Core Viewpoint - The overall performance of Kingdee International in the first half of the year slightly underperformed market expectations, with a year-on-year revenue growth of 11.2%, which met expectations, while net loss narrowed to 98 million yuan [1] Financial Performance - Kingdee International's revenue grew by 11.2% year-on-year, aligning with market expectations [1] - The net loss for the first half of the year was reduced to 98 million yuan [1] Management Guidance - Management has indicated confidence in achieving profitability for the full year [1] - To meet the previously forecasted annual profit of 163 million yuan, the company needs to record a profit of 261 million yuan in the second half, which appears to be a significant challenge [1] Earnings Forecast Adjustment - The bank has lowered its earnings forecasts for Kingdee International for the fiscal years 2025 and 2026 by 17% and 3%, respectively, to 135 million yuan and 243 million yuan [1] - The adjustments reflect lower profitability in the first half and potential increases in artificial intelligence research and development expenses [1] Market Outlook - The bank maintains a "buy" rating on Kingdee International, citing that the adoption of artificial intelligence applications will drive growth in cloud business as the economy continues to recover [1] - The target price for Kingdee International has been raised from 19.2 HKD to 21.7 HKD [1]
大行评级｜星展：上调金蝶国际目标价至21.7港元 AI应用的采用将促进云端业务增长