 million RMB YoY - H1 2024 cloud revenue: 2.389 billion RMB, up 17.2% YoY, accounting for over 80% of total revenue [6] Customer Growth - Significant growth in large customer contracts, with cloud service revenue from major clients reaching 550 million RMB, up 38.9% YoY [6] - The number of small and medium-sized clients has also increased, with revenue from this segment reaching 1.05 billion RMB, up 14.3% YoY [6] Future Projections - Expected revenues for 2024-2026 are 6.745 billion RMB, 8.095 billion RMB, and 9.805 billion RMB respectively, with net profits projected at 10 million RMB, 205 million RMB, and 432 million RMB [7][10]
金蝶国际：ARR保持高增，展现高韧性+高质量