《大行報告》野村下調金蝶(00268.HK)目標價至31.7元 評級「買入」
野村發表的研究報告指,金蝶國際(00268.HK)去年業績符預期,維持「買入」評級,目標價由32.5元降至31.7元,該行指出公司去年收入升0.9%,其中雲服務收入增長46%,不過錄淨虧損3.35億元人民幣(下同),與之前的盈警吻合。在投資者會議上管理層指引雲服務收入增長將為45%,而2021-23年整體收入年複合增長為25%,意味到2023年前收入將為60-70億元。
該行指出受惠金蝶雲蒼穹勢頭強勁,公司由中小企雲軟件供應商龍頭變成企業雲平台,認為金蝶定位可受惠雲轉移及中、大型企業業務,將公司2021-22年收入預測降1%以反映ERP收入較低。
該行指出公司作為內地SaaS市場龍頭,金蝶擁有高端品牌金蝶雲星空及蒼穹,其中星空已有逾1.72萬名客戶,並已錄逾五年盈利,同時蒼穹則在高速增長階段,並需要持續研發投入,相信蒼穹在未來三至四年有望成為類似星空的盈利平台。(el/k) ~
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