Zhitong Finance learned that CICC released a report saying that the gross margin of Jinshanyun (KC.US) is expected to continue to improve, maintaining an outperforming industry rating and target price of 6.5 US dollars. According to the report, Jinshanyun's gross margin continued to improve month-on-month, and it is anticipated that the adjusted EBITDA profit margin will be corrected during the year. In the third quarter of 2023, the company's gross profit margin was 12.1%, a year-over-year improvement of 6/1ppt. Among them, the gross margin of public cloud increased 6.3ppt to 4.7% year-on-year (thanks to business and customer structure optimization); industry cloud margin improved by 1.1ppt to 24.2% year-on-year (thanks to selected high-quality projects). In the current quarter, the company adjusted the EBITDA profit margin to -2.8%, improving 7.5/0.6ppt from the same month-on-month period, respectively.