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高盛:维持明源云(00909)中性评级 目标价2.00港元
智通财经网· 2025-04-14 02:18
Core Viewpoint - Goldman Sachs reports that Mingyuan Cloud's performance in the second half of 2024 is expected to be below expectations due to continued weak demand from real estate developers, maintaining a neutral rating with a 12-month target price of HKD 2.00 [1] Group 1: Financial Performance - Revenue for the second half of 2024 is projected to decline by 19% year-on-year to RMB 715 million, which is 14% lower than Goldman Sachs' expectations [1] - Gross margin decreased by 5.7 percentage points year-on-year and 6.8 percentage points quarter-on-quarter, primarily due to a significant reduction in orders [1] - Adjusted net loss reached RMB 27 million, which is better than Goldman Sachs' forecasted adjusted net profit loss of RMB 35 million [1] Group 2: Business Segment Analysis - Cloud SaaS/PaaS revenue declined by 17% year-on-year, with property management and operation SaaS revenue increasing by 3%, offset by declines in CRM SaaS, construction management SaaS, and Skyline PaaS revenue, which fell by 12%, 36%, and 36% respectively [1][2] - The decline in revenue is attributed to a decrease in new construction projects in the real estate sector and reduced demand from budget-constrained developers [1] - The number of sales offices covered by CRM Cloud decreased by 9% year-on-year, while the average revenue per user (ARPU) for CRM Cloud increased by 3% [1] Group 3: Software Business and AI Initiatives - Revenue from on-premise software business declined by 24% year-on-year, primarily due to conservative IT spending by private developers [2] - The company has launched several AI products for real estate video marketing, including AI Creative Factory and AI Salesperson, with contract amounts for AI products reaching RMB 28 million in 2024 [2] - CRM Cloud is expanding its AI-supported video marketing services into real estate brokerage, automotive, and home decoration sectors [2]