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《大行》中金維持金山軟件(03888.HK)「跑贏行業」評級 料次季收入跌7.5%
中金髮表報告,預期金山軟件(03888.HK)第二季收入22.9億元人民幣(下同),按年下滑7.5%;預計當 季錄得經營利潤4億元,對應經營利潤率17.5%。金山軟件聯營公司金山雲(03896.HK)於4月17日公告配售及金山軟件根據特別授權認購新股份的關聯交易;交易完成後,金山軟件於金山雲的持股比例由交易前的37.4%降至35.59%。 基於對新遊戲表現的審慎假設,該行下調金山軟件2025年和2026年收入預測各2.4%/3.1%至110.7億和123.6億元。綜合考慮2025年收入下調的影響與金山雲視同處置的一次性收益,維持2025年淨利潤預測基本不變;考慮到2026年收入下調以及集團AI相關投入增加,下調2026年淨利潤預測17.9%至19億元。維持「跑贏行業」評級和目標價50港元。
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