Core Insights - Goldman Sachs reports that Mingyuan Cloud's performance in the first half of the year fell short of expectations, but it recorded adjusted net profit for the first time since 2022 [1] Financial Performance - Revenue decreased by 16% year-on-year, which was below Goldman Sachs and market forecasts of a 10% decline [1] - Core cloud service revenue dropped by 14%, with most cloud business revenues underperforming expectations [1] - The company terminated loss-making product lines and implemented effective cost control, leading to a gross margin that exceeded Goldman Sachs' expectations [1] - Adjusted operating expenses decreased by 20% year-on-year, resulting in an adjusted net profit of 33 million yuan [1] Future Projections - Goldman Sachs has lowered revenue forecasts for the company from 2025 to 2027 by 9% to 12% [1] - The firm anticipates that overseas business and artificial intelligence initiatives could restore revenue growth in the medium term [1] - Benefiting from improved efficiency through artificial intelligence, Goldman Sachs raised the company's adjusted net profit margin forecast for 2027 by 1.6 percentage points [1] - The target price for the company has been increased from 2.25 HKD to 2.55 HKD, while maintaining a "neutral" rating [1]
大行评级｜高盛：上调明源云目标价至2.55港元 维持“中性”评级