大行评级|高盛:上调明源云目标价至2.55港元 维持“中性”评级

格隆汇
Sep 04

高盛发表研究报告指,明源云上半年业绩逊于预期,但自2022年以来公司首次录得经调整净利润。期内收入按年跌16%,逊于该行及市场预测10%;核心云服务收入降14%;大部分云业务收入均逊于预期。由于公司终止营运亏损的产品线,并采取有效的成本控制,带动毛利率高于该行预期,而经调整营运开支按年下降20%,带动经调整净利润录3300万元。 该行下调公司2025至2027年的收入预测9至12%,预计其海外业务和人工智能计划可在中期内恢复收入增长。受惠于人工智能效率提升,该行上调公司2027年经调整净利润率1.6个百分点,又将目标价由2.25港元上调至2.55港元,维持“中性”评级。

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