富瑞:升金山軟件(3888.HK)目標價至76港元 評級買入
富瑞發表研究報吿指,金山軟件(3888.HK)在辦公應用程序領先地位和數字化加速的推動下,能夠抓住機遇並釋放WPS和金山雲的價值,預計WPS將成為未來的收入驅動力,並相信該業務收入將在2021年第四季度超越線上遊戲。該行予其買入評級,目標價由58港元上調至76港元。
富瑞指,預期2020年第四季總收入按季升5%至14.6億元人民幣,當中WPS收入按季升21%;線上遊戲收入按季跌8%。
富瑞預期,WPS收入在未來幾年可維持每年30%的增長,料WPS對整體收入貢獻將由2020年的42%上升至2021年的48%。
另外,富瑞對金山雲今年的前景樂觀,主要由於高端客户增長、特定行業的垂直滲透,以及政府、金融和醫療行業對企業雲的貢獻不斷提高,料毛利率將可提升。

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