Yonyou(SH:600588) Capital Securities·2024-04-08 16:00Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company has achieved good growth in both customer quality and quantity, with long-term returns expected [4] - Despite a significant net loss in 2023, the company is well-positioned to benefit from digital transformation and domestic demand, with a strong increase in enterprise customer numbers and project contracts [4] - The company's strategic investments in R&D and ecosystem development may pressure short-term performance but are anticipated to yield long-term benefits [4] Financial Performance Summary - In 2023, the company reported revenue of 9.796 billion yuan, a year-on-year increase of 5.8%, while net profit attributable to shareholders was -0.967 billion yuan, compared to a profit of 0.219 billion yuan in the previous year [4][5] - The company expects revenue growth of 14.4%, 18.0%, and 20.0% for 2024, 2025, and 2026, respectively, with projected revenues of 11.211 billion yuan, 13.234 billion yuan, and 15.886 billion yuan [5] - The net profit attributable to shareholders is forecasted to recover to 0.195 billion yuan in 2024, 0.447 billion yuan in 2025, and 0.774 billion yuan in 2026, indicating a significant turnaround from the previous year's loss [5] Market Position and Strategy - The company has signed contracts with 10 new central enterprises and achieved over 100% growth in customer numbers and revenue for its mid-sized enterprise solutions [4] - The small and micro enterprise service segment has turned profitable, with a significant increase in paid enterprise users [4] - The company is focusing on enhancing its competitive edge through increased R&D spending, which has led to a rise in intangible assets [4]