金蝶国际_原生 AI 智能体上线；特定业务场景 AI 功能升级；买入评级

Summary of Kingdee's Conference Call Company Overview - Company: Kingdee International Software Group Company Limited (0268.HK) - Industry: Technology, specifically focusing on AI and SaaS (Software as a Service) Key Points AI-native Agent Launch - Kingdee launched an AI-native agent named "Little K" during the Global Changemakers Conference, which enhances its AI SaaS platform and transitions from a general platform to multiple AI agents tailored for specific business scenarios [1][2] Revenue and Growth Projections - Contracts from AI-native products exceeded Rmb150 million by the end of 1H25, indicating initial monetization from enterprise clients [2] - Management aims for AI revenues to contribute over 30% of total revenues by 2030, with expectations that more clients will be empowered by AI [2] AI Features and Integration - "Little K" integrates over 20 AI agents covering various business functions such as recruitment, procurement risk control, and contract review, enhancing capabilities across marketing, supply chain, HR, and finance [5][7] - The AI platform is designed for human-agent collaboration, with built-in AI modules to support both large-scale and mid-scale enterprise clients [5] Partnerships and Client Engagement - Kingdee is expanding partnerships for AI deployment with notable clients including Tongwei and Hisense, leveraging AI features to enhance workforce capabilities [5] Financial Outlook - The 12-month price target for Kingdee is set at HK$18.98, representing a potential upside of 42.1% from the current price of HK$13.35 [10] - Revenue projections for the next few years are as follows: - 2024: Rmb6,255.7 million - 2025E: Rmb7,044.0 million - 2026E: Rmb8,742.6 million - 2027E: Rmb10,729.7 million [10] Risks - Key downside risks include: 1. Weaker-than-expected demand for ERP digitization 2. Slower-than-expected product development 3. Increased talent and labor costs [9] Valuation Methodology - The valuation methodology incorporates a WACC of 11.5% and a terminal growth rate of 2% in the DCF valuation, reflecting the company's diverse customer base and strong customer relationships [8] Additional Insights - The integration of AI features is expected to enhance client productivity, which is crucial for scaling up AI revenues [2] - The company is transitioning from basic data visualization to data-driven processes, indicating a strategic shift towards more advanced analytics capabilities [5] This summary encapsulates the essential insights from Kingdee's conference call, highlighting the company's strategic initiatives, financial outlook, and associated risks.