《大行報告》瑞信下調微盟集團(02013.HK)目標價至8.7元 評級「跑贏大市」
瑞信發表研究報告,指出微盟集團(02013.HK)於上週五(14日)舉行投資者日,看好因數碼經濟而推動的內地軟件即服務(SaaS)需求,以及公司透過去中心化爲本地直接面對消費者業務製造機會,私有領域表現跑贏。
此外,該行指微盟透過全域、渠道及分銷策略,利用企業微信整合私有/公共領域,及透過小程序和其他渠道去擴大分銷渠道等。管理層預期2021財年核心客戶商戶收入貢獻爲30%,至2023財年達至50%。而微盟生態助力其生態系統合作夥伴的收入於2021財年增長514%,新商業操作系統WOS預計2022年3月實現商業化。此外,微盟的跨境電商獨立站產品Shopexpress建立超過350個功能,同時亦累積爲逾1,000個商家提供服務。
監於宏觀和監管影響,瑞信料微盟2021及2022財年的商業訂閱及商戶服務解決方案預測按年增長59%及51%,2022年分別增長33%及38%。對公司2021至2023財年收入下調3%至14%,目標價由9.8元降至8.7元,維持「跑贏大市」評級。
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