Group 1 - The core viewpoint of the report indicates that Kingdee International's 2024 performance slightly underperformed expectations, with a revenue growth of 10.2% year-on-year and a net loss of 142 million yuan, although the loss has narrowed [1] Group 2 - According to CICC, Kingdee's subscription transformation continues to deepen, and AI is enabling the release of business value [2] - The operating loss for 2024 is expected to narrow to 335 million yuan, with a forecast of achieving breakeven in net profit by 2025 [2] - Considering macroeconomic impacts, CICC has lowered Kingdee's 2025 revenue forecast to 7.1 billion yuan and introduced revenue, net profit, and operating cash flow forecasts for 2026 [2] - CICC maintains an "outperforming the industry" rating and raises the target price to 17 HKD [2]
中金：上调金蝶国际目标价至17港元