《大行报告》麦格理下调金蝶(00268.HK)目标价至29.6元 评级「跑赢大市」
麦格理发表报告指,金蝶国际(00268.HK)去年下半年收入升7%,大致符该行及市场预期,季度经营利润率跌24.5个百分点至-8.2%,较该行及市场预期低349及650个基点。
该行指出金蝶国际首次披露了年度可持续收入按年增59%至10亿元人民币,管理层料2021-23年相关收入年复合增长将达50%,到2023年料将达33亿人民币,估计2020年「星空」、「苍穹」、「精斗」及其他将贡献76%、4%及21%的可持续收入,其中「苍穹」开始有稳健的用户基础,下半年收入增长及用户数增长分别达173%及153%。
金蝶管理层指引今年云收入将按年升45%,该行料其可持续收入将增54%,并贡献整体收入的45%,同时尽管去年增长较慢,该行对「星空」的潜力看法仍正面,认为其客户有79%是刚踏入ERP领域,认为在中型企业层面仍有很大的空间。
麦格理将金蝶国2021年及2022年每股盈测下调,以反映利润较低等因素,目标价由31.9元降至29.6元,维持「跑赢大市」评级。(el/w) ~
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