智通财经APP获悉，金蝶国际(00268)涨超3%，截至发稿，涨2.93%，报15.42港元，成交额3.11亿港元。
瑞银发布研报指出，金蝶国际经过多年向订阅制SaaS模式的转型，有望在2025年实现自2020年以来的首个盈利年度，实现盈利拐点，反映了金蝶持续提升的营运效率及强大的产品能力，推动订阅服务年经常性收入(ARR)在2024年分别达到云端收入及总收入的67%和55%。
同时，凭借在中型企业市场的领先份额，金蝶已推出初步标准化的人工智能(AI)产品。瑞银预计金蝶的总收入增速将从2025年的13%加快至2027年的18%，主要受益于订阅收入的持续增长及AI的放大效应。瑞银看好金蝶持续推动订阅模式，甚至覆盖大型企业客户，这得益于其不断提升的产品能力。
此外，金蝶已建立的云端及订阅客户基础为通过AI功能进行交叉销售和追加销售奠定了坚实基础。该行看好金蝶推广以结果为导向的商业模式，即客户为可见成果付费，而非仅为工具本身付费，并认为AI带来的好处超出直接ARR贡献。
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