Jefferies Financial's research report indicates that Kingdee International's stock price did not reach the company's 2024 guidance due to the impact of external revenue growth in the first half of the year, and it had previously fallen for two consecutive days, dropping by about 17%, which was considered an over-punishment by the market. The bank believes that small and medium-sized businesses are its pain points, but large and medium-sized businesses are likely to perform as expected due to strong local demand. The management stated that revenue growth in the 2024 fiscal year may reach the lower limit of its target range, but the growth of cloud subscription service annual recurring revenue (ARR) should be 25%, not the previously mentioned 30%. The bank slightly lowered its profit forecast, but still expects a profit to be recorded in 2025. The bank lowered its revenue forecast for each of the next three years by 1% to 2%, expecting the company to record a loss of 94 million yuan this year, and a profit of 0.231 billion yuan next year. It is also expected that due to double-digit revenue growth, gross profit increase, and the impact of scale economy on research and development and marketing expenses, Kingdee's profits will increase rapidly after 2025. The bank lowered the company's target price from HKD 19.78 to HKD 18.19 and maintained a buy rating. It believes that the stock has recently been sold and provides a buying opportunity for long-term investors who intend to hold the stock for one to three years.