金吾财讯 | 野村研究报告指出，金蝶国际(00268)基本面正迈向可持续复苏态势，核心支撑包括：顺利过渡至订阅制收入模式、聚焦高毛利业务并严格管控研发开支，以及内地企业资源管理(ERP)系统市场竞争压力趋缓。野村预计，公司中期收入将同比增长11%，净亏损将从去年同期的2.18亿元人民币收窄至约9,000万元人民币；全年收入有望实现11.5%的同比增幅，年化经常性收入更将录得25%的快速增长，主要受益于大型企业的强劲订单。此外，通过有效控制人力成本，金蝶全年净利润或有望转正，达1.7亿元人民币。考虑到中小企业需求疲软对业务的影响，野村将金蝶今明两年的收入预测下调4%至7.1%，盈利预测亦相应下调8%至27%，维持“买入”评级。目标价由19港元调整至18.49港元，对应2026年市销率8.7倍。
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