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招银国际Bowen Li,Marley Ngan近日，用友网络研究发布研究报告《Takes time to build the cloud platform》，本报告对用友网络进行持有评级，目标价格为19.81元，目前股价为21.37元，预计下跌幅度为7.3%。

用友网络(600588)

Yonyou reported better than expected FY2Q22 with steady revenue growth of 15% YoY to RMB2.26bn. Cloud revenue grew 57% YoY to RMB1.55bn.However, we observed ARR/ contract liabilities growth have slowed to 2%/ 11%HoH. These may suggest a decline in renewal rate and add pressure to Yonyou’scloud subscription business. Meanwhile, Yonyou increased R&D in cloudplatform YonBIP targeting large-sized enterprises. R&D was up 38% YoY, aswell as R&D capitalization rate. We think earnings quality will be distorted duringthe YonBIP ramp up phase. Maintain HOLD.

FY2Q22 beat on lower opex ratio. Yonyou delivered steady top-line growthat 15% YoY to RMB2,258mn, beating our/ consensus estimates by 9%/2%.Cloud revenue was RMB1,551mn ( 57% YoY, 107% QoQ), accounting for69% of total. Operating profit was RMB89mn ( 34% YoY), lower opex ratio at57.3% (-2.7 pcts) has offset decline in GPM (-2.1 pcts YoY to 61.2%). Netprofit was RMB137mn (-40% YoY).

ARR/ contract liabilities HoH growth slowdown adds uncertainty tocloud outlook. In FY1H22, Yonyou cloud revenue grew 53% YoY toRMB2,299mn. In terms of customer mix, 67/ 18% of cloud revenue came fromlarge-sized/ SME enterprises. ARR was RMB1,680mn ( 102% YoY, 2%HoH). Cloud contract liabilities was RMB1,760mn ( 42% YoY, 11% HoH).These cloud metrics look good on a YoY basis but HoH growth rates slowed.These may suggest a decline in renewal rate and we are concerned thatYonyou’s subscription revenue (mostly derived from SME) growth may slowdown.

Increasing R&D (and capitalization rate) related to YonBIP platform forlarge-size enterprises. In FY1H22, Yonyou increased R&D expenditure by38% YoY to RMB1.32bn as the Company continues to develop cloud-nativeYonBIP platform for large-sized enterprises. R&D capitalization rate also roseto 26.4% (vs. 21.9% in FY1H21). We think earnings quality will be distorted inthe short term during YonBIP ramp-up stage.

Maintain HOLD. We raised FY22-24E net profit by 1-5% to reflect better thanexpected opex control. Maintain HOLD with new target price of RMB19.81(prior RMB19.58), based on unchanged 5.0x FY23E EV/sales.

根据证券之星数据中心近三年发布的研究报告数据，中金公司王志浩研究员团队对该股进行了深入研究。近三年平均预测准确率为64.72%，预测2022年净利润为8.01亿，按现价换算预测PE为92.26。

最新的利润预测如下：