《大行》中金降金山雲(KC.US)目標價34.8%至16.3美元 AI相關業務維持高增長
中金發表研報指,金山雲(03896.HK)(KC.US)AI相關業務維持高增長,正推動新投資模式;其首季收入按年增長10.9%至19.7億元人民幣,低於市場預期,主因是公有雲業務收入入賬放緩;經調整EBITDA達3.19億元人民幣,基本符合市場預期。
基於目前對行業雲業務前景更審慎的看法,中金將金山雲2025及2026年收入預測下調各3.3%,至分別92億及106.7億元人民幣,以預測今年市銷率3.5倍計,美股目標價大幅下調34.8%至16.3美元;但憧憬AI相關業務收入貢獻提升將推動營運槓桿呈快過預期的擴張,因此將經調整EBITDA預測上調12.9%及7.5%,至各17.8億及24.8億元人民幣,維持「跑贏行業」評級。
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