《大行報告》花旗下調金蝶(00268.HK)目標價至31元 評級「買入」
花旗發表研究報告指,參與金蝶國際(00268.HK)分析員會議後,認為投資者興趣頗大,維持其「買入」評級,相信公司在SaaS雲方面持續跑贏,而2022年開始利潤之潛在復甦,目標價則由34元降至31元。
該行指出管理層目標2020-23年的年經常性收入(ARR)年複合增長為50%,並料將達33億元人民幣(下同),而今年雲收入增長將維持在45%,研發開支料相當於收入的30%並將見頂。該行指出上半年金蝶雲‧蒼穹和金蝶雲‧星瀚總計錄得收入1.6億元,按年升155%,公司相信華為人力資源雲項目進展穩健,而第二階段正在計劃。另一方面金蝶雲‧星空受惠渠道夥伴合作訂單加快,年經常性收入應有逾七成來自星空及中小企雲。
花旗指出,公司上半年收入按年升35%至19億元,主要受惠雲服務收入增55%至12億元,貢獻整體收入的66%,而年經常性收入則升72%至13億元,傳統ERP收入亦升8%。今年上半年公司淨虧損達2.48億元,按年擴闊11%,主要因為毛利率下跌1.5個百分點至62.7%,而研發開支則升74%。
該行指出考慮到雲收入增長理想,將公司2021至23年收入預測升3%至6%,現時估計今年將錄3.61億元虧損,明年則錄1.05億元虧損,到2023年將錄6.93億元盈利。(el/s) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.