Unity Software:减员影响下经调整EBITDA利润率提高, Unity Vector按计划迁移

国泰君安国际研...
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国泰君安香港报告日期:2025/5/13摘要:我们维持“买入”,但下调目标价至27.75美元,基于加权SOTP EV/S比率估值和EV/经调整EBITDA估值。Unity Software(“公司”)于2025年1月裁员,主要集中在销售、研发和部分 Create 业务团队,导致成本和 Create 业务收入双双减少,从而令EBITDA利润率大幅提高。Unity Vector的迁移仍按计划进行,与...

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