机构：国信证券 研究员：熊莉/张伦可/刘子谭 企业管理解决方案完善，积极推进AI 落地。公司是全球领先的企业管理云SaaS 服务商，构建了覆盖企 业全生命周期的数字化解决方案，主要产品包括企业级AI 平台金蝶云苍穹，SaaS 管理云星瀚、星空、 星辰。公司自2011 年开启云转型，2025H1 公司云服务收入占公司收入比重达83.74%。随着订阅模式的 成熟，公司收入持续提升，2020-2024 年间CAGR 达16.84%，近年来销售毛利率、净利率均有所回升。 云原生EBC 重构管理软件，为AI 落地的必要方案。公司与Gartner 共同提出企业数字化管理进入后ERP 时代，开始向云原生EBC 转型。EBC 把原本封闭的功能模块重新拆分成可被AI 调用的能力服务，成为 企业AI 落地必要的接口层。公司为云原生EBC 转型的先驱，客户粘性持续提升。 信创、更新需求推动软件换代，国产替代仍有较大空间。在ERP 换代需求推动下，央国企引领ERP 招 投标数量上行，并逐渐开始ERP 系统的国产化替代。 当前星瀚和苍穹已经实现了与中国电子系、电科系、华为系以及中科院系等国内主流信创生态的全栈适 配，成为国内央企和50 ...

国信证券发布研报称，考虑到金蝶国际(00268)为全球领先的SaaS服务商，AI新品推进顺利，预计 2025/2026/2027年公司实现营业收入分别为69.57/79.28/90.59亿元，分别同比增长11.2%/14%/14.3%，实 现归母净利润分别为0.72/3.69/6.34亿元，对应当前PS为6.1/5.35/4.69倍，给予2026年7-8倍PS，对应估值 区间为610.68-697.92亿港元市值，给予"优于大市"评级。 国信证券主要观点如下： 在ERP换代需求推动下，央国企引领ERP招投标数量上行，并逐渐开始ERP系统的国产化替代。当前星 瀚和苍穹已经实现了与中国电子系、电科系、华为系以及中科院系等国内主流信创生态的全栈适配，成 为国内央企和500强企业的首选之一。 智能体打开AI应用场景，企业端渗透加速推进 近年来全球AI持续发展，大模型在知识问答、数学、编程等能力上达到新高度，Agent协议涌现，为企 业级应用提供基础。AI竞争焦点已从通用能力转向场景深耕与生态整合，SaaS企业依据自身技术或行 业know-how迅速切入市场，拥有明显的生态占位优势。公司平台全面集成AI能力，签约海信集 ...

智通财经APP获悉，国信证券发布研报称，考虑到金蝶国际(00268)为全球领先的SaaS服务商，AI新品 推进顺利，预计2025/2026/2027年公司实现营业收入分别为69.57/79.28/90.59亿元，分别同比增长 11.2%/14%/14.3%，实现归母净利润分别为0.72/3.69/6.34亿元，对应当前PS为6.1/5.35/4.69倍，给予2026 年7-8倍PS，对应估值区间为610.68-697.92亿港元市值，给予"优于大市"评级。 国信证券主要观点如下： 企业管理解决方案完善，积极推进AI落地 公司是全球领先的企业管理云SaaS服务商，构建了覆盖企业全生命周期的数字化解决方案，主要产品包 括企业级AI平台金蝶云苍穹，SaaS管理云星瀚、星空、星辰。公司自2011年开启云转型，2025H1公司 云服务收入占公司收入比重达83.74%。随着订阅模式的成熟，公司收入持续提升，2020-2024年间 CAGR达16.84%，近年来销售毛利率、净利率均有所回升。 信创、更新需求推动软件换代，国产替代仍有较大空间 在ERP换代需求推动下，央国企引领ERP招投标数量上行，并逐渐开始ERP系统的国产 ...

