海通证券则认为，金山是国内领先的云服务厂商，技术、产品与服务能力持续提升；公司战略转为全面拥抱AI，战略性优化收入结构以提升盈利能力已取得显著成效。受益于小米集团与金山软件集团未来庞大的云服务需求，以及考虑到公司与金山软件集团、小米集团续订的大额框架协议，公有云服务收入有望高速增长。Kingsoft Cloud (03896) rose more than 6% in early trading. As of this report, it has increased by 4.14%, priced at 5.53 Hong Kong dollars, with a trading volume of 0.186 billion Hong Kong dollars.
According to Zhito Finance APP, Kingsoft Cloud (03896) rose more than 6% in the morning, and as of the time of this report, it is up 4.14% at 5.53 Hong Kong dollars, with a transaction volume of 0.186 billion Hong Kong dollars.
Hua Fu Securities pointed out that with the construction of the Xiaomi AI ecosystem, Kingsoft Cloud's AI revenue is expected to accelerate quarter-on-quarter in 2024. In the future, as the applications of intelligent driving, WPS AI, and other scenarios gradually develop, its share is expected to continue to increase. Additionally, on November 19, 2024, Kingsoft Cloud signed a new framework agreement with Xiaomi, proposing to set annual limits on related transactions with Xiaomi and Kingsoft for 2025, 2026, and 2027, with the upper limit for Xiaomi Cloud Computing Service significantly increasing from 0.868 billion yuan to 2.31 billion yuan, 3.138 billion yuan, and 4.035 billion yuan, further consolidating the business cooperation relationship between Kingsoft Cloud and Xiaomi.
HAITONG SEC believes that Kingsoft is a leading cloud service provider in the country, with continuous improvements in technology, products, and service capabilities; the company's Global Strategy has shifted to fully embrace AI, and strategically optimizing the revenue structure to enhance profitability has achieved significant results. Benefiting from the vast future cloud service demand from Xiaomi Group and Kingsoft Software Group, and considering the large framework agreement renewed between the company and Kingsoft Software Group and Xiaomi Group, public cloud service revenue is expected to grow rapidly.
