《大行報告》中金降金蝶國際(00268.HK)目標價至14元 訂閱轉型漸入收獲期
中金發表報告指,金蝶國際(00268.HK)2023年業績表現基本符合該行及市場預期,亦指公司的訂閱轉型逐漸步入收穫期。2023年公司雲服務收入按年增長21.3%,至於雲訂閱年度經常性收入(ARR)亦錄得按年33.1%增長,反映公司業務在宏觀壓力下仍保持韌性。至於公司管理層早前表示將在「訂閱優先、AI優先」的業務戰略下發展,該行預期金蝶國際將可實現15%至20%的年度複合增長速度,以及30%的訂閱ARR年度複合增長速度。
另外,中金維持金蝶國際2024年及2025年收入預測基本不變。不過考慮到公司在國產化及AI等領域的戰略性投入,決定將公司2024年及2025年的歸母淨利潤預測分別由-603萬元人民幣(下同)及2.12億元,調整到-8,346萬元及2億元。因此中金下調金蝶國際目標價20%至14港元,維持「跑贏行業」評級。(js/w)
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