公司推进"AI 优先"战略落地，打造AI 产品生态体系。公司坚持"AI 优先"战略，用AI 重构企业管理。报 告期内，公司推出苍穹AI Agent 平台2.0，并且推出金钥财报、差旅智能体、招聘智能体、BOSS 助理等 AI 原生智能体产品，打造AI 产品生态体系，满足下游客户不同场景的AI 需求。公司AI 产品已经落地 海信集团、通威股份、中国金茂等大型企业客户。报告期内，公司AI 合同金额已经超1.5 亿元，产品获 得市场高度认可。 投资建议：由于公司继续推进云订阅及AI 战略落地，增强AI 技术研发投入，加速海外业务布局等原 因，我们对公司盈利预测进行调整。调整前，我们预计公司2025/2026年收入分别为79.31/93.33 亿元， 净利润分别为1.81/4.59 亿元。调整后，我们预计公司2025/2026/2027 年收入分别为70.78/80.04/90.01 亿 元，净利润分别为1.18/3.36/6.35 亿元，对应PS 分别为7.3/6.4/5.7 倍。考虑公司收入结构优化，竞争优势 增强，AI 业务快速落地，我们给予公司"买入"评级。 风险提示：业务发展不及预期，行业竞争加剧，政策推进 ...

里昂将金蝶的目标价由15.4港元上调至17.6港元，维持"跑赢大市"评级；将2025至2027年收入预测下调 1.3%、3.2%、5.2%，净利润率预测基本保持不变。 招银国际对公司的2025至2027年收入预测保持不变，目标价从19.3港元微降至19.2港元，维持"买入"评 级。 星展银行表示，随着经济持续复苏，人工智能应用的采用将促进云端业务的增长，维持公司"买入"评 级，目标价由19.2港元上调至21.7港元。 中国经济网北京8月14日讯 金蝶国际（00268.HK）港股股价今日下跌，截至收盘报15.71港元，跌幅 0.51%。金蝶国际港股股价连续5个交易日下跌，此前4个交易日（8月8日、8月11日、8月12日、8月13 日），该股跌幅分别为4.06%、2.67%、8.41%、1.31%。 中银国际根据最新分部估值(SOTP)假设，将其目标价由18.9港元降至18.08港元，维持"买入"评级。 （责任编辑：马欣） ...

智通财经8月14日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 中金公司：维持腾讯控股跑赢行业评级 目标价700港元 中金公司就腾讯控股(00700.HK)发布研报称，公司2Q25收入同比增长14.5%至1845亿元，Non-IFRS净利 润同比增长10%至630.5亿元。AI在广告、游戏及云服务中加速应用，视频号广告收入同比增长50%，海 外游戏收入同比增长35%。公司资本开支主要用于AI基础设施建设，未来AI提效空间广阔。上调目标价 至700港元，维持"跑赢行业"评级。 国信证券：维持华虹半导体优于大市评级 国信证券就华虹半导体(01347.HK)发布研报称，看好公司短期价格修复、稼动率满载，中长期特色工艺 代工拥有全球头部客户及领先工艺的龙头竞争力。预计25-27年净利润0.90/1.52/2.02亿美元，当前股价 对应25-27年PB1.56/1.52/1.48为倍，维持"优于大市"评级。 长江证券：维持香港交易所买入评级 长江证券就香港交易所(00388.HK)发布研报称，截止7月底，公司PE为38.24x，处于2016年以来历史 58%的分位，具备一定的配置性价比，预计伴随互联 ...

Investment Rating - The report maintains a "Buy" rating for Kingdee International (00268) [1] Core Insights - The company reported a revenue of 3.19 billion RMB for H1 2025, representing a year-on-year increase of 11.2%. The net loss attributable to shareholders was 97.74 million RMB, an improvement from a loss of 218 million RMB in the same period last year. Revenue met expectations, while profit performance was slightly below the most optimistic market forecasts due to increased management expenses, which are speculated to be one-time impacts [4] - Cloud subscription revenue reached 1.68 billion RMB in H1 2025, up 22.1% year-on-year, accounting for 53% of total revenue. The Annual Recurring Revenue (ARR) grew to 3.73 billion RMB, an 18.5% increase year-on-year. Contract liabilities rose to 3.38 billion RMB, up 24.7% year-on-year, indicating strong growth in subscription revenue [6] - The company anticipates accelerated growth in AI contracts, with amounts exceeding 150 million RMB. The AI revenue is expected to gradually reflect in the second half of the year as the sales window for AI products was relatively short in the first half [6] Financial Data and Profit Forecast - The projected financials for Kingdee International are as follows: - Revenue (in million RMB): 5,679 in 2023, 6,256 in 2024, 7,078 in 2025E, 8,121 in 2026E, and 9,517 in 2027E, with year-on-year growth rates of 16.7%, 10.2%, 13.1%, 14.7%, and 17.2% respectively [5] - Net profit (in million RMB): -210 in 2023, -142 in 2024, 47 in 2025E, 288 in 2026E, and 527 in 2027E, with significant growth expected in the later years [7] - The report adjusts the revenue growth assumptions for the company's key business lines from 40% to 30% for the years 2025-2027, leading to a revised revenue forecast of 7.08 billion RMB for 2025, down from a previous estimate of 7.29 billion RMB [6]

