《大行報告》高盛:金山軟件(03888.HK)雲業務季績穩健 毛利持續改善
高盛發表研究報告指,金山軟件(03888.HK)旗下金山雲(KC.US)首季收入按年升64%至13.91億元人民幣,其中個人和企業客戶收入分別升58%及119%。按非標準會計準則,毛利按年升10.6個百分點至5.3%;經調整EBTIDA率較去年有改善。公司預期第二季收入為15-15.4億元人民幣,中位數計,按年升63%。
該行引述金山雲指,個人業務方面,內容交付網路(CDN)價格維持穩定,電商、網上教學等垂直行業的客量見增加。整體而言,年初至今,整體客戶的增長和每月每用戶消費(ARPU)健康。
企業方面,公司預期今年餘下時間增長會再次加速,相信隨著數碼化和雲解決方案的應用提升,對公司帶來長遠增長機會。利潤方面,經調整EBITDA預期會在2020年達收支平衡,予金山軟件「買入」評級,目標價31港元。
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