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《大行》美銀證券料AI成軟件股主要增長動力 首選金蝶(00268.HK)及美圖(01357.HK)
美銀證券發表研究報告指,在日前舉行的投資者活動中與金蝶(00268.HK)、美圖(01357.HK)、金山辦公(688111.SH)、用友(600588.SH)等中國軟件公司、數據中心及雲計算企業管理層交流,發現軟件公司AI變現進展穩健,AI相關合同價值持續上升;同時AI代理及AI編碼部署正推動軟件公司營運效率提升。 該行預期,金蝶及美圖等訂閱收入佔比較高的軟件公司,將展現更高增長可見性;認爲AI發展驅動數據中心需求強勁增長,國產AI芯片研究進展正面,可支持訂單增加;AI亦驅動公有雲業務強勁增長。目前較偏好具有穩健下遊需求及高經常性收入佔比的高能見度增長企業,軟件股中首選股爲金蝶及美圖,均予「買入」評級,目標價分別爲20.7及13.5元。 在數據中心及公有雲領域,該行更看好萬國數據(09698.HK)(GDS.US)、世紀互聯(VNET.US)及金山雲(03896.HK)(KC.US),受到強勁AI需求推動,全部業績均勝預期,評級均爲「買入」。美銀證券並將明源雲(00909.HK)目標價從3.7元升至4元,維持「中性」評級。
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