Core Viewpoint - The report from Credit Lyonnais indicates that Kingdee International's revenue for the first half of the year met market expectations, primarily driven by growth in cloud subscription revenue, despite the annual recurring revenue (ARR) being slightly below market expectations [1] Group 1: Financial Performance - Kingdee's cloud subscription service ARR showed a slight underperformance compared to market expectations, but the growth in subscription-related liabilities remains robust, indicating a stable development of its subscription model [1] - The gross margin improved due to enhancements in the business structure [1] Group 2: Target Price and Forecasts - Credit Lyonnais raised the target price for Kingdee from HKD 15.4 to HKD 17.6 while maintaining an "outperform" rating [1] - Revenue forecasts for 2025 to 2027 were adjusted downwards by 1.3%, 3.2%, and 5.2% respectively, while net profit margin forecasts remained largely unchanged [1]
大行评级｜里昂：上调金蝶国际目标价至17.6港元 维持“跑赢大市”评级