Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 4.41 CNY [1][11][22]. Core Insights - The company is positioned as a leading ERP provider backed by state-owned assets, benefiting from the trend of domestic substitution and accelerating cloud transformation [1][23]. - Revenue growth is expected to exceed expectations due to breakthroughs in state-owned enterprise clients and the gradual expansion into the small and medium-sized enterprise market [1][23]. - The company has achieved a compound annual growth rate (CAGR) of 48% in cloud business from 2019 to 2022, which has become a major growth driver [1][20]. Summary by Sections 1. Profit Forecast and Valuation - The company is projected to achieve revenues of 100.00 billion, 121.69 billion, and 143.25 billion CNY from 2024 to 2026, with net profits of 3.38 billion, 6.22 billion, and 7.75 billion CNY respectively [1][18]. - The earnings per share (EPS) are expected to be 0.30, 0.54, and 0.68 CNY for the same period [1][18]. - The valuation is based on a PE ratio of 14.92 for 2024, leading to a target price of 4.41 CNY [1][22]. 2. Leading State-Owned ERP Enterprise - The company is a prominent player in the domestic ERP market, leveraging its state-owned background for trust and integrated supply advantages [1][23]. - The cloud transformation strategy initiated in 2017 has positioned the company well in the market, with a focus on high-margin cloud services [1][20]. 3. Strong Growth in Domestic ERP Industry - The report highlights the robust growth of the domestic ERP industry, with increasing demand for cloud solutions among large enterprises [1][52]. - The penetration rate of domestic ERP solutions is expected to rise significantly, driven by supportive policies and the necessity for digital transformation [1][56]. 4. Significant Ecosystem and Technological Innovations - The company has developed a comprehensive product structure, including various platforms for large enterprises and small to medium-sized businesses [1][35]. - The integration of AI and other advanced technologies into its product offerings enhances its competitive edge in the market [1][17].
首次覆盖报告：国资ERP领军者，乘国产化浪潮加速云转型