研報掘金|中金:下調中國軟件國際目標價至4.2港元 下調收入及淨利潤預測
中金髮表報吿指,中國軟件國際上半年收入按年下滑6.2%至79.3億元,淨利潤按年下滑18.6%至2.86億元,低於市場預期,主要由於基石業務修復進展慢於預期,以及雲智能業務招投標節奏的週期性影響。報吿期內,公司平均員工人數約6.99萬人,按年下降10%,降幅與基石業務收入降幅基本一致。管理層於業績會表示,公司員工規模於近月開始顯現恢復跡象,或有助於推動基石業務逐步回暖。
中金指,考慮龍頭客户需求釋放以及新業務確收節奏不確定性尚存,審慎下調公司今明年收入預測各7.3%/9.5%至174億元185億元,下調淨利潤各9.2%和11.9 %至7.07億元和8億元。該行維持其“中性”評級,考慮利潤下調及估值中樞下行,下調目標價24%至4.2港元。
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