Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 11.88 per share, reflecting a reasonable market capitalization of HKD 42.60 billion based on a 6x PS for 2024 [3][10]. Core Insights - The company reported a revenue of RMB 2.87 billion for the first half of 2024, representing a year-on-year growth of 11.9%, while the net profit attributable to shareholders showed a loss of RMB 218 million, which is a narrowing of 23.2% year-on-year [2][10]. - The cloud services segment continues to grow, with revenue reaching RMB 2.39 billion, up 17.2% year-on-year, and accounting for 83.2% of total group revenue [2][10]. - The large enterprise business is experiencing significant growth, with revenues from Kingdee Cloud·Cangqiong and Kingdee Cloud·Xinghan increasing by 38.9% year-on-year to RMB 546 million, and contract signing amounts growing approximately 63% year-on-year [2][10]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of RMB 2.87 billion, with a year-on-year growth of 11.9% and a net loss of RMB 218 million, which is a 23.2% improvement from the previous year [2][10]. - The sales, management, and R&D expense ratios were 42.7%, 8.7%, and 28.1%, respectively, showing a decrease of 1.9, 0.6, and 0.9 percentage points year-on-year [2][10]. Cloud Services and Subscription Growth - The cloud services revenue for the first half of 2024 was RMB 2.39 billion, marking a 17.2% increase year-on-year, and the annual recurring revenue (ARR) from cloud subscription services was approximately RMB 3.15 billion, up 24.2% year-on-year [2][10]. - Contractual liabilities related to cloud subscription services grew by 28.2% year-on-year [2][10]. Large Enterprise Business - The large enterprise segment saw revenues of RMB 546 million, a 38.9% increase year-on-year, with a net renewal rate of 97% and a subscription ARR growth of 29% [2][10]. - The medium enterprise business generated RMB 1.054 billion in revenue, up 14.3% year-on-year, with a customer count reaching 42,000 [2][10]. - The small and micro enterprise segment reported revenues of RMB 588 million, a 17.3% increase year-on-year, with a notable 70.8% growth in Kingdee Cloud·Xingchen revenue [2][10]. AI Platform Development - The company upgraded its Kingdee Cloud·Cangqiong to a new generation enterprise-level AI platform, launching the AI management assistant "Cosmic" [3][10]. - The AI applications have been validated in large enterprises, and the company is collaborating with major tech firms like Baidu and Microsoft to explore new intelligent applications [3][10].
金蝶国际：大型企业业务表现亮眼，苍穹重构升级为企业级AI平台