《大行报告》中金升金山软件(03888.HK)目标价至39元 料次季运营利润大幅改善
中金发表报告表示,预计金山软件(03888.HK)今年第二季度收入按年增长36%达到13亿人民币,预计公司运营利润录得4.29亿人民币,按年扭亏并大幅改善。该行预计游戏业务收入按年增长40%达到7.99亿人民币,主要因《剑网3》的最新资料片表现反应较好,表现持续亮眼。
该行称,上调金山软件2020年及2021年收入预测各3.3%和5.2%,各至53亿和61亿人民币,上调经营利润预测9%及10%,各至15.5亿及20亿人民币,主要因各板块业务发展顺利。而该行最新对金山软件分部加总估值法给出39港元目标价,上调幅度为18%,主要因金山云市值增长较多,体现出分拆上市的价值挖掘效应。
中金表示,今年5月金山云成功在美股上市,当前市值已达到63.8亿美元,较上市价格累计涨幅达到53%。该行预计金山云为代表的头部云厂商将持续实现快於行业的增长。2020年二季度金山云不断打磨技术,先後发布了AI集智高清产品、金山云魔镜图片视频质量评测平台、云游戏PaaS平台等,不断在夯实在优势领域的壁垒。
期内公司还与咪咕互娱、宏信科技、浪潮商用、贵州电信等开展战略合作,不断扩大朋友圈,发力生态建设。该行预计金山软件旗下云业务第二季度收入增长将保持稳健(约按年增长65%)。
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