Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a significant cloud transformation, which is expected to drive revenue growth and lead to a gradual narrowing of losses, with a forecast to achieve breakeven by 2025 [3][6] - The integration of AI capabilities into ERP systems is positioned to enhance the company's competitive edge and facilitate intelligent transformation [4][5] Summary by Sections 1. Business Transformation and Growth - The company has transitioned from traditional ERP to cloud services, with revenue increasing from 1.586 billion yuan in 2015 to 5.679 billion yuan in 2023, reflecting a CAGR of 17.29% [3][24] - The cloud service revenue accounted for 83.25% of total revenue in the first half of 2024, indicating a rapid shift from traditional ERP services [26][29] - The company expects to narrow its losses to 0.78 billion yuan in 2024 and achieve a net profit of 1.97 billion yuan in 2025 [6][10] 2. AI Integration and Market Position - The company has integrated AI capabilities into its ERP offerings, launching the "DeepSeek" model to enhance its SaaS applications [4][45] - The AI-driven products are expected to optimize processes in financial and human resource management, improving efficiency and decision-making [45][46] - The ERP software market in China is projected to grow from 385 billion yuan in 2021 to 682 billion yuan by 2027, with a CAGR of approximately 11% [50] 3. Financial Performance and Projections - The company forecasts revenues of 6.484 billion yuan, 7.561 billion yuan, and 8.860 billion yuan for 2024, 2025, and 2026 respectively, with a return to profitability expected in 2025 [6][10] - The subscription ARR for cloud services reached 3.15 billion yuan in the first half of 2024, with a significant growth trajectory [38][40] - The company's gross margin is expected to recover as operational efficiencies improve, following a period of high R&D and sales expenses [34][36]

Key Points Summary of Kingdee International Conference Call Company Overview - **Company**: Kingdee International - **Industry**: Enterprise Resource Planning (ERP) and AI Applications Core Insights and Arguments - **AI Integration in ERP**: Kingdee has made significant advancements in AI applications within its ERP systems, with strong demand from downstream customers exceeding market expectations. A recent AI application launch event in Guangzhou attracted over 1,000 attendees, indicating a strong interest from business owners in integrating AI into ERP software for cost reduction and efficiency improvement [3][5]. - **Deepening AI Applications**: Starting in the second half of 2025, AI applications in ERP systems will transition from peripheral systems (like financial analysis and contract review) to core areas such as production and financial management, enhancing operational efficiency [3][4]. - **New AI Product Launches**: Kingdee has introduced eight new AI products, including an AI application platform, financial analysis tools, contract review, and HR recruitment process matching. These products aim to assist decision-making and optimize processes, thereby increasing Average Revenue Per User (ARPU) and user engagement [3][7]. - **General Models Empowering ERP**: Open-source general models like DeepSeek have lowered the barriers for AI applications, allowing Kingdee to conduct industry-specific training to bridge gaps in ERP systems and achieve more precise decision-making [3][10]. - **Industry-Specific Models**: Embedding industry-specific knowledge into vertical models is expected to address core business issues with higher precision, with training anticipated to be completed by the second half of 2025 [3][10]. - **Financial Resilience and Business Model Transformation**: Kingdee is projected to achieve a revenue growth of 10%-15% in 2025, with a recovery in operating cash flow and continuous growth in contract liabilities, indicating a significant transformation in its business model and potential for valuation recovery [3][12]. - **Valuation Recovery Potential**: Historical PS median and SAP's cloud transformation performance suggest that Kingdee's current valuation has substantial upside potential, driven by AI applications and fundamental turning points [3][14]. Additional Important Insights - **Market Response to AI Demand**: The market's response to AI integration in ERP systems has been robust, with significant interest from enterprises in optimizing business processes through advanced AI technologies [5]. - **Digitalization as a Precondition**: Digitalization is essential for advancing AI in ERP, as it enables effective data collection and utilization for intelligent decision-making and automation [6]. - **Challenges in Professional Applications**: While general models have leveled the playing field, their ability to support deep and widespread applications in specialized fields remains to be validated over time [8]. - **Future Growth Prospects**: Kingdee's future growth is promising, with a focus on AI applications expected to drive significant improvements in product value and market share, particularly in the context of domestic substitution [11][19]. - **Key Upcoming Events**: Two critical events in 2025 to monitor Kingdee's AI application progress include the May conference for new product features and the completion of training for the industry-specific model in June [21]. This summary encapsulates the key points from the conference call, highlighting Kingdee International's strategic focus on AI integration within ERP systems, its product innovations, and the anticipated financial performance and valuation recovery.

