智通财经APP获悉，野村发布研报称，上调中国软件国际(00354)目标价33.9%，从5.6港元升至7.5港元，维持“买入”评级。
野村表示，中软国际最糟糕的时期可能已经过去，因为其核心IT外包业务在经历近三年的下滑后，2025年上半年出现了复苏迹象(同比增长7%)，这主要受惠于华为的业务重组。野村相信，华为积极的AI计划，以及其在云端、软件和汽车应用领域的业务扩张，可能会释放对中软国际IT服务的更多需求。
尽管传统IT外包(最基础的业务)仍面临定价压力，但野村预计该业务2025-2027财年将实现中到高单位数的同比增长，公司同期收入同比增长将达到10-15%(low teens)。同时，由于利润率较高的AI云业务贡献的增加，野村预期公司利润率将在未来2-3年内扩张。
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