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研報掘金丨安信證券:訂閲+渠道雙轉型,AIGC賦能高效辦公,首予福昕軟件“買入-A ”評級
格隆匯 06-02 14:24
格隆匯6月2日丨安信證券1日研報指出,福昕軟件(688095.SH)是PDF辦公軟件領域的龍頭企業。2022年7月起,公司確立了訂閲優先和渠道優先的雙轉型增長戰略。海外市場以通用市場為主, 通過渠道轉型觸達更多的客户羣體,通過訂閲轉型獲得更多收入;國內市場採取通用市場和垂直市場相結合的發展。行業天花板高,性價比高,產品力強。近日,公司海外版雲產品Foxit PDF Editor Cloud成功集成ChatGPT強大的文字信息處理能力,重磅上線PDF文檔總結、內容改寫、實時問答等AIGC功能,顯著提升辦公效率。該行指出,訂閲制提升客户生命週期價值,渠道轉型獲取更多的商機,疊加AIGC能力的融合,認為公司發展將迎來重大邊際變化。考慮到其訂閲轉型期間淨利潤可能出現虧損情況,採取PS估值。預計公司2023年-2025年的營業收入分別為5.69/6.53/8.28億元,歸母淨利潤分別為-0.38/-0.20/0.38億元。首次給予買入-A 的投資評級,6個月目標價為197.13元,相當於2024年20倍的動態市銷率。
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