Jingu Finance News | Haitong Securities issued research reports stating that Kingdee International (00268) announced that it achieved revenue of 2.87 billion yuan in the first half of 24H1, a year-on-year increase of 11.9%; net loss attributable to mother was 0.218 billion yuan, a year-on-year narrowing of 23.2%, mainly due to the gradual manifestation of the scale effect of large enterprise business. The sales/management/research and development expense ratios in 24H1 decreased by 1.9pct/0.6pct/0.9pct respectively to 42.7%/8.7%/28.1%.
The bank pointed out that the cloud subscription transformation continues to advance, achieving revenue of 2.39 billion yuan in the first half of the year, a year-on-year increase of 17.2%, accounting for 83.2% of the group's revenue; the income and contract amount of large enterprise business maintained high growth, while the company continues to promote AI application innovation.
The bank expects the company's revenue for 2024-2026 to be 6.532/7.602/8.938 billion yuan, with year-on-year growth of 15.0%/16.4%/17.6%; net income attributable to mother is -0.095/0.015/0.168 billion yuan. Referring to comparable companies, the company is given a dynamic 5-6 times PS for 2024, with a reasonable market cap range of 35.5-42.6 billion Hong Kong dollars, corresponding to a reasonable value range of 9.90-11.88 Hong Kong dollars per share, maintaining an "outperform market" rating.