金吾财讯 | 招银国际研报指，多点数智(02586)公布FY24业绩：总营收同比增长17%至18.6亿元，符合招银国际预期；调整后净利润2,980万元，对比FY23调整后净亏损2.77亿元，且好于招银国际预期（调整后净亏损1.05亿元），这主要得益于零售核心服务云的强劲增长以及运营效率的提升。展望未来，多点将聚焦于AI零售领域，以把握新的增长机会。公司目前已推出多款AI智能体产品，长期来看，这些产品收入有望逐渐增加。展望FY25，管理层预计总收入将同比增长15%-20%，同时利润率进一步提升。考虑到获客速度放缓，该行下调FY25-26营收预测。但鉴于行业估值水平提升及AI零售的长期增长潜力，该行基于6x2025EEV/sales将目标价上调至16.00港元（前值：8.50港元，2.5x2025EEV/Sales）。维持“买入”评级。
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