Core Viewpoint - Morgan Stanley's report indicates that Kingdee International's (00268) performance in the first half of the year met expectations, with revenue reaching 3.2 billion RMB, reflecting a year-on-year growth of 11.2% [1] Group 1: Financial Performance - Revenue of Kingdee International for the first half of the year was 3.2 billion RMB, which is 1.6% higher than Morgan Stanley's forecast [1] - The growth in revenue is primarily attributed to the strong contribution from traditional Enterprise Resource Planning (ERP) business [1] - Cloud revenue growth of 11.9% appears modest, but it is noted that cloud services account for 84% of total revenue, suggesting that growth should align with overall revenue growth [1] Group 2: Profitability Metrics - Kingdee International's gross margin for the first half of the year was 65.6%, exceeding Morgan Stanley's prediction of 64.1%, likely due to a higher proportion of revenue from traditional ERP business [1] - Subscription business gross margin stands at 96%, while non-subscription business gross margin is at 31% [1] - The high gross margin from subscription services enhances confidence in the long-term profit outlook, as the revenue structure is shifting towards subscription services [1] Group 3: Market Outlook - Morgan Stanley maintains a "market perform" rating for Kingdee International, with a target price of 14.2 HKD [1] - The report highlights challenges in achieving growth amid a weak macroeconomic environment and ongoing employee streamlining at Kingdee [1]
大摩：金蝶国际(00268)上半年业绩基本符合预期 目标价14.2港元