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《大行報告》中金料明源雲(00909.HK)上半年收入增41% 評級「跑贏行業」
阿思達克 07-22 15:14
中金髮表的研究報告指,明源雲(00909.HK)預計2021年上半年收入按年增長41%至9.4億元人民幣(下同),其中SaaS業務收入按年增長59至5.3億元,ERP業務收入按年增長22%至4.1億元,均超出此前管理層指引(即全年SaS和ERP業務分別實現50%和15%以上的按年增長)。該行預計經整純利將按年增長2%至1.3億元,對應經調整純利潤率則料14%。

中金認爲公司收入增長保持強勁,Saas業務方面隨着現有客戶採購預算逐步擴充(由總部IT集預算向區域銷售預算轉移)以及高定價產品陸續推出(例如VR類產品),該行預計雲客上年收入將在客單價增長推動下錄得69%的按年增長。考慮到產品策略調整影響,預計雲鏈收入增速或按年放緩至20%以下,部分被工地滲透率加速提升所抵銷。該行預計雲採購收入按年增長76%,主要得益於後疫情期供需雙方持續增長的線上接洽需求。

另外受明源雲在存量市場多管齊下的投入策略推動,該行預計雲空間收入增長將按年提速至78%,在ERP業務方面,考慮到下沉市場的持續拓展,以及產品升級與增值服務需求的延遲釋放,該行預計上半年收入將實現20%以上的按年增長。

該行維持對公司2021至2022年收入預測基本不變,考慮到投入加大,將經調整純利降8%及2%,評級維持「跑贏行業」評級,目標價58港元。

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