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《大行報告》花旗下調明源雲(00909.HK)目標價至24元 評級「買入」
花旗下調明源雲(00909.HK)目標價,由44元降至24元,維持評級「買入」。該行亦下調明源雲今明兩年收入預測7%,以反映房地產開發商客戶的疲弱需求,同時大致維持原有盈利預測。該行指,目標價爲軟件即服務(Saas)一年預測市銷率15倍,以及企業資源規劃(ERP)一年預測市銷率15倍計算,兩者均與Saas同業金蝶(00268.HK)看齊。 就SaaS收入增長54%至13億元人民幣,花旗引述管理層指,訂閱基礎年度經常性收入按年升48%至12億元人民幣,雲客每用戶平均收入按年升約四成至6.2萬元人民幣,銷售辦公室數字增長11%至1.66萬,客戶保留率按年跌2個百分點至88%。 雲鏈建築地點數字按年升83%至7,500個,Skyline平臺即服務(PaaS)平臺投資按年升1.4倍,明源雲的研發員工數目上升65%至2,100人,相等全體員工過半。公司亦強化低級別城市擴張,去年底已進入約100個城市,多於去年中的約80個,國企客戶收入貢獻佔比由28%升至33%。
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