大和:维持金山云(03896)“买入”评级 升目标价至11港元

智通财经
Nov 21, 2025

智通财经APP获悉,大和发布研报称,金山云(03896)第三季业绩表现稳健,首次实现季度营运盈利,净利润扭亏为盈。大和维持金山云“买入”评级,目标价由10.5港元上调至11港元。大和预计,第四季收入将达26.9亿元人民币,第三季毛利率为15.4%,受惠于部分收入延后确认,该行预期公司将于2026年实现营运盈利。该行将2026-2027年预期收入上调0.5-0.6%,以反映人工智能收入贡献的增加。

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