《大行報告》高盛降金蝶(00268.HK)目標價至23.4元 評級「買入」
高盛預計,金蝶(00268.HK)今年上半年和下半年收入分別增長22%和25%,經營毛利率分別提升11.5個百分點和7.3個百分點至-17.7%和-1.9%,主要受蒼穹(Cosmic)/星瀚(Constellation)產品線驅動大型企業細分市場的增長和開支槓桿影響。該行予金蝶「買入」評級,目標價由24元下調至23.4元。
由於市場滲透率仍然偏低,高盛認為本地企業資源規劃(ERP)方案參與者之間的直接競爭有限,而金蝶目標通過替代進口獲得大型企業ERP領域的市場份額,預計今年上半年疫情對其影響水平較低,並相信增長可能會在下半年恢復。
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