《大行》大摩:金蝶國際(00268.HK)上半年業績基本符合預期 目標價14.2元
摩根士丹利研究報告指出,金蝶國際(00268.HK)上半年業績基本符合預期,收入達32億元人民幣(按年增長11.2%),符合市場預期,較該行預測高出1.6%,主要得益於傳統企業資源規劃(ERP)業務的較高貢獻。雲收入增長11.9%看似平淡,大摩強調雲業務佔總收入的84%,其增長應與總收入增長趨於一致。大摩認為,在宏觀經濟疲軟和金蝶持續進行員工精簡的情況下,有關增長並非易事。
大摩表示,金蝶國際上半年毛利率為65.6%,高於其預測的64.1%,可能得益於傳統ERP業務收入佔比更高。訂閱業務毛利率為96%,非訂閱業務毛利率為31%。訂閱業務極高的毛利率使大摩對其長期利潤前景更有信心,因為收入結構正向訂閱業務轉移。雖然營運費用比大摩預測高出6%,可能由於從一般及行政費用中,計入一次性遣散費所致。若剔除該影響,金蝶在今年上半年幾乎實現收支平衡,認為全年盈利能力進展良好。大摩予該股「與大市同步」評級,目標價14.2元。
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