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大行評級|瑞銀:上調金蝶國際目標價至21.8港元 重申“買入”評級

瑞銀髮表研究報告指,金蝶國際經過多年向訂閱制SaaS模式的轉型,有望在2025年實現自2020年以來的首個盈利年度,實現盈利拐點,反映了金蝶持續提升的營運效率及強大的產品能力,推動訂閱服務年經常性收入(ARR)在2024年分別達到雲端收入及總收入的67%和55%。同時,憑藉在中型企業市場的領先份額,金蝶已推出初步標準化的人工智能(AI)產品。瑞銀預計金蝶的總收入增速將從2025年的13%加快至2027年的18%,主要受益於訂閱收入的持續增長及AI的放大效應。

瑞銀看好金蝶持續推動訂閱模式,甚至覆蓋大型企業客戶,這得益於其不斷提升的產品能力。 此外,金蝶已建立的雲端及訂閱客戶基礎爲通過AI功能進行交叉銷售和追加銷售奠定了堅實基礎。該行看好金蝶推廣以結果爲導向的商業模式,即客戶爲可見成果付費,而非僅爲工具本身付費,並認爲AI帶來的好處超出直接ARR貢獻。瑞銀將金蝶目標價從11.4港元上調至21.8港元,重申“買入”評級。

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