Investment Rating - The report maintains an "Outperform" rating for the company, indicating expected relative performance above the market benchmark over the next 12-18 months [5][9]. Core Insights - The company's revenue is projected to grow steadily, with estimates of 6.99 billion RMB for 2025, 7.93 billion RMB for 2026, and 9.16 billion RMB for 2027. Net profit attributable to shareholders is expected to be 0.09 billion RMB in 2025, 0.30 billion RMB in 2026, and 0.56 billion RMB in 2027 [5][9]. - The target price has been raised to 17.83 HKD, reflecting a dynamic price-to-sales (PS) ratio of 8.5x for 2025 [5][9]. - The company is experiencing stable performance with operating net cash flow growing significantly, projected at 0.93 billion RMB for 2024, an increase of 42.9% [5][9]. Financial Data and Forecast - The company's financial forecasts indicate a revenue of 6.26 billion RMB in 2024, representing a year-over-year growth of 10.2%. The net profit is projected to be -0.14 billion RMB, showing a 32.3% improvement [4][5]. - Cloud service revenue is expected to reach 5.11 billion RMB in 2024, accounting for 81.6% of total revenue, with a cloud subscription annual recurring revenue (ARR) of 3.43 billion RMB, reflecting a 20% increase [5][9]. - The report highlights the rapid growth of the company's cloud services, particularly the Kingdee Cloud Cangqiong and Xinghan, which achieved a combined revenue of 1.30 billion RMB in 2024, a 32.9% increase [5][9]. AI Integration and Product Development - The company is accelerating the integration of AI with its ERP systems, launching over 20 AI applications and signing contracts with nearly 20 large enterprises. This includes significant advancements in financial management and HR [5][9]. - The AI applications are expected to enhance customer transaction values, with over 7,500 small micro enterprises benefiting from AI-enabled products [5][9].
金蝶国际（00268）：云业务盈利持续改善，AI应用加速落地