金山云（03896）午前上涨3.63%，现报8港元，成交额10.02亿港元。
野村发布研报称，首予金山云（03896）“买入”评级，并设目标价9.2港元，意味着仍有24.3%的上行潜力。该行认为，中国的AI投资周期正在加速，作为中国领先的AI云基础设施服务提供商之一，金山云有望受惠于大语言模型（LLM）训练与推理需求的强劲增长。
野村认为，金山云在2025年将在中国云计算市场中表现优异，且实现20%的同比收入增长，其中主要来自AI收入的91%同比增长（占总收入的27%）。同时相信，金山云在未来1-2年的增长将主要受其同系生态合作伙伴小米集团-W（01810）和金山软件（03888）及金山办公（688111.SH）所推动，野村预计这些合作伙伴在2027年的收入占比将达到30%。另外，该行估算金山云2024-2027年的收入年复合增长率（CAGR）为19%，并预计净利润将于2027年转正。
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