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花旗:升金蝶(0268.HK)目標價至11.4港元 評級“買入”
格隆匯 01-20 11:50
花旗發表研究報告維持金蝶(0268.HK) 買入 ”投資評級,目標價由原來的9.2港元上調至11.4港元,對公司向雲業務轉移及在ERP軟件的領先地位持正面看法。該行相信公司2019年雲業務的存留率維持在大約80%。以產品來看,公司在去年第三季就產品“ 金蝶雲.蒼穹 ”簽署30份新合約,覆蓋100多個客户。
該行預期,公司向雲業務轉型的步伐將會在今年加速,因公司大力推廣雲端產品及逐步終止某些以牌照為基礎的軟件。因此,預料公司雲業務的收入佔比將會在2019及2020年分別達到逾40%及約60%水平。
考慮到公司向雲業務轉型及傳統軟件銷售減少的策略,盈利面對短期壓力,因此該行將公司2019至2021財年的盈利預測下調10.8%、20.7%及6%。現時預期公司2019年的雲業務收入為13億元人民幣,2020年則會錄得27億元人民幣。

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