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《大行》里昂降金山雲(KC.US)目標價至17美元 毛利率下跌
里昂發表研究報告指,金山雲(03896.HK)(KC.US)今年首季業績遜預期,收入按年增長放緩至11%,對比去年第四季為30%,相信是由於小米(01810.HK)AI雲項目延遲,拖累收入增長放緩、毛利率下跌及經調整經營利潤由盈轉虧,預料相關影響將於次季緩解。 里昂仍認為AI雲增長前景繼續向好,維持金山雲的「跑贏大市」評級,但由於AI雲業務模式從自購服務器轉向租賃服務器,因此未來幾個季度利潤率或下行,基本維持2025年收入預測不變,全年經調整經營虧損預測為約4億元人民幣,對比此前預測為錄得經調整經營利潤約4,900萬元人民幣。
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