明源云-领先的垂直SaaS企业首予“收集”评级-220818（20页）.pdf

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1、 See the last page for disclaimer Page 1 of 20 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 计算机行业计算机行业 Computer Sector 明源云明源云 Ming Yuan Cloud(00909 HK)Company Report:Ming Yuan Cloud(00909 HK)Daniel Tao 陶选(86755)2397 6885 公司报告：明源云(00909 HK).hk 18 August 2022 Le

2、ading Vertical SaaS Company;Initiate With Accumulate 领先的垂直SaaS企业，首予“收集”评级 Ming Yuan Cloud(the Company)has been deeply engaged in the digitalization of the real estate industry chain for many years and its grasp of the industry pain points,strong product capabilities as well as widespread sales netwo

3、rk have built its competitiveness.Due to the low degree of digitalization of Chinas real estate market and the Companys expansion into the industrial development field,Ming Yuan Cloud will have more room to exert its capabilities than previously expected.We expect SaaS(Software-as-a-Service)products

4、 revenue to increase steadily.Healthy development in the future needs more sophisticated digital management and we believe that at this stage,the real estate industry is only changing to a more sustainable development model.In the long run,with the end of the land expansion era,future property devel

5、opers will certainly focus more on the quality of operation.The Companys SaaS products cover almost of the essential aspects of real estate projects,such as material procurement,construction and sales.Digital technology and products enable enterprises to achieve the purpose of efficient operation an

6、d wise decision-making.We estimate the Companys SaaS products revenue in 2022-2024 to increase yoy by 29.8%/21.6%/22.5%,respectively.These projections primarily account for the increasing ARPU of SaaS products and also the current weakened fundamentals in the real estate industry.We initiate with a