一、核心逻辑是什么？ 这是一家ERP 龙头企业，基本面逐季向好，AI 进展持续提速，海外业务高速增长，未来AI 带来的成长 性有望超预期 二、市场预期：公司业绩回暖以及AI 业务进展或需要一段时间超预期点：业绩拐点已现+AI 进展提速 +海外AI 产品或有望铺开1：业绩拐点已现驱动基本面持续向好： 利润层面：公司预计2025 年上半年实现归属于母公司所有者的净亏损为87,500万元到97,500 万元，归属 于母公司所有者的扣除非经常性损益后的净亏损为92,500 万元到102,500 万元。公司第二季度单季归属 于母公司所有者的净亏损为13,921 万元到23,921 万元，同比减亏10,170 万元到20,170 万元；归属于母公 司所有者的扣除非经常性损益后的净亏损为13,068 万元到23,068 万元，同比减亏11,171 万元到21,171 万 元，第二季度单季亏损大幅收窄。 现金流层面：公司经营活动产生的现金流量净额第二季度单季实现净流入，较去年同期改善约3.2 亿 元，上半年累计同比改善约6.0 亿元。 驱动因素：公司业绩逐步回暖 催化剂：宏观环境逐步向好 2、AI 行业趋势驱动公司AI 产品 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][12]. Core Views - The company is experiencing a performance turning point, with a gradual improvement in its fundamentals driven by a better macro environment and advancements in AI products [3][11]. - The company has reported a significant narrowing of losses in the second quarter, indicating a positive trend in revenue growth after a period of decline [1][2]. - The company is actively embracing AI, launching multiple innovative products that enhance efficiency and reduce costs for clients across various sectors [3][4][10]. Summary by Relevant Sections Revenue and Profit Outlook - The company expects to achieve revenue between 3.56 billion to 3.64 billion yuan in the first half of 2025, representing a year-on-year decline of 6.4% to 4.3%. However, the second quarter alone is projected to show a revenue increase of 6.1% to 10.0% [1]. - The anticipated net loss for the first half of 2025 is between 875 million to 975 million yuan, with a significant reduction in losses in the second quarter compared to the previous year [1]. Cash Flow Improvement - The company reported a net inflow of cash from operating activities in the second quarter, improving by approximately 320 million yuan year-on-year, with a cumulative improvement of about 600 million yuan in the first half [2]. AI Product Development - The company has launched the YonGPT2.0 model and various AI-driven products, enhancing its service offerings in finance, human resources, and supply chain management [3][4]. - The integration of AI into the company's core product, BIP3, has improved system flexibility and reduced resource consumption by 50% and operational costs by 30% [4]. Market Expectations and Growth Projections - The company is expected to see revenue growth from 9.15 billion yuan in 2024 to 12.52 billion yuan in 2027, with year-on-year growth rates of 7.96%, 11.18%, and 13.96% respectively [15]. - The company’s P/S ratio is projected to decrease from 5.82 in 2024 to 4.26 in 2027, indicating potential for valuation expansion [12][15]. International Expansion - The company has seen over 50% growth in overseas business revenue, with a presence in over 40 countries and regions, indicating a strong international demand for its AI products [10][11].

Core Viewpoint - The company reported a decline in total operating revenue and an increase in net loss for 2024, indicating ongoing challenges during its transformation phase [1][2]. Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 9.153 billion, a year-on-year decrease of 6.6% [1]. - The net profit attributable to shareholders was a loss of 2.061 billion, which is an increase in loss by 1.09 billion compared to 2023 [1]. - The actual revenue was in line with the forecast median, while the actual loss slightly exceeded the forecasted net loss range of 1.72-1.92 billion [1]. Group 2: Revenue Drivers - The decline in operating revenue was primarily due to a temporary delay in customer demand and a decrease in signed amounts [1]. - The transition to a subscription business model has impacted short-term overall revenue [1]. - The increase in losses was attributed to higher amortization of capitalized intangible assets, increased employee compensation due to layoffs, and higher goodwill impairment losses [1]. Group 3: Cloud Transformation and AI Strategy - In 2024, the cloud service business generated revenue of 6.85 billion, a year-on-year decrease of 3.4%, while subscription revenue grew by 26.0% [2]. - The company reported contract liabilities of 3.05 billion, an increase of 8.8% from the end of 2023, with cloud-related contract liabilities growing by 13.0% [2]. - The company launched the enterprise service model YonGPT2.0, focusing on AI and agent technologies to bridge complex enterprise needs with general models [2]. Group 4: Future Outlook - The company maintains an "overweight" rating despite adjusting profit forecasts for 2025-2026 due to lower-than-expected client investment and ongoing transformation impacts [3]. - Projected revenues for 2025-2027 are 10.51 billion, 12.19 billion, and 14.18 billion, respectively, with net profits of 0.1 billion, 0.41 billion, and 0.84 billion [3]. - The company is expected to benefit from the successful advancement of its cloud and AI initiatives, with a clear industry position and potential for long-term growth [3].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is currently in a transformation phase, facing overall pressure, but AI empowerment is expected to drive future growth [1] - The company's revenue for 2024 is reported at 9.153 billion yuan, a decrease of 6.6% year-on-year, with a net loss of 2.061 billion yuan, which is an increase in loss compared to the previous year [6] - The decline in revenue is attributed to delayed customer demand and the impact of transitioning to a subscription business model [6] - The company’s cloud service revenue for 2024 is 6.85 billion yuan, a decrease of 3.4% year-on-year, while subscription revenue has grown by 26% [6] - The company has launched an enterprise service model, YonGPT2.0, focusing on AI and agent technologies, which are seen as strategic priorities for future growth [6] - The long-term growth potential is supported by the successful advancement of cloud business and AI initiatives, despite short-term challenges [6] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 10.505 billion, 12.187 billion, and 14.181 billion yuan respectively, with expected growth rates of 14.8%, 16.0%, and 16.4% [5] - The forecasted net profit for 2025 is 101 million yuan, with significant improvements expected in subsequent years, reaching 410 million yuan in 2026 and 838 million yuan in 2027 [5] - The company’s gross margin is projected to stabilize around 49.4% in 2025, improving to 51.6% by 2027 [5] - The return on equity (ROE) is expected to turn positive by 2025, reaching 1.2% and improving to 8.7% by 2027 [5]