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大行評級丨傑富瑞:下調金山軟件目標價至42.8港元 首季業績不及預期

傑富瑞發表研究報告指,金山軟件今年首季總收入按季度下降16%、按年增長9%至23億元,分別低於市場共識預期及該行預估的6%和5%。其中,在線遊戲收入按季度下降20%、按年增長14%(該行預估爲20%),主要因本季《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,同樣低於該行預估。

該行估計,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》的高基數效應;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,目標價從43.3港元下調至42.8港元,維持“買入”評級。

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