《大行報告》瑞信上調中國軟件國際(00354.HK)目標價至15.6元 評級「跑贏大市」
瑞信發表的研究報告指,中國軟件國際(00354.HK)上半年業績表現強勁,期內收入及淨利分別為83億元及5.18億元人民幣(下同),分別按年升37.7%及29%,毛利率改善0.3個百分點至27.5%,而經營利潤率則跌1.9個百分點至5.3%,主要因為行政開支及研發投資等。
管理層訂立長期增長展望,冀2025年底之前ITO業務年複合增長可達15%至320億元,雲智能服務年複合增長達100%至160億元,而鴻蒙及汽車則達100億元。
短至中期而言,管理層對其2021年增長、盈利目標及2023年300億元收入目標有信心,認為雲智能服務貢獻提升有望支持公司2020-23年的淨利年複合增長在31%。瑞信將公司2021-23年收入預測升3-10%,以反映增長可見性改善,維持淨利預測大致不變,目標價升1%至15.6港元,評級維持「跑贏大市」。(el/k) ~
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