明源雲(00909.HK)續升12.5%曾創年半高 惟高盛憂毛利率受壓維持「沽售」評級
內房市場氣氛好轉,為開發商提供Saas服務的明源雲(00909.HK)三連升,今日(4日)高開0.3%,報7.37元後,升幅急擴,曾升17.8%,高見8.66元創近一年半高。屆下午近3時正,現報8.27元,升12.52%,成交3,206.49萬股,涉資2.66億元。
高盛發表研究報告,指近日與明源雲(00909.HK)管理層開會,討論去年下半年業務更新、新冠對上客影響,以及今年業務焦點。整體而言,管理層對今年業務復甦及成本減省審慎樂觀。但該行仍憂慮內房市場以及增加國企業務敞口對其毛利率的影響,維持「沽售」評級及目標價5元不變。
報告引述管理層稱,去年明源雲明面對挑戰,但下半年達至正經營現金流,全年收入按年增加。接業務劃分,企業資源規劃(ERP)業務受影響最大,料全年ERP收入續收縮,同時SaaS業務去年下半年收入料按年增加。另對民營內房客戶的支持政策及勝市場預期的流動性,有助明源雲從應收賬取得穩定現金,公司亦正擴大國營內房收入敞口。
高盛引述明源雲稱,去年下半年自國營內房客戶收入佔比近40%,料有關佔比持續擴大,管理層相信國營內房的數字化進展較民企相對慢,料對其軟件產品有更大需求空間。不過,國營內房客戶要求更複雜的軟件產品,短期需要更高的客製化程度。因此,明源雲或因為擴大國企業務敞口達至短期盈利能力,在業務擴張的可見度上作妥協。
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