金吾财讯 | 交银国际研报指,金山软件(03888)1季度业绩受季节性影响,研发开支增加AI及新游戏品类投入。游戏收入环比下降主要受《剑网3》端游季节性减少商业化更新,WPS收入环比下降主要因WPS软件业务受信创新的采购流程影响。新游戏上线计划:《解限机》将于7月上线,《剑侠情缘:零》5月底上线,预计推动游戏业务下半年收入稳定。该机构微调2025-2027年利润预测,考虑金山云市值下跌导致估值贡献变化,目标价从50港元下调至46港元,维持买入评级。
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