中國軟件國際(0354.HK)：純利增長低於預期因成本上升，維持“買入”評級
機構：輝立證券
評級：買入
投資概要
中軟國際(中軟)為國內其中一家領先的軟件及信息服務企業，主要業務包括：諮詢服務、技術服務、外包服務及培訓服務。收入增長合符預期，惟純利因成本上升而低於預期。假設市盈率為15.5倍(約過去三年之平均值)，得出目標價$5.01港元。較早前目標價下調23.7%，主要反映集團成本上升及人民幣貶值。有監於股價已大幅下跌，我們維持“買入”評級，潛在回報約44.8%。(現價截9月30日)
業績更新
收入增長合符預期，惟純利因成本上升而低於預期
集團公佈中期業績，期內收入同比上升15%，至55.4億人民幣；歸屬股東淨利潤則同比輕微上升1.5%，至3.6億人民幣。技術專業服務業務(TPG)同比上升17.8%至47.5億人民幣；互聯網資訊科技服務業務(IIG)同比則輕微增長0.7%至7.9億人民幣。毛利率同比下跌0.6%，主要因為集團為華為業務人員預先準備，導致人工成本上升。行政成本佔收入比同比上升0.9%，主要由於集團繼續加大對雲智能業務的研發投入，研發費用增加較多。經營利潤率則同比下跌1%。
在業務方面，集團進入華為消費者業務集團IT核心供應商名單，併成為華為CBGIT年度框架最優供應商，匯豐銀行業務穩步發展，覆蓋匯豐新一代個人手機銀行信用卡定製系統Apollo、匯豐個人商務銀行系統RBB等。另外，集團與金融與銀行業務穩步提升，新增內外資銀行、民營銀行、非銀行金融機構、海外金融機構等20餘家客户。
推出人力外包專區「Z計劃」
集團計劃在解放號平台推出人力外包專區「Z計劃」，目前已入駐供應商400多家。集團將成為需求方和供應方之橋樑，既能滿足需求方對品牌和質素的要求，又能為供應方帶來高質量和體量大的客户。另外，集團亦可以平台方式繼續為長尾市場提供服務，並把重要的人員資源留給大型客户，因此我們認為集團此舉有助長遠發展。
估值
我們基於2019年純利，假設市盈率為15.5倍(約過去三年之平均值)，得出目標價$5.01港元。較早前目標價下調23.7%，主要反映集團成本上升及人民幣貶值。有監於股價已大幅下跌，我們維持“買入”評級，潛在回報約41.0%。(HKD/CNY=0.913)
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