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大行評級 | 瑞銀:下調金蝶國際(0268.HK)全年盈利預測,降目標至20.8港元

格隆匯11月1日丨瑞銀髮表研報指,在疫情防控下,金蝶國際(0268.HK)管理層預料集團今年收入增速將減慢至15%-20%,淨虧損擴大至5億元人民幣。然而,年度經常性收入同比增長50%和正數經營現金流的指引仍然維持,但明年自由現金流量或出現拐點。蒼穹(Cosmic)和星瀚(Constellation)產品今年仍將實現10億元人民幣的目標,其收入同比增長1倍。管理層強調,研發開支的高峯已過,人員增長將控制於5%-7%,公司手頭上現金充足,短期並無計劃增資。

該行將金蝶國際今年收入增長預測由22%下調至19%,金蝶雲銀河收入預測由20%調低至16%,將毛利率預測由61.7%下調至60.8%,經營利潤率預測為-12.7%,以反映疫情對交付效率和雲業務投資的負面影響。該行將金蝶國際目標價由23港元下調至20.8港元,評級“買入”。

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