金吾财讯 | 华泰证券发研报指，万物云(02602)12月31日发布公告，预计24年持续关联交易营收占比延续下降，年末关联方应收账款余额同比降低。公司主动消化和控制关联方潜在回款风险，尽可能减少潜在减值损失，经营独立性进一步提升，但业绩或仍需承担一段时间的阵痛。该行维持24-26年归母净利润为17.39/19.71/23.04亿元的盈利预测，对应EPS为1.48/1.68/1.96元。该行将估值体系从24年滚动至25年，可比公司平均25PE为11倍，维持估值溢价不变，考虑到公司在蝶城布局、多业态市拓和科技方面的竞争优势及对于股东回报的重视，该行认为公司合理25PE为14倍，目标价25.03港币（前值21.02港币，基于13倍24PE），维持“买入”评级。
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