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《大行報告》大和上調金蝶國際(00268.HK)目標價至28元 評級「持有」
阿思達克 06-22 10:25
大和發表的研究報告指,於6月18日與金蝶國際(00268.HK)進行投資者會議,管理層分享了公司的最新發展,公司維持今年雲收入增長指引在40-45%水平,2020-23年整體收入年複合增長指引25%以及年度可持續收入年複合增長指引50%。管理層指出,疫情後各個行業需求均正復甦,5月份公司重塑金蝶雲蒼穹的品牌,公司繼續豐富產品特性並改善留客表現,最新的金蝶雲蒼穹4.0包括更多人工智能及開放源碼元素。

該行認為對金蝶來說,滲透至大型及超大型企業仍然是一大挑戰,公司正處於品牌教育階段,需要進一步加強直接銷售能力,以加快捕捉來自本土化及數碼化機遇,而與國企及大型企業有較強聯繫的同業正加快雲應用,該行認為公司聚焦於訂閱模式,有助改善長遠收入可見性,同時金蝶亦正加強其產品生態系統及分銷。

管理層未有特別憂慮來自其他SaaS企業的直接競爭,主要因為大家定位不同,而金蝶在企業管理方面較強,而其他公司則專注於行業應用,在盈利能力方面管理層估計員工增幅將低於2019-2020年的水平,該行估計公司經營現金流將於2021-23年有改善,但料今明兩年其盈利能力仍受壓。

大和將公司2022-23年收入預測升2-4%,認為公司有更大機會達成其雲收入年複合增長目標,目標價由25元升至28元,評級維持「持有」。(el/k) ~

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