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Wednesday, April 07, 2021 6:15:26 AM
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April 07, 2021 12:45 Sina Hong Kong Stocks
Citi released a research report, reiterating that China Software International (00354) has a "buy" rating, and the target price has been raised from HK$10 to HK$10.5. The management is optimistic about the business outlook beyond this year.
According to the management, last year's revenue increased by 63%, mainly due to the steady increase in revenue from smart cloud services and the doubled revenue of Jiefang. Operating cash flow improved by 56% to RMB 1.18 billion, mainly due to better cash flow in the smart cloud service business and strict management of accounts receivable. The current A-share listing plan is progressing smoothly and is expected to be completed in the fourth quarter to the first quarter of next year.
Management expects that the smart cloud business will account for 40% of total revenue in 2023, which is equivalent to a compound annual growth rate of more than 40% from 2020 to 23. In terms of IT outsourcing business, management targets a compound annual growth rate of revenue for the next three years 15 % Increase around.
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