《大行》中銀國際降金山軟件(03888.HK)評級至「持有」 目標價下調至41.7元
中銀國際發表報告指,金山軟件(03888.HK)第一季業績疲弱,收入遜該行及市場預期介乎6%至9%,淨利潤遜該行和市場預期達31%至36%。三大業務板塊表現均不如預期,在線遊戲和辦公軟件業務收入放緩;金山雲(03896.HK)盈利能力和利潤率出現意外下滑;在AI和遊戲業務公司持續進行巨額研發投入。
報告指,由於有諸多新助力因素,管理層整體維持樂觀態度,其中包括WPS海外版及與小米-W(01810.HK)在AI和雲基礎設施方面的緊密合作。不過該行認為,投資者目前在這一輪DeepSeek 熱潮過後可能相對缺乏耐性,而WPS AI 和AI雲業務的商業化進展均需要時間才能逐漸呈現,尤其是在目前AI算力供應大增的背景下。
該行將金山軟件目標價從50.2元下調至41.7元,並將股票評級從「買入」下調至「持有」。下一個關鍵的股價催化劑是6月至7月正式發布機甲遊戲《解限機》。
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