用友网络：云业务稳健推进，效益化经营初见成效

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 3.805 billion yuan in the first half of 2024, representing a year-on-year growth of 12.9%. The net loss attributable to shareholders was 794 million yuan, a reduction in loss of 51 million yuan compared to the previous year [1] - The cloud service business generated 2.845 billion yuan in revenue, growing by 21.3% year-on-year, accounting for 74.8% of total revenue, indicating a strong performance driven by large enterprise clients [1][2] - The company is focusing on market opportunities and operational efficiency, leading to a gradual reduction in losses and improved management [1] Revenue and Profitability - The company’s enterprise customer business generated 3.443 billion yuan in revenue, with significant growth across large, medium, and small enterprises. Large enterprise revenue reached 2.388 billion yuan, up 11.2%, while cloud service revenue from large enterprises grew by 16.8% [2] - The overall gross margin improved to 52.5%, an increase of 3.6 percentage points year-on-year, indicating early signs of effective operational management [2] Future Projections - The company’s revenue projections for 2024, 2025, and 2026 are 11.002 billion yuan, 12.630 billion yuan, and 14.632 billion yuan respectively. The net profit attributable to shareholders is expected to be 52 million yuan in 2024, increasing to 430 million yuan in 2025 and 791 million yuan in 2026 [3][4]