金吾财讯 | 金山云(KC)盘前股价飙升，暂涨18.24%，报12.06美元。海通证券发报指，公司是国内领先的云服务厂商，技术、产品与服务能力持续提升；公司战略转为全面拥抱AI，战略性优化收入结构以提升盈利能力已取得显著成效。受益于小米集团与金山软件集团未来庞大的云服务需求，以及考虑到公司与金山软件集团、小米集团续订的大额框架协议，公有云服务收入有望高速增长，该行预计公司2024-2026 年公有云服务收入同比增速分别为15.0%/20.0%/22.5%。该行预计公司2024-2026 年营业收入分别为77.84/89.02/104.05 亿元，同比增长10.5%/14.4%/16.9%；归母净利润-15.70/-8.31/-3.20 亿元。参考可比公司，给予公司2025 年动态PS 2.8-3.0 倍，合理价值区间7.12-7.63 港元（按照1港元=0.92 元人民币换算）。首次覆盖，给予“优于大市”评级。
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