Yonyou(600588) 兴业证券·2024-11-16 23:58Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance relative to the relevant market index by more than 15% [2][10] Core Views - The company's cloud services business is growing steadily, with a focus on subscription-based revenue and technological innovation [4][5] - The company has achieved cost control by reducing staff and optimizing its organizational structure, with employee numbers decreasing to 21,371 [4] - The company is advancing its global expansion strategy, establishing new subsidiaries in Japan and expanding market coverage in the Americas, Europe, and the Middle East [5] - The company's YonBIP developer ecosystem continues to grow, with registered developers reaching 1.158 million [5] Financial Performance - The company reported revenue of RMB 5.738 billion for the first three quarters of 2024, a year-on-year increase of 0.53% [6] - Net profit attributable to the parent company for the first three quarters of 2024 was a loss of RMB 1.455 billion, compared to a loss of RMB 1.030 billion in the same period last year [6] - Cloud service revenue for the first three quarters of 2024 was RMB 4.287 billion, a year-on-year increase of 8.6%, with subscription revenue growing by 27.8% [6] - The company's core product, BIP, generated revenue of RMB 1.86 billion in the first three quarters of 2024, a year-on-year increase of 18.0% [6] Future Projections - The company is expected to achieve net profit attributable to the parent company of RMB -525 million, RMB 216 million, and RMB 470 million for 2024, 2025, and 2026, respectively [5] - Revenue is projected to grow by 13.1%, 11.8%, and 10.3% in 2024, 2025, and 2026, respectively [3] - Gross margin is expected to improve from 50.7% in 2023 to 55.2% in 2026 [3] Technological Innovation - The company released YonGPT 2.0, an enterprise AI application model, which has been adopted by major enterprises such as Sinochem, XCMG, and Yunnan Baiyao [5] - The company's BIP 3 R6 platform has achieved a 50% reduction in resource consumption and a 30% saving in maintenance costs through technological innovation [5]