《大行》里昂降金山云(KC.US)目标价至17美元 料今年录经调整经营亏损

阿斯达克财经
Jun 02, 2025

里昂报告指,金山云(03896.HK) (KC.US)  今年首季业绩逊预期,季度收按年升11%,对比去年第四季按年升30%,主要受小米人工智能云项目延后影响,此或为一次性影响并会在今年第二季解决。该延后亦导致毛利率按年下跌及经调整经营溢利转负,因已在首季产生成本,但收入从第二季才开始增加。该行认为人工智能云增长仍然维持,但未来季度盈利率将转为下行,受人工智能云业务模式由自有服务器转向租赁服务器...

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