Yonyou(SH:600588) Tianfeng Securities·2024-04-15 16:00Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Insights - The company reported a revenue of 9.796 billion yuan for 2023, representing a year-on-year growth of 5.8%. The cloud service segment generated 7.091 billion yuan, growing by 11.6% [1]. - The large enterprise customer segment achieved a revenue of 6.519 billion yuan, with a year-on-year increase of 4.3%. The impact of organizational changes is expected to diminish, with a 12.4% revenue growth in the second half of the year [1]. - The medium enterprise segment saw a revenue of 1.386 billion yuan, growing by 21.4%, with cloud service revenue reaching 865 million yuan, up 36.9% [1]. - The small and micro enterprise segment generated 806 million yuan, a 17.7% increase, while government and public organizations' revenue declined by 12.5% to 982 million yuan [1]. - The company experienced a net loss of 967 million yuan in 2023, primarily due to declining revenue growth and increased expenses, including a significant rise in personnel costs [2]. - The company plans to optimize costs and improve personnel efficiency starting in 2024, anticipating a turning point in revenue and profit performance [2]. Financial Summary - The projected revenues for 2024-2026 are adjusted to 10.922 billion yuan, 12.605 billion yuan, and 14.719 billion yuan, respectively [2]. - The expected net profit for 2024-2026 is revised to 940 million yuan, 4.39 billion yuan, and 6.38 billion yuan, respectively [2]. - The company’s EBITDA for 2023 was -121.75 million yuan, with projections of 1.532 billion yuan for 2024 and 1.984 billion yuan for 2025 [3]. - The net profit margin is expected to improve from -9.87% in 2023 to 3.48% in 2025 [10].