Group 1 - The core viewpoint of the article highlights the recent stock performance of Kingdee International, which saw a decline of 2.03% to HKD 15.47 per share, with a trading volume of HKD 5.37 billion [1] - Kingdee International Software Group Limited is recognized as a leading global enterprise management cloud SaaS company, primarily offering cloud services for enterprise resource management (ERP) and AI management platforms [1] - According to IDC research data, Kingdee ranks first in the Chinese enterprise resource management cloud service market and has maintained the top position in the Chinese growth-oriented enterprise application software market for 19 consecutive years, serving over 7.4 million enterprises and government organizations globally [1] Group 2 - As of the mid-year report in 2025, Kingdee International reported total operating revenue of HKD 3.192 billion and a net profit of negative HKD 97.738 million [2] - On August 13, CMB International maintained a buy rating for Kingdee, while adjusting the target price to HKD 19.2 [3]

智通财经APP获悉，星展发布研报称，金蝶国际(00268)上半年收入同比增长11.2%，符合预期。根据管 理层的指引，该行有信心其可于全年录得盈利。该行表示，随着经济持续复苏，人工智能应用的采用将 促进云端业务的增长，维持公司"买入"评级，目标价由19.2港元上调至21.7港元。 ...

星展发布研报称，金蝶国际(00268)上半年收入同比增长11.2%，符合预期。根据管理层的指引，该行有 信心其可于全年录得盈利。该行表示，随着经济持续复苏，人工智能应用的采用将促进云端业务的增 长，维持公司"买入"评级，目标价由19.2港元上调至21.7港元。 ...

金蝶国际港股市值567.92亿港元，在计算机应用行业中排名第3。主要指标见下表： | 指标 | 老蝶国际 | 计算机应用 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | -0.29% | -10.27% | 33 ea | | 港股流通市值 | 567.92 乙 | 86.96 Z | 3 ୧୪ | | 营业收入 | 65.78 Z | 44.25 乙 | a ea | | 净利率 | -3.42% | -27.84% | 39 63 | | 毛利率 | 65.63% | 34.28% | 10 69 | | 员债率 | 40.33% | 42.59% | 38 63 | 投行对该股的评级以买入为主，近90天内共有6家投行给出买入评级，近90天的目标均价为18.14港元。光大 证券最新一份研报给予金蝶国际买入评级。 机构评级详情见下表： | 股票代码 | 股票简称 | 投行名称 | 发布日期 | 评级 | 目标价(港元) | | --- | --- | --- | --- | --- | --- | | 00268.HK | 全蝶国际 | 光大证券 | 2025 ...

该行对金蝶作为人工智能应用时代的主要受益者之一保持乐观，认为人工智能货币化进展、收入增长复 苏、宏观经济复苏及数字化需求增加，将成为其股价的关键驱动力。该行对公司的2025至2027年收入预 测保持不变，目标价从19.3港元微降至19.2港元，维持"买入"评级。 招银国际发表研究报告指出，金蝶国际今年上半年收入31.9亿元，按年增长11.2%，符合该行预测及市 场一致预期；普通股东应占净亏损为9770万元，略差过市场一致预期的亏损7300万元，因营运费用略高 于预期。 ...

Group 1 - The core viewpoint of the report is that 招银国际 maintains its revenue forecast for 金蝶国际 (00268) for the years 2025 to 2027 and sets a target price of HKD 19.2, based on an expected enterprise value/sales ratio of 8.4 times for 2025, which is slightly adjusted from the previous 8.5 times [1] - 金蝶国际's revenue for the first half of this year reached RMB 3.19 billion, reflecting a year-on-year growth of 11.2%, which aligns with 招银国际's predictions and market consensus [1] - 招银国际 remains optimistic about 金蝶国际 as a key beneficiary in the era of artificial intelligence applications, citing factors such as the monetization of AI, recovery in revenue growth, macroeconomic recovery, and increased demand for digitalization as critical drivers for its stock price [1]