大和:重申金蝶國際(0268.HK)買入評級 目標價下調至21港元
大和發表研究報吿指,金蝶國際(0268.HK)首季由於新冠疫情,蒼穹雲收入面臨挑戰,預期金蝶需於2024年才實現盈虧平衡,重申其“買入”評級,目標價由23港元下調至21港元。
大和指,管理層表示,在持續的疫情爆發中,其中小企業業務在1月至4月的年化經常性收入增長穩定,而大型企業在項目交付和新合同簽署方面出現了一些延遲,惟鑑於多元化的客户行業組合,宏觀不確定性的影響有限。雖然宏觀形勢下對支出更加謹慎,但金蝶仍將擴員6-7%,主要用於蒼穹雲研發,預計研發費用將佔2022年收入的20%以上。
該行指,儘管公司持續在利率上升的情況下進行投資,相信成功突破大型或超大型企業市場將產生可觀的回報,併為長期增長提供清晰的路徑。該行將其2022-24年的收入預測下調1%。

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