《大行報告》瑞銀降金蝶(00268.HK)目標價至23元 評級「買入」
瑞銀發表研究報告指,近日與金蝶國際(00268.HK)等內地軟件服務公司的合作夥伴及客戶溝通,以了解企業資源規劃(ERP)支出趨勢,認為數字化轉型、產業升級和供應商本地化的結構性趨勢未受影響,大型企業開支預算依然具韌性。
該行指出,最近內地主要城市的疫情防控措施導致企業服務交付及拜訪客戶等受阻,預期將令收入推遲至第三季或以後入賬。瑞銀假設,內地6月份逐步復工復產,金蝶今年收入按年增長將由早前預測的26%降至19%。
瑞銀指,雲端ERP需求總體具彈性,市場數據反映出金蝶正在獲取更多大宗交易,但該類合約盈利空間仍然有限,交付亦受到疫情影響。
鑑於行業估值向下重評及市場盈測下調,瑞銀將金蝶的目標價由32元下調至23元,但看好長期增長前景,基於行業競爭格局給予「買入」評級。
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