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研報掘金丨國泰海通:維持用友網絡“增持”評級,目標價18.82元
格隆匯 07-22 15:39

國泰海通證券研報指出,用友網絡25H1預計營收35.6-36.4億元(同比-6.4%至-4.3%),但Q2單季顯著改善,實現營收21.82-22.62億元(同比+6.1%至10.0%),合同簽約金額Q2同比增長超18%,上半年累計增長近8%,彰顯業務復甦動能,為下半年增長奠定基礎。Q2經營性現金流實現淨流入,同比改善約3.2 億元,上半年累計同比改善約6億元,經營質量有效提升。公司Q2業績彰顯業務復甦勢頭,經營質量進一步改善。受益AI大模型持續迭代升級,公司推動企業級AI 應用新範式快速落地。參考可比公司,綜合考慮AI 產品進展與財務表現,給予公司2025年動態PS 6.5倍,目標價18.82元,維持“增持”評級。

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