大和：维持金山云“买入”评级 升目标价至11港元
Zhi Tong Cai Jing·2025-11-21 08:03

Core Viewpoint - Daiwa's report indicates that Kingsoft Cloud (03896) demonstrated solid performance in Q3, achieving operational profitability for the first time and turning net profit positive [1] Financial Performance - Kingsoft Cloud's Q3 revenue is projected to reach RMB 2.69 billion [1] - The gross margin for Q3 was reported at 15.4% [1] - The company is expected to achieve operational profitability by 2026 [1] Analyst Ratings and Price Target - Daiwa maintains a "Buy" rating for Kingsoft Cloud [1] - The target price has been raised from HKD 10.5 to HKD 11 [1] Future Projections - Daiwa has adjusted its revenue forecasts for 2026-2027 upwards by 0.5-0.6% due to increased contributions from artificial intelligence revenue [1]