花旗:維持金蝶(0268.HK)“買入”評級 目標價9.2港元
花旗發表報告表示,與金蝶國際(0268.HK)管理層會面後,公司指會聚焦於雲業務的轉移,以及“金蝶雲.蒼穹”(雲業務管理平台)及“金蝶雲.星空”(用户互動交流平台)的快速發展,維持其“買入”評級,目標價為9.2港元。
該行指,“
金蝶雲.蒼穹
”的PaaS(Platform-as-a-Service,平台即服務)及SaaS(Software-as-a-Service,軟件即服務)平台於去年8月正式推出,相信截至去年底將擁有逾100個客户,平均每個客户合約額為1.2億元人民幣;至於“
金蝶雲.星空
”方面,相信在逾90%訂單來自新客户的帶動下,收益可錄按年升50%,因此此業務去年可達收支平衡。
至於傳統軟件,該行認為金蝶EAS的正在遷移到EAS雲,而EAS雲可能是非雲原生架構的過渡產品。因此,預期該公司可能會推出更進取的產品,以爭取2020年實現雲收入達60%,故預計研發支出於轉移期間將保持較高水平。
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