Core Viewpoint - The report from Zhongyin International indicates that Kingdee International's stock price declined after its mid-term earnings report, primarily due to profit-taking by investors [1] Financial Performance - For the first half of 2025, Kingdee's revenue grew by 11% year-on-year, with annual recurring revenue (ARR) reaching 3.7 billion yuan, reflecting an 18.5% year-on-year increase, although slightly below market expectations [1] - The management guidance suggests achieving breakeven in 2025 and generating no less than 1 billion yuan in net operating cash flow [1] Long-term Outlook - In the long term, Kingdee is expected to enhance its performance further due to the continuous growth of its cloud business and AI smart agent orders, leveraging its proprietary data advantages [1] Valuation Adjustment - Based on the latest sum-of-the-parts (SOTP) valuation assumptions, the target price has been adjusted from 18.9 HKD to 18.08 HKD, while maintaining a "Buy" rating [1]
大行评级｜中银国际：微降金蝶国际目标价至18.08港元 盈利能力呈现改善迹象