金吾财讯 | 金山软件(03888)早盘股价走高，截止发稿，涨4.94%，报37.15港元，成交额1.96亿港元。
光大证券发研报指，2024年6月《剑网3无界》移动端上线，与金山软件端游《剑网3》旗舰版实现全平台数据互通。西山居官方披露数据显示，《剑网3无界》公测首月月活用户数达1146万，其中691万为回归玩家，这体现了该系列游戏通过创新和拓展依旧保持着对老玩家的吸引力以及开拓新玩家市场的能力。联营公司金山云盈利能力持续改善，未来3年来自小米&金山软件生态的收入有望加速增长。金山云在2025-2027三年来自金山软件+小米集团的收入上限分别为27.8/37.4/48.1亿元，加总金额达113亿元(vs2023年来自小米+金山软件营收11亿元)，生态战略合作带来的业绩弹性可期，对金山软件利润端拖累有望收窄。
该行通过对于公司业务历史梳理和近况分析，认为金山软件目前各项业务均处于向好态势，该行上调2024-2026年金山软件归母净利润预测至15.2/20.7/24.8亿元(上调幅度45%/22%/8%)，对应同比增速达+214%/+36%/+20%，维持公司“买入”评级。
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