明源雲(00909.HK)：地產信息化推動者，坐享行業高增長紅利，給予”買入”評級，目標價53.6港元
機構：國元證券
評級：買入
目標價：53.6港元
中國地產行業信息化水平仍然較低，行業空間大：
公司專注於為中國房地產開發商及房地產產業鏈其他產業參與者提供企業級 ERP 解決方案及 SaaS 產品。根據弗若斯特沙利文的資料，公司是中國房地產開發商的第一大軟件解決方案供貨商，公司佔有 18.5%的市場份額。由於公司深耕地產行業，因此積累了廣泛、優質且長期合作的客户基礎，公司已直接及間接服務約 4000 名付費終端集團客户，包括近 3000 名房地產開發商。其中有 99 名百強地產開發商，來自這部分百強地產企業客户的收入佔公司總收入的 42%。公司在行業中有較高品牌知名度，能夠充分享受行業高速增長帶來的紅利。
公司市佔率高且品牌較強，未來持續提升市場滲透率：
公司 ERP 業務近兩年開始發力增值服務，有助確保公司 ERP 業務與客户的自有數據庫及系統有效集成，從而提高性能及提供定製的客户體驗，為客户提供靈活的區塊選項，以滿足客户不斷變化的需求，同時也延長了來自客户業務的生命週期。而 SaaS 業務基於公司先發優勢，持續滿足客户多元化需求，牢牢把控住頭部客户，未來這些地產更換服務供應商的概率不大，因此給予公司繼續提升用户價值的發展時間和空間，預計未來公司可以不斷擴充產品線、滿足更多地產商的多元化需求、同時基於大 型客户中的口碑，向中小型客户市場持續延展。
首次覆蓋給予買入評級：
公司為中國地產軟件服務龍頭地位提供商，目前市場份額排名第一，相信未來隨着市場繼續向頭部集中，公司將充分享受行業格局改變所帶來的紅利。由於目前市場對雲服務企業有較強的追捧，公司成長確定性較高，我們按照分佈估值法，分別按照 ERP 業務 2020 年 40 倍 PS 及SaaS 業務 70 倍 PS 進行估值，得出當前公司未來市值將成長到 1,095億港幣，因此給予公司 53.6 港幣的目標價，首次覆蓋“買入”評級。
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