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《大行報告》中金下調金山軟件(03888.HK)目標價至48.7元 料遊戲業務壓力仍存
中金髮表研究報告,預計金山軟件(03888.HK)今年第三季收入按年增長6%,至14.8億元人民幣,營運利潤率13.5%,按季跌2個百分點,主要由於研發投入延續加大。 該行指金山軟件遊戲業務壓力仍存,估計其第三季遊戲業務收入6.9億元人民幣,按年跌15%,按季跌1%,主要由於新遊戲上線推遲。展望全年,考慮遊戲上線推遲及商業化不確定性 ,該行預計公司全年遊戲收入將按年下滑10%至30億元人民幣。 此外,該行預計金山軟件第三季辦公業務收入按年增長35%,至7.9億元人民幣,主要得益於B端業務的穩健增長。另預期公司技術能力的持續迭代,以及下半年新產品的集中發佈,有望促進公司在政企數碼化領域持續突破。受去年同期高基數及近期費用端高投入影響,預計第三季辦公業務利潤持續承壓,估計經營利潤率按年下滑17個百分點,至25%。 中金維持對金山軟件2021和2022財年盈利預測不變,另維持「跑贏行業」評級,考慮到金山辦公(688111.SH)市值波動,下調目標價19%,至48.7元。
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