《大行报告》野村上调金蝶国际(00268.HK)目标价至21.6元 评级「买入」
野村发表研究报告指金蝶国际(00268.HK)已由软件供应商转型至企业云软件解决方案提供商,以在渗透率仍低的内地云市场获得长期可持续增长。在新冠肺炎疫情及中美纠纷的混乱环境下,金蝶的SaaS业务却得益於在家工作的需求及替代趋势。
该行指,经过上半年订单延期以及项目实施受阻的短暂影响,预期公司的云业务或在下半年重新加快增长,全年增长可达58%,成为公司最大的收入增长动力。而企业服务方亦有更好的表现。
该行降2020-22年盈利预期17-38%,以反映由利润率较高的ERP产品向云业务迁移较预期更快的情况,但升将目标价由12元升至21.6元,以反映云服务有更佳的长远前景,重申「买入」评级。
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