Investment Rating - The report assigns a "Buy" rating to the company with a current price of 8.11 HKD and a target value of 11.88 HKD [1][4]. Core Views - The economic growth outlook has positively changed, with increased policy support for enterprises, which is expected to enhance revenue forecasts and cash flow, positively impacting the company's valuation [2][4]. - The company is actively seizing opportunities in the digital transformation of large enterprises and has made significant progress in securing contracts with major clients [2][4]. - The report maintains an optimistic outlook on the company's prospects based on positive policy adjustments and confidence in the economic fundamentals [2][4]. Summary by Sections Economic Outlook - Recent announcements from the central bank and financial regulatory bodies indicate a package of counter-cyclical policies, including a 20 basis point interest rate cut, which is expected to stimulate economic activity [2]. - The central government's commitment to supporting enterprises and creating a favorable environment for private economic development is highlighted [2]. Revenue Forecasts - The company is projected to achieve revenues of 6.506 billion RMB in 2024, 7.539 billion RMB in 2025, and 8.881 billion RMB in 2026, with year-on-year growth rates of 14.6%, 15.9%, and 17.8% respectively [4][5]. - The company is positioned as a leading player in the domestic cloud ERP market, with a strong competitive product offering and increasing market share [4]. Valuation - The report suggests a valuation of 6x PS for 2024, leading to a target price of approximately 11.88 HKD per share, based on comparable company analysis [4][5]. - The report emphasizes the company's strong financial metrics, including a low accounts receivable to total assets ratio, indicating good financial health compared to peers [4].
金蝶国际：经济增长预期积极变化下，前景乐观