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金山雲(03896.HK)挫近7% 野村指首季毛利率下滑屬警告信號 美銀證券及富瑞料次季可復甦
金山雲(03896.HK)今日高開1.33%,高見6.96元後回落,低見6.24元,現報6.29元,跌7.23%,成交7,995.31萬股,涉資5.18億元。金山雲於5月27日收市後公佈2026年第一季業績。期內收入按年增長37%至27億元人民幣(下同),主要受到來自小米集團(01810.HK)、金山生態系統及AI相關客戶的收入增長,以及對企業雲客戶的進一步...
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金山雲(03896.HK)挫近7% 野村指首季毛利率下滑屬警告信號 美銀證券及富瑞料次季可復甦
Recommend
7
Positive
12
Negative
12
 
 

金山雲(03896.HK)  -0.270 (-3.982%)    Short selling $53.79M; Ratio 7.661%   今日高開1.33%,高見6.96元後回落,低見6.24元,現報6.29元,跌7.23%,成交7,995.31萬股,涉資5.18億元。

金山雲於5月27日收市後公佈2026年第一季業績。期內收入按年增長37%至27億元人民幣(下同),主要受到來自小米集團(01810.HK)  +0.280 (+0.986%)    Short selling $560.74M; Ratio 17.207%   、金山生態系統及AI相關客戶的收入增長,以及對企業雲客戶的進一步滲透所帶動。

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野村報告指出,金山雲第一季毛利率按年下降3.4個百分點至12.8%,主要由於伺服器費用增加、AI業務擴張以及為特定客戶產生的前期成本所致。期內錄得非GAAP淨虧損2.371億元,對比2025年第四季的淨虧損為9,460萬元,野村認為這主要是由於毛利率較低所致。

野村指出,第一季金山雲的資本支出及租賃資產總額達到30億元,管理層預計2026年將繼續投資以進一步擴大業務。該行預期來自核心客戶的AI需求在2026財年將保持堅實增長,但毛利率的下行軌道仍是一個關鍵風險。野村維持金山雲的「買入」評級,以及目標價8.5港元不變。

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美銀證券發表研究報告指出,金山雲第一季度業績符合預期,收入年增37%至27億元,分別高於市場共識及該行預期4%和3%,主要受到強勁的公有雲收入增長所帶動。調整後EBITDA年增135%至7.48億元,較市場共識高4%;非GAAP淨虧損則年擴大24%至2.37億元。首季毛利率年降3.4個百分點至12.8%,主要是由於季節性收入組合變化及伺服器暫時性的低利用率所致,該行預計毛利率將從第二季度起迎來復甦。

鑑於AI需求支撐下公有雲增長前景強勁,美銀證券將金山雲2026至2028財年的收入預測上調2%至4%,同時因毛利率假設下降而調低2026財年調整後非GAAP淨利潤預測,並將金山雲的目標價由10.8港元上調至10.9港元;金山雲(KC.US)      美股目標價由20.8美元調高至21.0美元。

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富瑞發表研究報告指,金山雲首季總收入按年增長37.2%至27億元人民幣,分別高出市場共識及該行預期4.6%與2.6%。其中,公眾雲服務收入按年增長47.5%至20億元;企業雲服務收入按年增長14.7%至7.07億元。期內,Non-GAAP毛利達到3.514億元,Non-GAAP毛利率為13% 。Non-GAAP EBITDA達到7.475億,經調整EBITDA利潤率為27.6%。首季AI總帳單按年增長90%至約10億元人民幣,並首次佔公眾雲收入一半以上。報告引述管理層於電話會議指,首季來自小米和金山生態系統的收入按年增長68.9%至8.38億元,佔總收入31%。由於小米加大對「人車家全生態」和AI進展的投資,為金山雲帶來更多業務機遇,金山雲計劃將2025至2027年三年框架下與小米和金山的持續關聯交易年度上限提高至142億元。此外,公眾雲的Token服務表現極為強勁,4月收入飆升至1月之53倍,該服務毛利率優於傳統雲計算業務。

富瑞估計金山雲第二季總收入將按季增長13%及按年增長30%至31億元,主要受小米AI收入貢獻增加帶動,預期毛利率將按季改善並超過15%,經調整EBITDA利潤率按季提升至約30%。該行維持金山雲美股「買入」評級及目標價19美元。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-28 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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