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野村:疫情影響金山軟件(3888.HK)遊戲及雲業務延遲 維持目標價16.5港元
格隆匯 03-25 14:33

野村發表研究報告指,金山軟件(3888.HK)去年第四季業績符合預期,綜合收入按年升48%至26億元人民幣,高於市場預期14%。野村指,金山辦公自分拆後在A股市場上市後,金山軟件H股股價亦跟隨上升,但認為海外投資者未能購買金山辦公而購買金山軟件取而代之,該行予其“減持”投資評級,目標價維持16.5港元。

野村表示,金山軟件對今年遊戲業收入有雙位數增長,但料新版號會受疫情影響而延遲推出。而金山軟件又預期,今年雲業務收入可有70%以上的按年增長,毛利率繼續擴張,年底EBITDA有望實現收支平衡,惟疫情亦延遲公司客户部署,為金山軟件帶來短暫衝擊。但疫情使在家工作的需求增加,令金山辦公的用户大幅上升。

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