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《大行报告》美银证券上调金蝶(00268.HK)目标价至28.2元 评级「买入」
阿思达克 03-26 14:17
美银证券发表研究报告指,金蝶(00268.HK)管理层提出3年目标,预期订阅年经常收入年复合增长率可达50%,由去年的10亿元人民币,增至33亿元人民币;总收入年复合增长率加速至25%。管理层相信旗舰产品可以维持竞争力,金蝶云苍穹和企业资源规划软件系统收入见增长,支持该行对公司本土化和疫情带动云需求增长的观点。

管理层相信,云利润可以在订阅年经常收入超30亿元人民币时达收支平衡。该行认为利润压力目前是无可避免,因公司需要继续投资在金蝶云苍穹,以及将授权/私有云转型至订阅,目前公司现金流维持健康水平。

该行降金蝶今明两年云收入预期6%,以反映最新指引,及今明两年分别亏损1.68亿及4,400万元人民币,目标价由23.5元升至28.2元,重申「买入」评级。

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