《大行》瑞銀微降金蝶國際(00268.HK)目標價至21.5元 明確策略推動AI+SaaS訂閱收入增長
瑞銀研究報告指出,金蝶國際(00268.HK)今年上半年業績發佈後,管理層宣佈2030年目標包括:AI收入佔總收入30%,同時實現雙位數百分比的總收入增長; 營運現金流達到30億元人民幣。
瑞銀表示,雲訂閱收入應是金蝶國際推動收入增長的關鍵,預計最終將佔其總收入的80%至90%,全球收入在3至5年內將佔總收入的5%至10%。管理層對AI+SaaS爲金蝶提供強大順風表示信心,致力於在成功轉型爲「雲訂閱業務模式 」後,成爲企業管理人工智能 (EMAI) 的全球領導者。
瑞銀表示,對金蝶國際2025年淨利潤指引保持不變,預計實現收支平衡,營運現金流將超過10億元人民幣。管理層認爲,短期內可實現8%的營運利潤率,長期目標爲15%至20%。
瑞銀在金蝶國際發佈業績後微調模型,目標價從21.8微調至21.5元,基於2026年預測企業價值/銷售額8倍;並基於雙位數百分比收入增長及利潤率改善,維持「買入」評級。
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