《大行報告》大摩:明源雲(00909.HK)營運表現領先指引 維持「增持」看45元
大摩發表的研究報告指,明源雲(00909.HK)今年以來營運表現快過公司的三年指引,對PaaS天際開放平台進展及低線城市滲透感鼓舞,維持「增持」評級,目標價45元。
該行指出今年以來公司營運表現快過其指引,ERP業務已回復穩定增長,而SaaS業務增長則快過公司三年指引的50%年複合增長,部分由於去年同期基數較低。在CRM雲方面,公司銷售辦公室數目及ARPU均有提升。工程雲方面,今年以來收入亦好過管理層預期,主要受惠工地數目增加。另一方面物管雲正開始獨立營運,而新一代產品將在7月推出。
該行指出物管雲短期將聚焦於南中國市場,特別是龍頭物管企業集中地深圳,公司與十大物管企業合作進展良好。在商業管理方面,公司預期未來兩年將聚焦於華東地區,並冀獲取旗艦客戶。另一方面公司認為國企在資產管理雲方面有很好的機遇,因為他們既是資產擁有人,同時亦是擁有龐大土儲的房地產開發商,認為國企對包括成本及採購模組的ERP有強勁的需求。
在PaaS天際開放平台方面,公司認為於物業開發方面有令人鼓舞的進展,不過在ISV方面勢頭則較弱,管理層相信iPaaS將隨著時間逐見成效。今年以來公司已進入7個新的城市,另外有12個城市正在推展中,有信心今年城市覆蓋可由70個增至100個。該行指出高研發開支短期將令淨利表現受壓,公司計劃年底前將PaaS天際開放平台研發員工增至500-600人(去年不足200人)。(el/u) ~
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