《大行報告》中金升金山軟件(03888.HK)目標價至39元 料次季運營利潤大幅改善
中金發表報告表示,預計金山軟件(03888.HK)今年第二季度收入按年增長36%達到13億人民幣,預計公司運營利潤錄得4.29億人民幣,按年扭虧並大幅改善。該行預計遊戲業務收入按年增長40%達到7.99億人民幣,主要因《劍網3》的最新資料片表現反應較好,表現持續亮眼。
該行稱,上調金山軟件2020年及2021年收入預測各3.3%和5.2%,各至53億和61億人民幣,上調經營利潤預測9%及10%,各至15.5億及20億人民幣,主要因各板塊業務發展順利。而該行最新對金山軟件分部加總估值法給出39港元目標價,上調幅度為18%,主要因金山雲市值增長較多,體現出分拆上市的價值挖掘效應。
中金表示,今年5月金山雲成功在美股上市,當前市值已達到63.8億美元,較上市價格累計漲幅達到53%。該行預計金山雲為代表的頭部雲廠商將持續實現快於行業的增長。2020年二季度金山雲不斷打磨技術,先後發布了AI集智高清產品、金山雲魔鏡圖片視頻質量評測平台、雲游戲PaaS平台等,不斷在夯實在優勢領域的壁壘。
期內公司還與咪咕互娛、宏信科技、浪潮商用、貴州電信等開展戰略合作,不斷擴大朋友圈,發力生態建設。該行預計金山軟件旗下雲業務第二季度收入增長將保持穩健(約按年增長65%)。
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