Yonyou(600588) 国盛证券·2025-04-02 02:01Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue at 9.15 billion yuan, down 6.57% year-on-year, and a net loss of 2.06 billion yuan, a decrease of 113.13% year-on-year [1][4] - Despite the revenue decline, the core product BIP3 saw an increase in revenue to 3.14 billion yuan, with its proportion of total revenue rising by 2.4 percentage points [1] - The company is focusing on improving operational efficiency and increasing the subscription revenue model, which grew by 26% year-on-year [1][2] Financial Performance - The company's contract liabilities reached 3.05 billion yuan, an increase of 8.8% from the end of 2023, with cloud-related contract liabilities growing by 13% [2] - The total number of paid cloud service customers reached 872,500, with an addition of 157,500 new customers during the reporting period [2] - The projected revenue for 2025-2027 is estimated at approximately 10.17 billion, 11.20 billion, and 12.31 billion yuan, respectively, with net profits expected to improve from a loss of 101 million yuan in 2025 to a profit of 915 million yuan in 2027 [4][5] Product Development - The company launched the YonGPT2.0 model, which connects complex enterprise needs with general large models, enhancing its product offerings in the AI application space [3] - The BIP3 product has been updated to versions R5 and R6, significantly improving AI integration and data services [3] Market Position - The company is positioned as a leading player in the domestic ERP market, with strong capabilities in AI applications, cloud services, and subscription models [4]