《大行報告》瑞信下調金蝶(00268.HK)目標價至29.2元 評級「中性」
瑞信發表的研究報告指,金蝶國際(00268.HK)去年收入為34億元人民幣(下同),淨虧損3.35億元,符早前盈警指引,而下半年收入為19.7億元,淨虧損1.11億元,其中收入與該行預測一致,不過虧損則較該行預測少33%。
去年全年公司雲收入增長45.6%至19億元,當中金蝶雲蒼穹收入增220%至1.9億元,管理層指引今年雲收入將增45%,並貢獻整體收入的65%,而公司將聚焦於訂戶的年經常收入,估計到2023年將達33億元,貢獻整體收入50%。
管理層目標未來三年整體收入年複合增長為25%,其中ERP業務將繼續支持雲轉型,而研發開支將聚焦於金蝶雲蒼穹。該行將公司2021/22年雲增長降至45%,並將2021/22年每股盈測降45%及11%,目標價由32.8元降至29.2元,維持評級「中性」。(el/k) ~
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