---
title: "Goldman Sachs downgraded KINGDEE INT'L to \"Neutral\" with a target price of 12 yuan"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/278483142.md"
description: "Goldman Sachs has downgraded KINGDEE INT'L to \"Neutral,\" with a target price of 12 yuan. The report points out that KINGDEE has launched multiple artificial intelligence agents, which have been applied in several enterprise clients. Although there is a positive outlook on its data processing capabilities, the earnings forecasts for 2025 to 2027 have been lowered by 5%, 14%, and 13% respectively due to a downward revision of revenue forecasts and an increase in operating expense ratios. Goldman Sachs believes that in the short term, artificial intelligence will drive clients' cloud migration, but the increase in native artificial intelligence revenue will take time"
datetime: "2026-03-10T02:46:41.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278483142.md)
  - [en](https://longbridge.com/en/news/278483142.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278483142.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/278483142.md) | [繁體中文](https://longbridge.com/zh-HK/news/278483142.md)


# Goldman Sachs downgraded KINGDEE INT'L to "Neutral" with a target price of 12 yuan

Goldman Sachs published a research report indicating that KINGDEE INT'L (00268.HK) has launched 30 to 40 artificial intelligence agents, covering Chat BI, knowledge agents, general analysis agents, quality inspection agents, and more. Management pointed out that its AI products have penetrated multiple enterprise clients, as the company collaborates extensively with major clients on flagship AI projects, subsequently expanding these platforms to more clients. The firm maintains a positive view on KINGDEE's competitive advantage in accumulating data assets and data processing capabilities.

The firm has lowered its earnings forecasts for KINGDEE for 2025 to 2027 by 5%, 14%, and 13%, primarily due to downward revisions in revenue forecasts and an increase in operating expense ratios, and has introduced forecasts for 2028 for the first time. The revenue forecast downgrade reflects a decline in sales expectations for large and medium-sized enterprise clients, as it is anticipated that AI will first drive clients to migrate to the cloud in the short term, while the increase in contributions from native AI revenue will take longer to realize, as the company is currently more focused on developing and enhancing AI capabilities, despite maintaining a positive outlook on its long-term opportunities in AI enterprise services. The increase in operating expense ratios reflects higher-than-expected R&D expenses for AI applications and ecosystem development.

Goldman Sachs has downgraded KINGDEE's rating from "Buy" to "Neutral," with a revised target price of HKD 12

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