《大行报告》瑞信下调金蝶(00268.HK)目标价至29.2元 评级「中性」
瑞信发表的研究报告指,金蝶国际(00268.HK)去年收入为34亿元人民币(下同),净亏损3.35亿元,符早前盈警指引,而下半年收入为19.7亿元,净亏损1.11亿元,其中收入与该行预测一致,不过亏损则较该行预测少33%。
去年全年公司云收入增长45.6%至19亿元,当中金蝶云苍穹收入增220%至1.9亿元,管理层指引今年云收入将增45%,并贡献整体收入的65%,而公司将聚焦於订户的年经常收入,估计到2023年将达33亿元,贡献整体收入50%。
管理层目标未来三年整体收入年复合增长为25%,其中ERP业务将继续支持云转型,而研发开支将聚焦於金蝶云苍穹。该行将公司2021/22年云增长降至45%,并将2021/22年每股盈测降45%及11%,目标价由32.8元降至29.2元,维持评级「中性」。(el/k) ~
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