Core Viewpoint - Goldman Sachs has downgraded Mingyuan Cloud's revenue forecasts for 2025 to 2027 by 9% to 12% due to disappointing mid-term performance and ongoing pressures in the Chinese real estate sector, while maintaining a "Neutral" rating and raising the target price from HKD 2.25 to HKD 2.55 [1] Group 1: Company Performance - Mingyuan Cloud's mid-year performance was below expectations, with a year-on-year revenue decline of 16%, which was worse than both Goldman Sachs' and market forecasts of a 10% decline [1] - Core cloud service revenue fell by 14%, and most cloud business revenues did not meet expectations [1] - Despite the disappointing revenue, the company recorded adjusted net profit for the first time since 2022, amounting to RMB 33 million, aided by effective cost control and the termination of loss-making product lines [1] Group 2: Financial Adjustments - Goldman Sachs has increased the adjusted net profit margin forecast for Mingyuan Cloud in 2027 by 1.6 percentage points due to efficiency improvements from artificial intelligence [1] - Adjusted operating expenses decreased by 20% year-on-year, contributing to the higher-than-expected gross margin [1]
高盛：升明源云(00909)目标价至2.55港元 维持“中性”评级