《大行報告》大摩下調微盟集團(02013.HK)目標價至10元 評級「增持」
摩根士丹利發表研究報告指出,微盟集團(02013.HK)最重要的軟件即服務(SaaS)產品──智慧零售和微商城於去年實現100%和35%的穩健收入增長,符合預期。其大客戶收入貢獻增加至30%,流失率降至23%,意味着公司業務有所改善。
此外,該行指微盟2022年訂閱收入目標增長30%至35%甚爲積極。而公司2021年營銷利潤由3.5億元人民幣增長至4億元人民幣,2022年目標增至5億元人民幣,反映公司健康的增長及利潤擴張。
不過,該行指微盟2021年總訂閱收入增長60%,即去年下半年的自然增長僅20%,公司指因去年第三季受監管因素影響客戶的增加,但第四季有所復甦,惟該行認爲目前宏觀經濟正在加速,將很難改變有關環境。微盟2021年淨虧損預測或進一步擴大,差過預期,該行估計公司至少兩年後纔有望扭轉逆勢。
摩根士丹利將微盟2021至2023財年的收入預測分別下調9%、11%及12%,目標價由15元降至10元,維持「增持」評級。
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