金吾财讯 | 国泰海通证券研报指，金蝶国际(00268)披露2025年中期业绩，25H1实现收入31.92亿元，同比增长11.2%；归母净利润亏损0.98亿元，同比缩窄55.1%；经营性净现金流-0.18亿元，24H1净流出1.66亿元，同比改善89%。公司经营业绩稳健，云转型步入收获期，云与订阅指标优异。该机构指，公司持续将AI技术深入融入SaaS产品、服务和运营流程中，25H1签订AI合同金额超过1.5亿元。公司在2025年上半年推出苍穹AI Agent平台2.0，以及金钥财报、ChatBI、差旅智能体、招聘智能体、报价智能体、BOSS助理等AI原生智能体，签约海信集团、通威股份、中国金茂、中车唐车等重点客户。该机构认为，AI合同金额彰显企业AI应用需求旺盛，随着新产品的推广和应用落地，全年趋势有望持续向好。该机构预计公司2025/26/27年营业收入为69.98/79.30/91.55亿元，归母净利润为0.91/2.97/5.60亿元。使用PS法为公司估值，参考可比公司，考虑到公司AI业务进展顺利，给予公司2025年动态PS 9倍，上调目标价至19.41港元（按照1港元=0.914元人民币换算），维持“增持”评级。
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