Core Insights - Goldman Sachs reports that Kingsoft Cloud's Q3 revenue growth accelerated to 31% year-on-year, surpassing the previous quarter's 24% growth and meeting market expectations [1] Revenue Performance - AI cloud business revenue grew by 7% quarter-on-quarter and 116% year-on-year, accounting for 32% of total Q3 revenue [1] - Revenue from related parties, such as Xiaomi and the Kingsoft ecosystem, increased by 84% year-on-year, up from 70% in the previous quarter, driven by stronger AI training demand, representing 28% of total revenue [1] Profitability Metrics - Adjusted EBITDA reached 652 million yuan, exceeding both Goldman Sachs' and market expectations by 8% and 9% respectively, after excluding approximately 170 million yuan in one-time government subsidies [1] - Adjusted EBITDA margin improved by 14 and 9 percentage points year-on-year and quarter-on-quarter, reaching 26.3% [1] Future Projections - The firm raised its revenue forecasts for Kingsoft Cloud for 2026 and 2027 by 3% to 5%, and adjusted EBITDA forecasts by 5% to 7% [1] - The target price for US stocks was slightly increased from $13.5 to $13.8, maintaining a "Neutral" rating [1]
大行评级丨高盛：金山云第三季经调整EBITDA超预期 目标价微升至13.8美元