金蝶软件：金蝶：实施收入提价对收入和毛利率轨迹产生积极影响-20250610

Price Target Asia Software Technologies Boris Van +852 2123 2617 boris.van@bernsteinsg.com Kingdee Software Rating Outperform 268.HK 18.00 HKD 10 June 2025 Positive development in the push for higher quality revenue: The key point is less in the price increase but Kingdee progressing to improve the revenue/gross margin structural relationship impacted by the large percentage of services revenue in the Cloud business. By "penalizing" additional customization, it enables better management of implementation he ...