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《大行報告》里昂首予金山軟件(03888.HK)「買入」評級 目標價35元
阿思達克 03-18 10:03
里昂發表研究報告指,金山軟件(03888.HK)為投資者在中國辦公室軟體領域提供了風險回報平衡的機會。該行預期,集團2023至2026年的收入複合年增長率為19%,營業利潤複合年增長率為22%。該行首予公司「買入」評級,目標價35元。 該行表示,中國要求國企到2027年「消A」(汰換資訊科技系統內的外國軟體),估計將在2023至2027年帶來50億元人民幣的許可收入和80億元人民幣的訂閱收入,及來自私人企業的160億元人民幣收入。鑑於競爭有限,該行預料子公司金山辦公(KSO)將成為主要受惠者,並可能佔據以上收入的一半,令2027年的市場份額由目前的約30%提高到約40%。
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