The Zhitong Finance App learned that Goldman Sachs released a research report saying,The target price of Ming Yuanyun (00909) was lowered by 10% from HK$5 to HK$4.5, and the investment rating was maintained at “sell-sale”.

According to the report, Mingyuan Cloud's revenue for 2022 was lower than expected, and losses were lower than expected, but the bank lowered Mingyuan Cloud's 2023-2025 revenue forecast by 15-26%, because this reflected that revenue for the second half of 2022 was 16% lower than the bank's previous estimate, and the continued uncertainty of real estate developers affected the recovery of IT demand, and revised the adjusted net profit margin forecast, falling 2.1 percentage points, rising 0.3 percentage points, and 1.6 percentage points. As the SaaS revenue contribution increased, there was a mixed effect of higher gross margin, greater control over operating expenditure/headcount, and lower operating leverage.