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《大行》里昂降金山雲(KC.US)目標價至17美元 料今年錄經調整經營虧損
阿思達克 06-02 11:42
里昂報告指,金山雲(03896.HK)(KC.US)今年首季業績遜預期,季度收按年升11%,對比去年第四季按年升30%,主要受小米人工智能雲項目延後影響,此或為一次性影響並會在今年第二季解決。該延後亦導致毛利率按年下跌及經調整經營溢利轉負,因已在首季產生成本,但收入從第二季才開始增加。 該行認為人工智能雲增長仍然維持,但未來季度盈利率將轉為下行,受人工智能雲業務模式由自有伺服器轉向租賃伺服器影響,後者盈利率較低,基於收入與夥伴分賬。 該行大致維持對金山雲今年收入預測,但經調整經營溢利預測由正4,900萬元人民幣下修至負4億元人民幣,對該股美國預託證券(ADR)目標價由23.5美元下調至17美元,目標2026年預測市銷率由3.5倍降至2.5倍,維持「跑贏大市」評級。
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