Core Viewpoint - Bank of America Securities has issued a report indicating that Kingdee International (00268) is expected to achieve an operating cash flow of 1.1 billion RMB in the fiscal year 2025, representing an 18% year-on-year growth. The firm maintains a "Buy" rating on Kingdee with a target price of 20.2 HKD [1] Group 1: Financial Performance - For the fiscal year 2025, Kingdee International anticipates revenue growth of 12% to 7 billion RMB, with a range of 6.95 billion to 7.05 billion RMB [1] - The adjusted net profit is expected to be 215 million RMB, with a range of 190 million to 240 million RMB, aligning with market consensus and Bank of America's expectations [1] - The adjusted net profit excludes items such as equity incentive expenses, goodwill impairment, and changes in the fair value of investments [1] Group 2: Growth Drivers - The revenue growth for fiscal year 2025 is primarily driven by strong expansion in large enterprise business [1] - Revenue growth is expected to accelerate in the second half of 2025, with a year-on-year increase of 12.5%, compared to an 11% increase in the first half [1] - The improvement in downstream demand is partly attributed to an increase in new orders from small and medium-sized enterprises in the fourth quarter of 2025 [1]
美银证券：金蝶国际(00268)去年收入增长稳固 调整后纯利符预期