金吾财讯 | 招银国际研报指，多点数智(02586)公布FY25业绩：总营收同比增长20%至人民币22.3亿元，基本符合该机构的预期；经调整净利润同比增长583%至2.03亿元，好于该机构1.34亿元的预期，主要得益于运营杠杆释放及有效的成本控制。公司持续以AI驱动高质量营收增长与效率提升，FY25 AI业务收入达6440万元。展望FY26，多点将继续把AI技术融入研发链条与零售解决方案，推动零售业务收入与运营效率双重增长。公司亦宣布将2025年增发募资中尚未使用的1.94亿港币募集资金用途从区块链调整为AI，进一步加速2026年AI发展。
该机构基本维持FY26-27盈利预测不变，但受SaaS板块估值下移影响，将目标价下调至10.80港元，基于3.0倍FY26 EV/Sales（前值：16.00港元，基于6.0倍FY25 EV/Sales）。该机构仍看好AI零售的长期发展机遇。维持“买入”评级。
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