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野村:維持金山軟件(3888.HK)“減持”評級 目標價16.5港元
格隆匯 11-14 13:48

野村發表研究報告指,金山軟件(3888.HK)第三季收入按年增長32%至20億元(人民幣,下同),符合該行預期;期內毛利率為40.7%,較該行預期的39%為高,主要受惠於高毛利的遊戲業務及雲業務毛利上升。該行維持其“減持”評級,目標價為16.5港元。

野村指,金山軟件第三季遊戲收入按年跌2%至6.63億元,遠勝該行預期,主因電腦遊戲《劍俠情緣3》表現較預期理想,而管理層稱第四季《劍俠情緣3》及手遊《劍網3》均會推出更新。季內,雲業務收入按年升62%至9.76億元,其增幅較阿里雲的64%及騰訊雲的80%相對較慢,尤其考慮到金山雲基數遠低於上述兩者。

野村認為,金山軟件明年預測市盈率為36倍,意味將有11%潛在下行空間,在同業中該行較偏好騰訊(0700.HK)。

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