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研報掘金|方正證券:維持金蝶國際“推薦”評級 估值修復空間大
方正證券發佈研究報吿稱,維持對金蝶國際的“推薦”評級。公司目前正處於“雲服務為主”向“全面雲服務”轉型的關鍵階段,目前伴隨產業形態的日漸成熟,業務變現邏輯正在加強。研報指,公司作為國內ERP龍頭,在大客户市場錨定的是SAP、甲骨文等海外品牌壟斷的高端ERP替換場景,在產品形態上對標的是Salesforce為代表的領先SaaS雲模式。考慮到國內製造業背景雄厚且企業數字化進程持續提速,疊加國產替代背景創造的有利競爭格局,公司在成長性上實際優於已步入成熟期的海外可比公司。金蝶作為中國SaaS龍頭企業,基本面加速成長疊加海外降息背景下,估值修復空間大。
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