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《大行》里昂降金山軟件(03888.HK)目標價至37.8元 料各業務利潤均承壓
里昂研究報告指,金山軟件(03888.HK)次季遊戲收入與利潤遜預期,下半年遊戲業務前景面臨挑戰。金山辦公(688111.SH)企業端(2B)收入增速加快,WPS365表現穩健,且傳統軟件業務增長,但個人端(2C)收入放緩。金山雲(03896.HK)(KC.US)收入保持強勁,尤其AI相關業務表現突出。 該行指,各個業務的利潤均承壓,當中遊戲業務出現負經營槓桿,軟件業務在AI與海外市場的人力擴張,以及雲業務租用伺服器佔比提升。因此,該行同時調整金山系3間公司的盈利預測。金山軟件目標價由38.4港元降至37.8港元;金山雲目標價由17.3美元上調至17.7美元;金山辦公目標價則維持375元人民幣。三間公司均獲「跑贏大市」評級。
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