Summary of Kington International Conference Call Company Overview - Kington International is a leading company in the ERP industry, focusing on AI applications and SaaS solutions [2][3] Key Points and Arguments AI Product Development - Kington has launched multiple AI engine products with positive customer feedback, indicating a deepening application of AI [2][3] - The current price-to-sales (PS) ratio is approximately 7 times, compared to the normal range of 12-15 times for AI SaaS companies, suggesting potential for valuation improvement [2][3] ERP Industry Dynamics - The ERP industry is experiencing accelerated domestic substitution, with Kington positioned at a profitability inflection point [2][4] - Kington's revenue from large enterprise products, such as Cangqiong and Xinghan, grew over 30% last year, with contract signing amounts reaching 2.1 billion yuan, reflecting a growth rate exceeding 50% [4][5] New Pricing Model - Starting July 1, Kington will implement a new pricing model for medium and large enterprise clients, charging separately for additional development services, which is expected to boost revenue [5] - This pricing strategy indicates an improvement in the competitive landscape of the ERP industry, moving away from price wars to product upgrades and reasonable profit levels [5] Financial Stability - Kington has demonstrated financial stability, with a significant portion of its client base being medium-sized enterprises, accounting for over 40% of its core revenue [6] - The SaaS model, with over 80% of revenue from annual subscriptions, extends customer value lifecycle and contributes to long-term performance [6] Market Share and Competition - The domestic substitution policy mandates completion of ERP domestic replacement by 2027, leading to a decline in market share for overseas vendors like SAP and Oracle [7][8] - Domestic vendors, including Kington, are focusing on product upgrades and leveraging AI technology to enhance competitiveness, particularly in the large state-owned enterprise market [8] Subscription Model Benefits - Kington's subscription model ensures continuous service usage, enhancing revenue stability even in uncertain macroeconomic conditions [9] - The high renewal rate of existing customers supports the company's performance, despite challenges in acquiring new clients [9] Cash Flow and Profitability - Kington's operating cash flow has been positive for several years, with operating net cash flow reaching 900 million yuan last year, a 43% year-on-year increase [11] - The company is expected to maintain rapid growth in cash flow, achieving profit and loss balance under the SaaS business model [11] AI Application Progress - Kington has made significant strides in AI applications, launching various products tailored for different enterprise sizes, including Cangqiong AI application development platform and HR assistants [12] - New AI products released in May 2025 include Kington Financial Report, ChatGPT, and recruitment assistants, which are designed for ease of use and efficiency [12] Future Outlook for AI and ERP - The integration of AI and ERP is still in its early stages, but it holds great potential for enhancing decision-making and operational efficiency [13][14] - The commercial potential of AI in the ERP sector is substantial, with increasing willingness from clients to pay for efficient AI applications [14] Economic Environment Impact - Kington has shown resilience in the current economic environment, with a high subscription ratio contributing to strong business predictability [15] - The company is expected to maintain steady growth, with short-term contributions from standardized AI products and long-term value from enhanced AI capabilities [16] SaaS Valuation - Current valuations for enterprise SaaS are relatively low, with Kington's PS at only 7 times, indicating significant room for growth as market optimism for cloud and AI increases [17]

Summary of Kintone International Conference Call Company Overview - Kintone International has successfully transformed into a cloud service provider, with cloud service revenue accounting for 81.6% of total revenue by 2024, establishing itself as a leading ERP giant in the domestic SaaS market [2][12][16] - The company offers core products including Xinghan, Cangqiong, Xingkong, and Xingchen, catering to large, medium, and small enterprises with comprehensive management solutions [2][13] Key Insights and Arguments - **Cloud Transformation Impact**: The shift to cloud services has enhanced revenue resilience, improved employee efficiency, and strengthened cash flow health, with operating profit margin for cloud services reaching 6% in 2024 [2][12][19] - **AI Technology Influence**: AI technology is expected to significantly impact Kintone's business model, with anticipated revenue growth of 10-15% in 2025, projecting total revenue of approximately 7 billion RMB [2][14][27] - **Profitability Forecast**: Kintone expects to turn a profit in 2025, estimating a profit of around 80 million RMB, with a current PS valuation of about 6 times, potentially reaching 8 times in the long term, corresponding to a market value target of 56 billion RMB [2][15][26] - **Market Share Gains**: The company benefits from the "Xinchuang" policy, which drives rapid growth for its Xinghan and Cangqiong platforms by capturing market share from SAP and Oracle, with revenue growth from under 100 million RMB in 2019 to 1.3 billion RMB in 2024, reflecting an annual growth rate of approximately 40% [2][23] Additional Important Content - **AI Agent Commercialization**: Kintone is poised for large-scale commercialization of AI agents in 2025, leveraging its extensive customer base and data accumulation to enhance its SaaS offerings [5][7][27] - **Product Development**: Recently, Kintone launched five AI agents, including Travel Agent and Financial Report Analysis Agent, which integrate into the ERP financial system, creating a closed-loop management system [9][10] - **Client Segmentation**: Kintone's products are tailored to different client segments, with varying deployment times and customization needs, reflecting the diverse requirements of small, medium, and large enterprises [20][21][22] - **Financial Resilience**: Kintone has demonstrated strong revenue growth resilience, maintaining positive growth even during economic fluctuations and external shocks, with no negative growth recorded in the past 8-9 years [17][18] Conclusion Kintone International's strategic focus on cloud transformation and AI integration positions it well for future growth, with a robust product offering and a clear path to profitability. The company's ability to adapt to market demands and leverage policy changes further enhances its competitive edge in the ERP SaaS landscape.