摩根士丹利发布研报称，金蝶国际(00268)上半年业绩基本符合预期，收入达32亿元人民币(同比增长11.2%)，符合市场预期，较该行预测高出1.6%，主要得益于传统企业资源规划(ERP)业务的较高贡献。云收入增长11.9%看似平淡，大摩强调云业务占总收入的84%，其增长应与总收入增长趋于一致。大摩认为，在宏观经济疲软和金蝶持续进行员工精简的情况下，有关增长并非易事。大摩予该股“与大市同步”评级，目标价14.2港元。
大摩表示，金蝶国际上半年毛利率为65.6%，高于其预测的64.1%，可能得益于传统ERP业务收入占比更高。订阅业务毛利率为96%，非订阅业务毛利率为31%。订阅业务极高的毛利率使大摩对其长期利润前景更有信心，因为收入结构正向订阅业务转移，该行认为全年盈利能力进展良好。
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