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《大行報告》麥格理下調金蝶(00268.HK)目標價至29.6元 評級「跑贏大市」
阿思達克 03-29 11:38
麥格理發表報告指,金蝶國際(00268.HK)去年下半年收入升7%,大致符該行及市場預期,季度經營利潤率跌24.5個百分點至-8.2%,較該行及市場預期低349及650個基點。

該行指出金蝶國際首次披露了年度可持續收入按年增59%至10億元人民幣,管理層料2021-23年相關收入年複合增長將達50%,到2023年料將達33億人民幣,估計2020年「星空」、「蒼穹」、「精鬥」及其他將貢獻76%、4%及21%的可持續收入,其中「蒼穹」開始有穩健的用戶基礎,下半年收入增長及用戶數增長分別達173%及153%。

金蝶管理層指引今年雲收入將按年升45%,該行料其可持續收入將增54%,並貢獻整體收入的45%,同時儘管去年增長較慢,該行對「星空」的潛力看法仍正面,認為其客戶有79%是剛踏入ERP領域,認為在中型企業層面仍有很大的空間。

麥格理將金蝶國2021年及2022年每股盈測下調,以反映利潤較低等因素,目標價由31.9元降至29.6元,維持「跑贏大市」評級。(el/w) ~

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