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富瑞:予金蝶(0268.HK)“買入”評級 目標價30.06港元
格隆匯 10-12 15:05

富瑞發表研究報告指,金蝶國際(0268.HK)早前投得中煙雲南的企業資源計劃系統(ERP)合同,價值約2530萬元(人民幣,下同)。該行認為,此成功投標引證了ERP本地化、雲遷移、以及金蝶對投得大型國有企業項目的能力。該行予其買入”評級,目標價30.06港元。

富瑞指,雖然合同中只有約20%為經常性訂閲費用,即約500萬元,但已比金蝶雲蒼穹的平均合同價值(ACV)150萬元多3倍,預計未來金蝶將獲更多國企ERP本地化項目,預計金蝶雲蒼穹的ACV將在2030年提升至500萬元。

富瑞續指,中煙重慶早前亦進行ERP系統招標,合同價值約4460萬元,不過仍未公佈結果,認為金蝶在獲得中煙雲南的合同後,或有利於其爭取中煙重慶的合同。該行相信,ERP本地化及雲遷移將在“十四五規劃中加速發展,維持金蝶是中國其中一家最好的軟件公司,並將受惠於此大趨勢。

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