用友网络(600588)公司资料

用友网络(600588) 事件：公司发布2024年年报，收入91.53亿元，同比减少6.57%；归母净利润-20.61亿元，同比减少113.13%。 订阅收入持续增加。2024年，公司大型企业收入58.64亿元，同比减少10.0%；中型企业收入12.51亿元，同比减少9.7%；畅捷通收入9.65亿元，同比增加19.7%；政府及其他公共组织收入9.07亿元，同比减少7.7%。云服务业务实现收入68.50亿元，同比下降3.4%。订阅收入同比增长26.0%。 缩减人员开支，合同负债表现向好。报告期末，公司员工数量为21283人，较2023年末减少3666人。离职人员经济补偿金相应增加1.42亿元。公司云服务累计付费客户数为87.25万家，新增云服务付费客户数15.75万家。云业务相关合同负债为27.8亿元，较2023年年末增长13.0%，订阅相关合同负债为23.1亿元，较2023年年末增长25.9%。 BIP之上，发布YonGPT2.0大模型。随着Deepseek的发布，用友BIP上线接入在处理复杂信息、推理能力、开放性和运行成本等方面领先的DeepSeek大模型。公司核心产品BIP3发布了R5及R6版本，全面加强AI融合、数据服务、全球化能力。2024年，公司发布企业服务垂类大模型YonGPT2.0，基于Agent（智能体）、HCI（人机交互）、RAG（将检索技术与生成式AI融合）等应用框架发布了智能助理、数智员工、友智库。 投资建议：公司现阶段持续围绕AI进行探索。预计2025-2027年公司的EPS分别为-0.15\0.02\0.10元，维持“买入”评级。 风险提示：云转型不及预期；行业竞争加剧。

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。

用友网络(600588) 事件：公司发布2024年中报，收入38.05亿元，同比增加12.9%；归母净利润-7.94亿元。 云收入快速增长，中型客户表现优异。2024年上半年，公司企业客户收入34.43亿元，同比增长11.8%：其中大型企业收入23.88亿元，同比增长11.2%，云收入17.65亿元，同比增长16.8%；中型企业收入6.00亿元，同比增长8.3%，云收入4.29亿元，同比增长39.1%；小微企业收入4.56亿元，同比增长20.4%，云订阅收入3.09亿元，同比增长35.3%。政府与其他公共组织客户收入2.84亿元，同比增长13.1%，云收入2.17亿元，同比增长25.8%。 产品与AI融合打磨。公司面向成长型企业的产品YonSuite加速AI应用，基于YonGPT大模型在协同、费控等领域推出多个智能服务，在财资、采购管理领域推出多个新产品与场景。公司型YonGPT的应用场景进一步拓展和深化。智能产品“智友”实现知识问答、应用唤起、ChatBI报表、审批流程预测等多个智能场景。 云财务指标不断好转。截止2024年上半年，公司订阅相关合同负债为19.5亿元，较去年上半年末增长33.8%，占总合同负债比例达68.6%；公司云服务业务ARR为23.3亿元，较去年上半年末增长13.1%。YonBIP收入同比增长42.1%，续费率为101.1%。。YonSuite收入同比增长116.1%，续费率持续提升至92.4%。 投资建议：公司加大投入持续坚定云转型。预计2024-2026年公司的EPS分别为0.06\0.13\0.24元，维持“买入”评级。 风险提示：云转型不及预期；行业竞争加剧。