容联云(RAAS.US)：“CC+CRM+SCRM”闭环生态渐成型，获各大行提升目标价

格隆汇2021-09-13

近期，多个大行更新了容联云的跟踪报告。在报告中，大行纷纷上调了目标价，并皆给予买入评级。一直以来，容联云身上“标签”众多。容联云既是中国SaaS企业赴美上市第一股，又是中国最大的多业务云通讯服务商。因其兼具稀缺性与领先优势，一直备受资本市场关注，这也是其获得多家大行覆盖的原因。而当前大行对于目标价的调整，是否说明基本面在产生较大变化，因此并带来价值重估？我们一起来看看。一、一个关键的结构升级：从...

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精彩评论

Benson_7377
2021-09-17
Benson_7377
中信不说我还想买，它发话了，肯定不能买
看多美股投资人
2021-09-15
看多美股投资人
就一个花旗看多，你还弄个各大行，各大行在哪了，没事你忽悠什么，
- 风铃泡泡回复风铃泡泡:
  你看咱这眼光，老虎现在废了吧！
- 风铃泡泡:
  老虎自己都自身难保了
- 绝对要买:
  现在老虎吹那家中概就千万不要买
- Cheekwong:
  [Drowsy][Drowsy]

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全渠道智能联络中心。从财务数据来看，2018年-2020年CC业务在的收入的CAGR达37.5%，2021年一、二季度成长再提速，收入同比增长分别高达63.4%/高达105.11%。。中信证券指出，2021年第一季度容联云的CC和UC&C业务的总收入1.022亿元首次超过CPaaS业务的收入1.017亿元。这或能说明，CC和UC&C业务已经替代CPaaS，成为容联云更强劲的成长引擎。这是一个值得投资者注意的关键性改变。容联云除了会获得更高收入增速外，还会迎来更高的盈利水平。财务数据亦可印证此趋势下——公司的毛利率持续提升。这是由于云CC业务和云UC&C业务的毛利率，远高于CPaaS解决方案。CPaaS受制于移动网络运营商的电信资源成本较高，而CC业务与UC&C业务具备高标准化与高议价能力。2020年云CC业务毛利率/云UC&C业务的毛利率分别为55.8%/45.4%，高出CPaaS业务26.9/16.5个百分点。中信建投预计，未来两年中这两个业务会有望保持40%以上的增速。而随着高毛利率业务占比的持续提升，公司整体盈利水平也会持续提升。二、两个新增长点：CC+CRM+SCRM闭环逐步成型，以及“出海”布局加速 具体来看，容联云迎来两个新的增长点。第一个增长点，是云CC业务增加CRM和SCRM的内涵。中信证券指出，容联云依靠“内生式增长+外延式扩张”战略，打造了企业 SCRM-CC-CRM 闭环。首先，容联云进行内生品牌升级，拓展业务版图。早前，公司推出了自己的品牌“聚客”SCRM， 为企业提供营销+获客+转化的全链路式服务。2021 年 6 月，公司正式完成从 “容联云通讯”到“容联云”的品牌升级，旗下业务包含新营销服务云、产业数字云以及政企智能云三大板块。此外，公司于2021年3月收购了领先的CRM软件提供商EliteCRM的全部股权。容联云与EliteCRM在产品、市场、渠道等层面可深度融合，共同打造串联企业生产管理、市场营销、运营服务的全生命周期SaaS产品，输出高效的场景化智能云通讯解决方案，助力政府、企业等组织机构数字化改造升级。中信建投指出，当前容联云与EliteCRM的整合在产品层面基本完成，并已经收到良好的整合效果。中信证券亦评价双方的整合，搭建了业务互补，通过建立多样化的产品关联，\n提高企业从流量到线索再到成单的转换率。CC业务迎来客户基数的提升。银行、券商和汽车金融等高价值领域的客户增长十分可观。容联云加速与腾讯合作，CC产品上架腾讯云“联合开发产品”，UC&C还将与腾讯云一起探索新客户。第三季度，七陌云还即将发布与企业微信客服入口对接的新产品。在多因素推动下，CC业务在二季度单季度的收入首次突破1亿元，展现出强劲的增长势头。第二个增长点是，容联云已成为国际品牌，全球市场份额持续提升，“出海”布局逐渐成形。今年7月，2021世界人工智能大会（“WAIC 2021”）开启。容联云作为大会的合作伙伴，在大会上正式发布赋能企业智能化营销、运营、管理的“容犀机器人”，全面展示覆盖客户全生命周期的 CC 解决方案。此外，根据中信证券，公司已加速海外市场开拓，开启马来西亚以及菲律宾市场的落地业务， 并在已开发的日本市场中，基于CC 叠加 CRM 以及 CPaaS等业务扩大市场规模。根据花旗，预计第三季度容联云的营收达2.75-2.78亿元人民币，同比增长44-45%。大行卖方分析师一致性看多，能从侧面证明，容联云步入的成长新阶段，得到资本市场的看好。笔者认为，容联云与美国云通信领导者Twilio相似度较高。从Twilio的成长路径来看，其亦是先立足于CPaaS，后推出Twilio 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