Core Viewpoint - The report from Jefferies indicates that Kingdee International (00268) is expected to achieve a revenue growth of 12.5% in the second half of 2025, aligning with both Jefferies' and market expectations, while net profit is projected to increase by 135% in the same period, consistent with Jefferies' forecasts [1] Group 1 - Jefferies maintains a "Buy" rating for Kingdee, setting a target price of HKD 22.54 [1] - The company is anticipated to reach breakeven in net profit for the fiscal year 2025, with strong profit growth expected from 2026 onwards, projecting a compound annual growth rate (CAGR) of 70% for net profit over the next three years [1] - Kingdee is actively competing for market share against major competitor Yonyou Network, with expectations of significant profit enhancement driven by rapid growth in SaaS revenue, margin expansion, and economies of scale in R&D and sales [1] Group 2 - Jefferies believes that Kingdee is unlikely to face disruptive impacts from AI technology due to the deep integration of its ERP systems with client business processes, which allows access to core data, and the company's proactive development of its own AI products [1]
富瑞：金蝶国际(00268)去年下半年收入及纯利符预期 今年起盈利攀升在望