《大行報告》花旗降金蝶國際(00268.HK)目標價至12.7元 可預見經營槓桿支持盈利能力
花旗發表報告指,參加了金蝶國際(00268.HK)的業績發布會。獲悉重點包括公司2024年經營現金流目標為9億元人民幣;今年虧損將收窄,但內部KPI至少實現盈虧平衡;員工人數增長2%至3%,而收入增長15%至20%;IaaS成本下降和訂閱收入佔比增加,毛利率呈上升趨勢;企業海外擴張和出口業務聚焦10大城市企業,海外業務擴大。
該行認為金蝶基本面保持穩固,其可預見經營槓桿支持盈利能力;根據最新的三年指引,將2024和2025年收入預測分別下調2%和4%,但由於利潤率提高,將盈利預測分別上調12%和3%,並將2026年每股盈利預測定為0.15元人民幣。維持「買入」評級,目標價由14.5元下調至12.7元。
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