Investment Logic - The company is a leader in domestic enterprise service SaaS, having launched the first Windows-based financial management software in 1995 and transitioning to cloud services in 2007. By 2024, cloud service revenue is expected to account for 81.6% of total revenue [1] - From a total perspective, the company's cloud transformation has resulted in stronger revenue growth resilience, maintaining positive growth from 2016 to 2024, higher employee efficiency with a CAGR of 10% from 2020 to 2024, lower expense ratios with improvements of 2.45pp and 5.10pp in sales and R&D expense ratios respectively from 2020 to 2024, and healthier cash flow returning to historical highs in 2024 [1] - From a structural perspective, in 2024, the revenue from the "Cang Qiong" and "Xing Han" products is expected to be approximately 1.3 billion yuan, accounting for 20.8% of total revenue, with a net dollar retention rate (NDR) of 108% maintained for five consecutive quarters. The demand side is driven by ERP system replacements mandated by policies for central and state-owned enterprises by the end of 2025/2027 [1] Revenue Breakdown - In 2024, revenue from the "Xing Kong" product is projected to be approximately 2.15 billion yuan, accounting for 34.3% of total revenue, with an NDR of over 94% [2] - The "Xing Chen" product, aimed at small and micro enterprises, is expected to generate approximately 1.23 billion yuan in revenue in 2024, accounting for 19.6% of total revenue, with an NDR improvement to 93% [2] - The company has covered 435,000 small and micro enterprises with its integrated financial, tax, and business solutions, addressing common issues faced by these enterprises in their digital transformation [2] AI and Future Outlook - Since 2017, the company has been investing in AI, launching the "Jin Die Cloud·Cang Qiong GPT" large model platform in 2023, and has developed agent capabilities across seven major scenarios including finance, human resources, and marketing [2] - The company forecasts revenues of 7.01 billion, 8.05 billion, and 9.38 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 80 million, 490 million, and 1.07 billion yuan for the same years [2] - A target price of 16.98 HKD per share is set based on an 8x PS valuation for 2025, with an initial "buy" rating assigned [2]

近日，金蝶举办金蝶云苍穹AI峰会上，在该峰会上，金蝶联合20余家产学研机构成立"企业管理AI生态联盟"，旨在破解中小企 业AI应用适配难题。 "企业管理AI能够把繁重的重复性工作和数据密集型工作交给智能体，极大地释放了人的工作时间，让人更好地发挥创造力。 人与智能体的共生关系成为企业的核心竞争力"，金蝶集团董事会主席兼CEO徐少春表示，AI是企业管理的必选项，也是金蝶 未来发展的主航道。 其实金蝶AI转型已久，2022年至2024年，金蝶连续三年就推出AI概念及AI产品，从实际效果上看，金蝶的AI转型并没有金蝶 中小微企业占比过高，大客户市场拓展缓慢的难题。 金蝶的AI转型在效果上没有改变其营收结构，是大企业排斥AI技术吗？其根源在于大型企业在采用AI技术时，更看重其系统 的基础功能，而不会仅仅为AI概念买单。 【1】AI+大客户的双轮驱动 "1个大客户对于toB企业的价值，要远远高于10个中小客户"，经纬中国创始人左凌烨表示，在中国，面向企业端的软件服务生 意，向来是一门"得大客户者得天下"的生意。 确实中小微企业业务不稳定、付费能力低等特性，会给金蝶带来无法对冲的行业性风险，因此大客户一直都是整个企业服务 ...

文：互联网江湖 作者：刘致呈 最近，"国产软件一哥"用友网络(SH:600588)发布公告称，为推进全球化2.0战略，加强与境外资本市场对接，公司正在筹划发行境外股份(H股)并在香港联交 所上市。 本以为这是个天大的利好消息，但没想到，很快就有股民投资者在公告下方评论道："别浪费资源行不行，就你还去港股上市""这是没钱了，退市前再去香 港圈一把"…… 言语之中，无不透露着对用友网络二度上市的不看好、不信任。 虽说这肯定是部分散户投资者的不理性之言，可同时，用友网络准备港股上市的消息发酵了两天，却好像也没有在整个资本市场上掀起太多的波澜，股价走 势依旧表现不振。 难道这部分看空的投资者并没有错？ 其实不然。有业内人士向我们解释道：港股上市肯定是个好事，但现在用友的主要问题是基本面业绩迟迟得不到改善，每股股价甚至也从2020年巅峰期的每 股53.56元跌落至了现在的13.7元左右，套牢了不少人，可如今却又准备去融资搞钱，那么肯定就有投资者"爱之深，恨之切"了…… 用友网络，"缺钱"、缺接班人？ 事实上，虽然有投资者不够理性，但却也说对了一半： 现在用友网络的手头确实不算宽裕。 天眼查APP显示，在2019年之后， ...