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《大行》富瑞降金山軟件(03888.HK)目標價至42.8元 第一季度表現低於預期
阿思達克 05-29 16:20
富瑞發表研究報告,指金山軟件(03888.HK)首季業績收入與經調整後盈利低於預期,該行調整金山軟件第二季收入預估,並將目標價從43.3元下調至42.8元,維持「買入」評級。 該行認爲,金山軟件今年首季總收入按季度下降16%,按年增長9%,達到23億元人民幣(下同),分別低於市場共識預期及該行預估的6%和5%。其中線上遊戲收入按季度下降20%,按年增長14%(該行預估爲20%),主要因爲本季《劍俠情緣三》商業內容更新較少。辦公軟件及服務收入按季下降13%,按年下降6%,達13億元人民,同樣低於該行預估。 儘管金山軟件次季毛利按年增長10%,達19億元。但營運利潤(不含股權激勵費用)按年下降3%至6.55億元,同樣低於該行預期。主要因收入低於預期及運營費用(例如研發費用)高於預期。調整後經營利潤率爲28%,低於該行預估的34%。 富瑞估計,金山軟件次季總收入將按年下降約1%(此前預測按年增長3%),主要反映在線遊戲業務按年表現疲軟,這主要由於去年《雪崩:封鎖區》(Snowbreak: Containment Zone)的高基數效應。該行預計調整後經營利潤率將按年下降約7個百分點至28.5%,考慮到即將在第三季度發佈新遊戲《Mecha BREAK》的銷售與市場推廣支出。該行對2025年全年收入和調整後經營利潤的預測基本保持不變。
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