Gelonghui October 12th | Founder Securities released a research report stating that it maintains a "recommended" rating for Kingdee Int'l. The company is currently at a key stage of transition from "cloud computing service-oriented" to "comprehensive cloud computing service", as the industrial form matures, the business realization logic is strengthening. The research report points out that as a leading domestic ERP company, in the large customer market, the company is anchoring the high-end ERP replacement scene monopolized by overseas brands such as SAP and Oracle, and in terms of product forms, it benchmarks the leading SaaS cloud model represented by Salesforce. Considering the strong background of domestic manufacturing and the continuous acceleration of enterprise digitization, combined with the favorable competitive landscape created by the background of domestic substitution, the company's growth potential is actually better than that of overseas comparable companies that have entered the mature stage. As a leading Chinese SaaS company, Kingdee's fundamentals are accelerating growth, coupled with the background of overseas interest rate cuts, providing ample room for valuation recovery.