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《大行報告》瑞銀下調金蝶(00268.HK)目標價至20.8元 評級「買入」
阿思達克 11-01 10:13
瑞銀發表研究報告指出,金蝶(00268.HK)管理層預期公司2022財年收入按年增長或放緩至15%至20%,受宏觀環境及疫情影響,料淨虧損擴大至5億元人民幣,惟維持對全年的經常性收入(ARR)按年增長50%的指引及經營現金流正數的看法,而自由現金流可能於2023年回升。至於金蝶雲.蒼穹和金蝶雲.星瀚今年訂單有望實現收入按年增長約100%的目標。管理層還指出,研發高峰已過,2022財年員工數目增長控制在5%至7%之間。公司亦有充足的手頭現金,並無計劃於短期內集資。 該行下調對金蝶2022財年收入增長預測,按年增長由22%降至19%,並將金蝶雲銀河的收入按年增長預測由20%下調至16%。同時,將公司的2022財年毛利率預測由61.7%下調至60.8%。目標價由23元降至20.8元,評級「買入」。
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