金山软件(03888)扬升10.59% 机构料办公业务收入将保持双位数增速稳健增长

金吾财讯

Jun 01

金吾财讯 | 金山软件(03888)午后涨幅扩大，最新报23.28港元，涨幅10.59%，成交额7.29亿港元。消息面上，中金公司发布研报指，金山软件一季度收入24.17亿元，同比增长3.4%，符合市场预期；经营利润3.95亿元，同比下滑34.3%，不及市场预期，主要系游戏业务表现不及预期。经调整归母净利润大超市场预期，主要系一次性投资收益所得超出市场预期。展望未来，管理层表示将持续投入旗舰IP、布局全新产品与品类、深化AI在游戏创作中的应用，后续将重点推进《剑网3》的版本更新，同时加速《鹅鸭杀》长线运营与全球化布局。展望2026年二季度，该机构预计办公业务收入将保持双位数增速稳健增长，游戏业务短期压力或将持续。该机构维持2026年/2027年收入预测不变；考虑到游戏业务毛利承压以及费用投放略有上升，部分被投资收益所抵消，下调2026年归母净利润2.8%/2.9%至13.8亿元/9,758万元。维持跑赢行业评级，下调目标价12.5%至28港元(基于2026年SOTP估值，考虑到金山软件被剔出恒生科技指数，将集团化折扣率由55%上调至60%)，对应25倍2026年市盈率。公司目前交易于19倍2026年市盈率，对应32%上行空间。

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