《大行報告》美銀證券下調金蝶國際(00268.HK)目標價至20.5元 評級「買入」
美銀證券發表報告指,金蝶國際(00268.HK)今年度經常性收入(ARR)目標維持不變,預期將達到33億元人民幣,對此感到正面,相信來自大客戶的雲端業務收入今年可實現50%以上增長,隨著經營性現金流水平改善,整體毛利率預計將持續提升。
該行指,金蝶去年第四季疫情期間在簽訂新合同方面受到影響,因此將今明兩年收入下調5%至8%,目標價由22.2元下調至20.5元。
但憧憬訂閱收入百分比上升及來自大客戶的業務擴張所推動,料金蝶未來收入增長可能加快,因此維持對金蝶的「買入」評級,預計今年淨虧損率將收窄,公司最快可於明年實現盈虧平衡。
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