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《大行報告》大和降金蝶國際(00268.HK)目標價至13元 下調收入預測
阿思達克 03-21 15:20
大和發表研究報告指,金蝶國際(00268.HK)管理層透露目標於2024至2026年間收入年均合增長率介乎15%至20%,訂閱業務年度經常性收入(ARR)料增長30%,經營性現金流則增長50%。 該行繼續預期金蝶可於2025年實現盈利,預期2024至2026年雲業務收入可能保持20%以上的按年增幅。由於金蝶雲星瀚ARR及項目交付增長速度低於預期,相應地大和下調雲業務收入預測。不過大和相信,金蝶在1月初發布減虧預告後,相關負面影響已反映在股價表現上。 國內需求預期依然強韌,大和認為公司2024至2026年訂閱業務ARR增長目標料可實現,同時由於2023年前的研發成本資本化,該行估計今明兩年經營虧損收窄速度將低於經營現金流增長速度,將收入預測下調5%至6%,以反映雲業務收入增長放緩,重申「買入」評級,目標價由15元下調至13元。
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