Investment Rating - The report maintains a "Buy" rating for Kingdee International (0268.HK) [5] Core Views - The company is expected to achieve a revenue growth of 14% in 2024, reaching 6.45 billion RMB, with specific segments like Cangqiong and Xinghan projected to maintain over 40% growth [1] - Operating cash flow is anticipated to exceed 900 million RMB in 2024, with a narrowing loss forecasted to 100 million RMB, indicating a path towards breakeven in 2025 [1] - The company is focusing on subscription-first and AI-first strategies, benefiting from the domestic substitution trend and rapid order growth in its cloud services [5] Summary by Sections Revenue and Growth - The overall revenue for 2024 is projected at 6.45 billion RMB, with Cangqiong and Xinghan expected to grow at over 40% [1] - The company has signed over 250 clients as part of its strategy to replace foreign vendors like SAP and Oracle, with a net renewal rate of 97% for Cangqiong and Xinghan as of Q3 2024 [2] Market Position - Kingdee has maintained its leading position in the mid-sized enterprise market, serving over 42,000 clients and holding the top market share for four consecutive years [3] - The launch of the new flagship version of Kingdee Cloud Xingkong in November 2024 is expected to enhance product offerings and profitability [3] AI Integration - The company has integrated DeepSeek into its SaaS applications, aiming to provide efficient and cost-effective solutions, including private deployment options for clients [4] - The introduction of the Cangqiong APP as an AI management assistant is expected to drive significant revenue growth in AI-related services, projected to reach tens of millions in 2024 [4] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are set at 6.45 billion, 7.47 billion, and 8.63 billion RMB respectively, with a gradual improvement in profitability expected [6] - The company anticipates a return to profitability with a net profit of 175 million RMB in 2025 and 385 million RMB in 2026 [6]

Group 1 - The company Fenda Technology (002681) announced that several shareholders plan to reduce their holdings by a total of up to 3% of the company's shares [1][2] - Shareholder Yang Minghuan, holding 5.83% of the shares, intends to reduce his stake by up to 1%, while Gree Financial Investment Management Co., Ltd. (Gree Jin Tou) and its concerted action partner plan to reduce their holdings by up to 2% [1][2] - The reduction period for Yang Minghuan is from December 24, 2024, to March 23, 2025, with a maximum of 18.05 million shares to be sold [1][2] Group 2 - Gree Jin Tou holds 9,123,381 shares (5.07% of total shares) and its concerted action partner holds 34,747,100 shares (1.93% of total shares), planning to reduce a combined total of up to 36.01 million shares [2] - The reason for Yang Minghuan's reduction is personal financial needs, while Gree Jin Tou and its partner cite shareholder financial requirements [3] - Fenda Technology specializes in the research, design, production, and sales of consumer electronics and core components, with main products including audio products, smart wearables, smart locks, and health appliances [3]

证券时报e公司讯，日前，金蝶国际发布国内企业管理领域首款AI原生移动应用苍穹APP，该应用基于 金蝶自研大模型和AI agent技术架构，能够在自然语言交互中理解用户意图，不仅能提供财务通识问 答，而且能提供企业财务制度、差旅制度、法务政策等企业知识问答及智能分析服务，还能连接SaaS， 覆盖财务诊断、指标分析、员工服务等多个企业级AI应用场景，可为企业用户提供智能化、便捷化的 管理服务新体验，有望引领中国企业管理软件真正迈向AI原生时代，加速中国企业数字化转型。 ...

