Yonyou(SH:600588) Haitong Securities International·2025-07-25 14:54Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 18.82 RMB, representing a potential upside of 27% from the current price of 14.33 RMB [1][9]. Core Insights - The company's Q2 performance shows significant improvement, indicating a recovery in business momentum, with a notable increase in enterprise-level AI applications [1][9]. - Revenue for H1 2025 is projected to be between 3.56 billion RMB and 3.64 billion RMB, reflecting a year-over-year decline of 6.4% to 4.3%, while Q2 revenue is expected to be between 2.18 billion RMB and 2.26 billion RMB, showing a year-over-year growth of 6.1% to 10.0% [9]. - The company is transitioning to a subscription model and optimizing its organizational structure, which is expected to impact short-term operations but ultimately enhance revenue quality [9]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are 9.92 billion RMB, 10.92 billion RMB, and 12.26 billion RMB, respectively, with corresponding EPS estimates of -0.09 RMB, 0.07 RMB, and 0.18 RMB [3][9]. - The company anticipates a net loss attributable to shareholders in H1 2025 of 875 million to 975 million RMB, an improvement from a loss of 794 million RMB in the same period last year [9]. - Operating cash flow for Q2 is expected to show a net inflow, improving by approximately 320 million RMB year-over-year, contributing to a cumulative improvement of about 600 million RMB in H1 [9]. Business Development - The launch of Yonyou Zhiyou 3.0 marks a new phase in intelligent management, focusing on multi-agent collaboration to enhance AI application capabilities across various business scenarios [9]. - The platform supports the formation of specialized "digital intelligence teams" and enables seamless integration of data sources, breaking down data silos while ensuring security and compliance [9].