《大行報告》瑞信下調中國軟件國際(00354.HK)目標價至12.9元 評級「跑贏大市」
瑞信下調對中軟國際(00354.HK)目標價,由15.6元降至12.9元,維持「跑贏大市」投資評級。該行下調對中軟國際2021至2023年每股盈利預測15%至18%,反映相對穩定的毛利率及高於預期的經營開支。但認爲中軟國際將受惠於中國資訊科技外判增加、鴻蒙系統及華爲雲業務增長。
該行認爲中軟國際業務增長前景仍然維持,公司處於今年收入符合2020至2022年複合年增長率25%至30%的目標。公司計劃增加年收入逾1億美元大客戶數字,由2023年的6間增至2025年的10間。該行亦指,深圳開鴻在股權轉移及注入資本後,已從中軟國際的附屬變爲投資實體,其帳目不會綜合在上市公司,但深圳開鴻將取得政府合約,並集中與戰略性股東深圳市創新投資集團合作,按鴻蒙分佈式操作系統,建立定製操作系統,用於物聯網。
報告亦指,公司擬於2021至2023年維持相若經營開支與銷售比率,因從大型客戶取得的經營槓桿,能抵銷新業務及新客戶的影響。該行預測公司毛利率穩定,多於從新客戶貢獻帶來改善。
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