大行評級|傑富瑞:下調金蝶國際目標價至18.19港元 維持“買入”評級
傑富瑞的研究報吿指,金蝶國際股價因為上半年收入增長受外圍影響而未及公司2024年指引,早前曾兩日累跌約17%,屬市場過度懲罰。該行認為中小企業務是其痛點,但大型企業及中型企業很可能因為強勁的本地化需求而表現符合預期。管理層表示2024財年的收入增長將有可能達其目標範圍的下限,惟雲訂閲服務年經常性收入(ARR)的增長應為25%,而非之前所言的30%。
該行微降盈測,惟仍料2025年會錄得盈利。該行對其未來三年各年收入預測調低1%至2%,料今年公司會錄得虧損9,400萬元,明年料轉虧為盈,錄得盈利2.31億元,亦料因雙位數收入增長、毛利提升及研發和行銷費用受規模經濟影響,金蝶的盈利在2025年後會快速增長。該行將公司目標價由19.78港元降至18.19港元,維持“買入”評級,認為近期該股被沽售,為有意持貨一至三年的長線投資者提供切入機會。
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