Yonyou(SH:600588) Guoxin Securities·2024-08-27 13:02Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][11] Core Views - The company has shown continuous revenue growth, with a 12.9% year-on-year increase in operating revenue for H1 2024, reaching 3.825 billion yuan. The net profit attributable to shareholders narrowed to -845 million yuan, a decrease of 6.06% year-on-year [1][5] - The gross margin has been on the rise, reaching 52.5% in H1 2024, an increase of 3.6% year-on-year. In Q2 2024, the gross margin further improved to 54%, up 3.2% quarter-on-quarter [1][5] - The company has effectively controlled expenses, with sales, management, and R&D expense ratios decreasing by 2.0 percentage points, 0.2 percentage points, and 2.1 percentage points respectively [1][5] - The company has launched new AI products, including YonGPT 2.0 and the latest version of BIP 3 R6, enhancing its product capabilities across ten key business areas [1][5] - The new BIP Super Edition product fills a market gap for medium to large enterprises in digital transformation, featuring advanced technology architecture and intelligent capabilities [1][5] Financial Forecasts - The company is expected to achieve revenues of 11.195 billion yuan, 12.811 billion yuan, and 14.681 billion yuan for the years 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is projected to be 50 million yuan, 176 million yuan, and 363 million yuan for the same years [2][9] - The price-to-sales (PS) ratios are forecasted to be 2.72, 2.41, and 2.09 for 2024, 2025, and 2026 respectively [1][9]