《大行》花旗:金蝶(00268.HK)中期業績大致符預期 訂閱ARR增長略遜色
花旗發表研究報告指,金蝶國際(0268.HK)上半年業績大致符合市場預期,收入按年增長11%至32億元人民幣(下同),當中雲訂閱服務收入增長22%至17億元,分部毛利率按年提升1個百分點至96.2%,產品收入微升1%至15億元,分部毛利率按年下降2.1個百分點至31.5%。上半年訂閱服務ARR按年增長18%至37.3億元,略遜該行預期,而雲訂閱合約相關負債按年增長25%至34億元。
公司透露上半年AI相關合約額已超過1.5億元,花旗預期投資者接下來將較關注下半年雲業務收入前景、經營開支、盈利展望,以及明年以至更長期AI發展目標。該行又估計,金蝶雲星空及中小企非訂閱收入上半年可能錄得持平或下跌,給予「買入」評級,目標價18.3港元。
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