Investment Rating - The report assigns a "Recommend" rating for the company, marking it as the first coverage [1] Core Views - The company is a leading domestic ERP provider, accelerating its cloud transformation and narrowing losses, with breakeven expected soon [1] - The company's cloud transformation has shown initial results, with revenue growth stabilizing and losses narrowing [9] - The company is leveraging AI and domestic substitution trends to drive ERP upgrades, accelerating the transition to the EBC era [17] - The company's cloud-native products and services are well-positioned to capture new opportunities in overseas markets [34] Company Overview - The company is a leading ERP provider in China, transitioning from financial software to ERP and now to SaaS cloud services [1] - Revenue grew from RMB 1.547 billion in 2014 to RMB 5.679 billion in 2023, with a 9-year CAGR of 15.5% [1] - The company's cloud business accounted for 79.33% of total revenue in 2023, up from 56.72% in 2020 [11] - The company's cloud subscription ARR grew from RMB 630 million in 2019 to RMB 2.86 billion in 2023, with a 5-year CAGR of 45.97% [12] Cloud Transformation - The company's cloud transformation began in 2014, with cloud revenue surpassing traditional ERP revenue in 2020 [11] - Cloud revenue reached RMB 4.505 billion in 2023, accounting for 79.33% of total revenue, with a 7-year CAGR of 35.6% [11] - The company's cloud subscription ARR reached RMB 3.15 billion in H1 2024, up 24.2% YoY [12] - The company's core cloud products, such as Kingdee Cloud·Star and Kingdee Cloud·Star River, have renewal rates above 90% [12] AI and EBC Era - The company is leveraging AI to upgrade traditional ERP systems, accelerating the transition to the EBC era [17] - The company's EBC platform, built on cloud-native and modular architectures, supports enterprise digital transformation [28] - The company's self-developed AI model, Cosmic, enhances ERP systems with better integration, automation, and security [32] Market Opportunities - The company is well-positioned to benefit from domestic substitution trends and the growing demand for industrial software [21] - The company's cloud products are gaining traction in overseas markets, with revenue from international operations growing 8.2% YoY in H1 2024 [43] - The company has established a presence in Southeast Asia, with new offices in Singapore, Vietnam, and Thailand [43] Financial Projections - The company's revenue is expected to grow from RMB 6.642 billion in 2024 to RMB 9.418 billion in 2026, with a CAGR of 18.07% [2] - Net profit is expected to turn positive in 2025, reaching RMB 276 million in 2026, with a YoY growth of 408.9% [2] - Cloud revenue is projected to grow from RMB 5.455 billion in 2024 to RMB 8.218 billion in 2026, with a CAGR of 22.16% [45] Product Portfolio - The company offers a diverse range of cloud products, including Kingdee Cloud·Star River for large enterprises, Kingdee Cloud·Star for mid-sized enterprises, and Kingdee Cloud·Star Light for small businesses [34] - Kingdee Cloud·Star River, the company's flagship product for large enterprises, achieved revenue of RMB 546 million in H1 2024, up 38.9% YoY [35] - Kingdee Cloud·Star, targeting mid-sized enterprises, generated revenue of RMB 1.054 billion in H1 2024, up 14.3% YoY [35] - Kingdee Cloud·Star Light, aimed at small businesses, saw revenue grow 70.8% YoY in H1 2024 [35]

Key Points - **Industry/Company**: Economic International - **Core Viewpoints and Arguments**: The presenter, Du Peng from GF Securities, maintains an "outperform" recommendation for Economic International at the current time node [1]. - **Other Important Content**: N/A

[Table_Page] 跟踪研究|信息技术 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|------------------------------------------------|----------------------|------------------|------------------|---------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------------------------------------------------------------------------------------------------------|---------------------| | [Table_Title] ...

港股公司报告 | 公司点评 分子分母端或共振，中期利润率回升能见度有望提升 1、分母侧利好或只是开始，分子侧市场关注的宏观预期正企稳 从分母端看，SaaS 类资产对分母端较为敏感。随着降息周期的开启，公司 估值有望持续受益。从分子端看，随着宏观预期企稳，市场此前的担心如 业务或受中小企业经营情况拖累有望得到缓解。金蝶股价在 2024 年跑输恒 生科技约 45%，分子分母端共振下公司有望迎来均值回归。 2、重申重视公司韧性，强刚需下公司全年需求我们预计稳定 我们持续强调，公司主力产品财务云产品是企业刚需且费用不高（根据公 司公告，星空2023 年Arpu 值在5 万，为A 股上市公司单人平均薪酬的25%）。 根据公司公告，2024 年 H1 公司续费率稳定在 95%。考虑公司业务韧性， 我们预计公司 2024 年收入接近 15%。 3、降本增效更坚决，预计中期研发费用率降至 20%以下 互联网行业的降本增效始于 2021 年年末，财务端在 2022 年下半年开始体 现，如腾讯、阿里。软件行业 24 年年初普遍进行了更坚决更有力的降本增 效，若行业需求稳定预计在 2025 年财务端有望得到体现。考虑金蝶历史研 发 ...

司点评报 外 研 究 | --- | --- | |--------------------------------------|-------------------------------------| | | | | 日期 | 2024-9-13 | | 收盘价（港元） | 5.70 | | 总股本（亿股） | 35.86 | | 流通股本（亿股） | 35.86 | | 归母净资产（亿元） | 79.47 | | 总资产（亿元） | 130.43 | | | | | 每股归母净资产（元） 数据来源： Wind | 2.22 ，兴业证券经济与金融研究院整理 | hongjiajun@xyzq.com.cn SFC：BPL829 SAC：S0190519080002 zhouluyun@xyzq.com.cn SAC：S0190522070002 请注意：周路昀并非香港证券及期货 事务监察委员会的注册持牌人，不可 在香港从事受监管的活动 ＃海e外m研ail究Author＃ 洪嘉骏 | --- | --- | --- | --- | --- | |------------------------------ ...