Ge Long Hui A P P·2025-11-24 02:55Core Viewpoint - The report from CICC indicates that Kingsoft's Q3 performance fell short of market expectations, primarily due to underperformance in its gaming business [1] Financial Performance - Kingsoft reported revenue of 2.419 billion yuan, representing a year-on-year decline of 17% [1] - Operating profit was 277 million yuan, down 75.8% year-on-year [1] Revenue and Profit Forecast Adjustments - CICC has revised down its revenue forecasts for 2025 and 2026 by 6.9% and 5.6%, respectively, to 9.62 billion yuan and 10.91 billion yuan [1] - The net profit forecast for 2025 has been increased by 27.1% to 1.79 billion yuan, considering one-time gains related to Kingsoft Cloud's placement [1] - The net profit forecast for 2026 has been reduced by 34.7% to 1.12 billion yuan due to revenue adjustments and increased investments related to AI strategy [1] Rating and Target Price - CICC maintains a "outperform" rating for Kingsoft, but has lowered the target price by 13% to 39 HKD, reflecting uncertainties in short-term growth of the gaming business [1]