Jefferies has issued a research report maintaining a Buy rating on Kingsoft Cloud Holdings Ltd (KC.US) with a price target of $19. The report highlights that Kingsoft Cloud's total revenue for the first quarter reached RMB 2.7 billion, representing a year-over-year increase of 37.2%. This figure exceeded both market consensus and the firm's own expectations by 4.6% and 2.6%, respectively. Revenue from public cloud services grew 47.5% year-over-year to RMB 1.996 billion, while revenue from industry cloud services increased 14.7% to RMB 707 million. Billings from intelligent computing cloud services surged approximately 90% year-over-year to about RMB 1 billion, accounting for over half of public cloud revenue for the first time. During the quarter, revenue from the Xiaomi and Kingsoft ecosystems grew 68.9% year-over-year to RMB 840 million, constituting 31% of total revenue.