用友网络(600588) Yonyou hosted (2 April) an earnings conference call following its 2024 annualresults. In 2024, Yonyou’s total revenue reached RMB9.2bn, down 7% YoY,owing to postponed customer demand amid macro headwinds, and Yonyou’sstrategy to promote the subscription business model with greater intensity. Netloss attributable to ordinary shareholders expanded to RMB2.1bn in 2024 (2023:RMB967mn), mainly due to: 1) the decline in revenue generation; 2)compensation provided to the employees that have left their jobs; and 3)provisions for goodwill impairment. Management guided to strive for large-scaleloss reduction in 2025 through improving labour productivity and improving thequality and efficiency of product delivery. Although we remain positive thatYonyou will benefit from increasing digitalization demand nationwide over thelong term, and think the international expansion plan should help revive revenuegrowth in the coming years, we remain cautious in the near term. The 40% risein its stock price YTD has largely priced in positive market sentiment regardingincremental benefits brought by the “DeepSeek moment”, in our view, andconcrete evidence on incremental monetization from AI is the next key to watchto drive a further rerating. We lift our TP to RMB14.49 (was RMB9.08) based on5.3x 2025E EV/sales, in line with its two-year average. Maintain HOLD. Solid progress made in large enterprise customer acquisition. By theend of 2024, Yonyou recorded 7 new contract wins from central state-ownedenterprises, bringing the total number of contract wins to 44. Revenuegeneration from the core BIP3 product reached RMB3.14bn in 2024, and itsrevenue contribution to total revenue was up by 2.4ppts YoY. The overallsubscription revenue growth of 26% YoY was also higher than that of totalrevenue, demonstrating an improvement in revenue structure. Subscriptionrelated contract liabilities reached RMB2.31bn in 2024, up 25.9% YoY. High R&D capitalization rate remains a concern. In 2024, Yonyou’s R&Dexpenditure came in at RMB2.1bn, flat YoY, which in our view demonstratedYonyou’s effort in optimizing cost while maintaining investment to driveproduct feature enhancement. However, R&D capitalization rate rose to arecord high of 52% (vs. 48/50% in 2022/2023, compared to Kingdee’s 32%in 2024). Although Yonyou suspended the disclosure of ARR contribution in2024, it needs to improve ARR contribution and further optimize R&Dcapitalization, to drive a better long-term profitability outlook, in our view.The number of employees for Yonyou was 21,283, down 3,666 YoY (or 15%YoY), and we expect the improvement in labor productivity to help drivebetter operating efficiency ahead. Maintain HOLD with a new TP of RMB14.49. We lower 2025E and 2026Erevenue forecast both by 18% to factor in slower-than-expected revenuegrowth in both large-sized enterprises and mid-sized enterprises. However,our TP is lifted to RMB14.49 based on 5.3x 2025E EV/sales (previouslyRMB9.08 on 3.1x 2024E EV/sales), in line with its two-year average, tofactor in the industrywide rerating trend brought by more positive sentimenton AI-related monetization.

     用友网络(600588) 业绩简评 2025年3月28日公司披露年报，24年实现营收91.5亿元，同比下降6.6%；实现归母净利润-2.1亿元，同比下降113.1%；扣非归母净利润为-2.0亿元，同比下降84.6%；合同负债30.5亿元，较23年末增长8.8%。 经营分析 分业务来看，公司云服务业务营收6.85亿元，同比下降3.4%，主要系部分客户需求延后以及公司加大订阅制推广力度所致。24年公司来自大型企业客户收入5.86亿元，同比下降10.0%，核心产品YonBIP续费率达91.5%；面向中型企业客户持续推进“全面订阅化”实现营收12.5亿元，同比下降9.7%，但订阅业务收入增长65.8%，YonSuite续费率达95.0%；面向小微企业的畅捷通实现营收9.65亿元，同比增长19.7%，新增云服务客户14.3万家；政府及公共组织贡献营收9.07亿元，同比下降7.7%，新增上海税务局、北京人社局等项目。 公司全面拥抱AI，产品持续创新突破。公司已发布企业服务垂类大模型YonGPT2；BIP接入豆包、千问、百川等多个大模型；基于Agent、人机交互、RAG等应用框架推出只能助理、数智员工、友智库等通用型产品及100多个场景化的企业智能服务。目前AI功能已经在招商局集团、中国五矿、远东数智采等头部客户实现成功应用，25年有望加速推广落地。 BIP产品推广顺利，积极拓展海外市场。公司核心产品BIP3迭代至R5/R6版本，融合AI技术实现资源消耗降低50%、运维成本节省30%。目前公司已发布263个细分行业解决方案，累计签约44家一级央企，并在中国移动、中盐集团、中国中车、中国中化等战略级客户成功上线。24年海外收入同比增长超50%，新设立越南、日本、墨西哥、德国及阿联酋子公司，开始拓展美洲、欧洲及中东市场，有望随中企出海加速拓展全球市场。 盈利预测、估值与评级 根据公司年报，我们预计2025-2027年公司实现营收101.74/113.87/127.89亿元，同比增长11.16%/11.92%/12.31%；预计归母净利润为-4.21/1.16/4.33亿元，对应5.18/4.63/4.12倍PS，维持“买入”评级。 风险提示 宏观经济下行风险；市场竞争加剧风险；政策推进不及预期。