金蝶国际（00268）周二盘中股价大涨5.23%，引发市场关注。这一显著涨幅主要受益于大和证券发布的最新研报，将该公司评级从"跑赢大市"上调至"买入"。
据悉，大和证券不仅上调了金蝶国际的评级，还将目标价从17.5港元上调至19.5港元，对应2026年预测市盈率约166倍。分析师表示，此次上调主要基于对金蝶国际云服务ARPU（平均每用户收入）增长的乐观预期。大和证券同时上调了公司2026至2027年的收入预测1%，以及2025至2027年每股盈利预测32%至70%。
金蝶国际的两项重要业务策略是分析师看好的主要原因。首先，公司计划从7月起对需要工单支持服务等高端功能的云客户收取额外15%的订阅费，预计将推动明年订阅ARR（年度经常性收入）提升3%至5%。其次，金蝶近期推出的AI代理产品，虽然定价尚未确定，但大和证券预计可能采用按用量收费模式，并将分阶段实现变现。这些举措预计将带动明年云服务ARPU的增长，进一步提升公司的盈利能力。
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