金蝶国际-助力企业数字化转型首予“买入”评级-221111（29页）.pdf

1、 See the last page for disclaimer Page Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 计算机行业计算机行业 金蝶国际金蝶国际 Computer Sector Kingdee International(00268 HK)Company Report:Kingdee International(00268 HK)Daniel Tao 陶选(86755)2397 6885 公司报告：金蝶国际(00268 HK).hk 11 Novembe

2、r 2022 Fueling Digitalization for Enterprises;Initiate With Buy 助力企业数字化转型，首予“买入”评级 We initiate Kingdee International(Kingdee,or the Company)with a rating of Buy and a target price of HK$20.20,corresponding to 2022-2024 PSR of 12.0 x,9.6x and 7.7x,respectively.Demand for digital transformation of ent

3、erprises may exceed market expectations.The development of cloud computing has greatly simplified deployment of enterprise management software.Diversified and modular products provide more choices for SMEs.Companies that previously thought that management software was complex and difficult to deploy

4、 may begin to pay more attention to this IT investment.We expect the Company,with mature products and unique experience,to show fast revenue growth in the state-owned firms market.Kingdee can provide strong products with the industrys first cloud native PaaS platform,and the Company has increased it

5、s experience in serving super-large companies by developing HR software in collaboration with Huawei,which has a strong benchmarking effect in the industry.Catalysts:More policies supporting ITAI;improved Covid pandemic situation improving delivery logistics.Key Risks:1)Industry competition may inte

6、nsify;2)cloud business R&D may not be as expected;3)localization substitution may not be as expected;4)downstream customers may reduce IT expenditure;5)progress of ITAI may not be as expected.我们首次覆盖我们首次覆盖金蝶国际金蝶国际（“金蝶（“金蝶”或“公司或“公司”）并给予）并给予 20.20 港港元的目标价元的目标价以及以及“买入“买入”的投资评级的投资评级，目标价分别对应 2022-2024 年市销