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《大行》中銀國際降金蝶(00268.HK)目標價至18.08元 盈利能力等呈改善跡象
中銀國際研究報告指出,金蝶國際(00268.HK)中期業績報告後股價下跌,主要受投資者獲利了結影響。公司2025年上半年收入按年增長11%,經常性收入(ARR)達37億元人民幣,按年增長18.5%,但略低於市場預期。 儘管如此,中銀國際認爲,金蝶在盈利能力和經營現金流方面依然展現出良好的改善跡象。管理層指引2025年實現盈虧平衡,並實現不少於10億元人民幣的淨經營現金流。長期來看,隨着雲業務及AI智能體訂單的持續增長,金蝶有望憑藉其專有數據優勢進一步提升業績。 中銀國際根據最新分部估值(SOTP)假設,略微下調目標價,由18.9港元降至18.08港元,維持「買入」評級。
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