富瑞：金蝶国际仍为中国软件行业首选 评级“买入”

Core Viewpoint - Kintone International (00268) reported first-half results in line with expectations, driven by a 22% increase in cloud subscription revenue, which now accounts for 53% of total revenue [1] Financial Performance - Revenue increased by 11% [1] - Gross profit margin improved by 2.4 percentage points, leading to a 15% growth in gross profit [1] - Operating expenses grew by only 4.6% [1] AI Transition - The company's AI contract revenue exceeded 150 million RMB, indicating a shift towards AI [1] Investment Recommendation - The firm maintains Kintone as a top pick in the Chinese software industry, with a target price of 16.04 HKD and a "Buy" rating [1]