金吾财讯 | Truist证券开启对Nebius（NBIS）的首次覆盖，给予其买入评级。机构认为，公司工程人才储备以及新签合同的经济效益，有望推动产品定价与营收上行。分析师Arvind Ramnani在研报中指出，Nebius是仍在持续搭建基础设施、规模不断扩张的AI原生超大规模云服务商，具备不错的投资价值。结合当下合同定价水平：1-3年期合约每兆瓦2000万-2500万美元，更短周期合约每兆瓦4000万-5000万美元，机构判断市场对该公司2027年年度经常性收入（ARR）的一致预期偏保守，预计实际水平将大幅高于市场预期。分析师进一步表示，Nebius成长空间广阔，预计2030年云服务市场年度潜在规模可达2.1万亿美元。资源供给紧缺叠加合同收益优势将支撑公司定价及营收抬升，公司中期有机会实现20%-30%的调整后EBIT利润率。Truist给出355美元目标价，该行同时认为，Nebius有能力从新兴云厂商以及头部超大规模云服务商手中抢夺市场份额。
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