《大行報告》摩通首予金蝶(00268.HK)「中性」評級 目標價31元
摩根大通發表研究報告,首予金蝶國際(00268.HK)「中性」評級,目標價31元。報告稱,金蝶是內地第二大企業資源規劃(ERP)軟件供應商,僅次於用友軟體(600588.SH),以收入計市佔逾10%。該行料內地ERP市場屆2025年將增長逾倍,規模達730億元人民幣,收入組合將快速轉向雲ERP。
報告認為金蝶有良好定位,受惠於內地企業數碼化轉型。軟件本地化趨勢及公司進取雲轉型將有助擴大客戶基礎及增加市佔。不過,該行料現股價已反映其SaaS服務強勁勢頭,另其盈利轉勢軌跡可見度亦不高。
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