《大行》里昂:H20晶片恢復供應料緩解金山雲(KC.US)短缺問題
里昂發表研究報告指,金山雲(KC.US)今日(15日)股價上升約8%,主要受到英偉達(NVDA.US)行政總裁黃仁勳本周訪華,以及公司透露已獲美國通知H20晶片將可獲得出口許可的利好消息所刺激。
該行指出,近日有報道指黃仁勳已與小米-W(01810.HK)及金山雲(03896.HK)(KC.US)董事長雷軍會面,又流傳中國互聯網公司及雲服務商正在測試英偉達B30晶片並開始下訂單。雖然B30單芯晶片性能僅為為H20的八成,但其集群表現良好,且單價僅為6,000至8,500美元,與1萬至1.2萬美元的H20及國產GPU比較更具價格優勢。
里昂預期,此前金山雲曾因H20禁令導致晶片供應緊張,需與服務器租賃方分享收入,並將第二季毛利率指引下調至14%,全年經調整經營利潤率預料錄得低單位數跌幅,相信潛在的B30及H20交付將可緩解其晶片短缺問題,帶來利潤率上行空間,予「跑贏大市」評級,目標價17美元。
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