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《大行报告》瑞信下调金蝶(00268.HK)目标价至27元 评级「中性」
阿思达克 01-19 10:35
瑞信发表的研究报告指,金蝶国际(00268.HK)发盈警,料2020财年收入增长仅0-3%,差过该行及市场预期,期内录2.5-3.5亿元人民币(下同)净亏损,同样差过预期。去年财年公司云收入按年升43-48%,贡献约54-59%,差过管理层在中期业绩发布会时的目标,当时管理层料相关增长将达50%以上,而云收入贡献将达60%,不过管理层亦指「金蝶云·星空」新客户及平均合约规模较细,拖累增长受压,而去年下半年的增长仅41-50%左右。

公司指出云订阅模式的转型策略加快,对长远发展仍有信心,该行亦继续认为云转型将带动公司云收入贡献在未来数年继续增加。该行将公司2020-22年云业务增长预测降至46%、55%及44%,并下调盈利预测,估计研发开支将继续为利润带来压力,目标价由28.1元降至27元,评级维持「中性」。(el/k) ~

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