野村下调金山软件(3888.HK)目标价至13.8港元料下半年不会好转
野村发表研究报告指,金山软件(03888.HK)第二季收入按年增39%至19亿元人民币,较市场及该行预期分别低1%及2%。受累低利润率服务(如:云业务)占比较高,毛利率按年下跌12个百分点至38.1%。

报告指,公司第二季网游收入按年跌2%至5.7亿元人民币。由于《剑网3》表现令人失望,预料游戏业务疲弱表现将持续至下半年,料2019年度网游收入按年跌10%,亦会对金山的混合经营利润率添加压力,因游戏业务的利润率是最高。因此,该行料金山2019年度一般公认会计原则(GAAP)经营利润率将为-8%(按年下跌3个百分点)。
该行指,管理层虽然目标於10月尾或11月初,推出《剑网3》重大升级,若获玩家欢迎,对2020年度游戏收入增长有帮助,但对2019年度收入贡献有限。野村将金山目标价由16.2港元下调至13.8港元,维持评级“减持”;偏好腾讯(00700.HK)评级“买入”。
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