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《大行報告》花旗料微盟(02013.HK)上半年收入按年升25% 維持「買入」評級
花旗發表研究報告,估計微盟集團(02013.HK)上半年收入增長理想,料符市場預期,其中SaaS收入料將按年升70%,主要受惠線下數碼化等表現強勁,而商戶解決方案亦料可錄50%的按年增長,惟數碼媒體收入則有機會按年跌15%。公司已擴張其研發團隊,以準備進一步滲透線下數碼化市場,並開發整合產品推動長遠增長,該行維持微盟「買入」評級,目標價36元。

該行估計上半年公司收入將按年升25%至13.08億元人民幣(下同),其中訂閱收入按年升70%至5.09億元,主要受惠付費商戶及ARPU增長;商戶解決方案的整體收入及廣告業務收入將升50%,主要受惠回贈比例及商戶組合穩定。按非國際財務報告準則計算,料上半年經營虧損及淨虧損將分別爲2.37億元及2.53億元,主要受研發擴張及銷售團隊影響。

該行認爲公司在智能零售方面增長可觀,其中ARPU可高達10-20萬元,而留客率亦逾90%。公司去年已完成擴張銷售團隊,相信成本將在2021年全面反映。

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