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《大行》中金升金山雲(KC.US)目標價至6.5美元 業務結構優化

AASTOCKS ·  Nov 21, 2024 03:05

中金發表報告指,金山雲(KC.US)第三季收入按年增長16%至18.9億元人民幣(下同),符合市場預期;經調整EBITDA 達1.85億元,大幅超出市場預期,得益於有效的成本及費用管控。此外,公司披露與金山軟件(03896.HK)及小米-W(01810.HK)的關聯交易框架協議;據公告,2025年至2027年期間,來自金山軟件及小米的收入上限預計合計約為113億元。

報告指,考慮金山雲AI業務收入貢獻超預期,上調2024年和2025年收入預測2%和1.7%至76.5億元和84.2億元;鑒於收入增長及營運槓桿釋放快於預期,上調經調整EBITDA預測15.8%和26.6%至5.52億元和11.8億元。維持「跑贏行業」評級;考慮公司業務結構優化,更為樂觀的增長及盈利前景,上調金山雲美股目標價8%至6.5美元。

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