光大证券指出，第三季度金山云的调整EBITDA率在前两个季度转正基础上继续稳步向好，且同比大幅提升12.6个百分点，充分展现了公司经营的强劲增长动能。该行认为，金山云作为小米&金山生态系统内的唯一战略云平台，来自于生态的营收弹性可期、盈利能力有望持续改善，该行预计公司调整经营利润率有望于2025转正。Kingsoft Cloud (03896) surged over 10% in early trading, up 6.48% as of the time of publication, at HKD 3.45, with a turnover of 0.1 billion Hong Kong dollars.
According to the Wise Finance APP, Kingsoft Cloud (03896) surged over 10% in early trading, up 6.48% as of the time of publication, at HKD 3.45, with a turnover of 0.1 billion Hong Kong dollars.
On the news front, Kingsoft Cloud previously announced its third-quarter performance, with total revenue reaching 1.886 billion yuan, an increase of 16.0% year-on-year; gross profit was 0.3034 billion yuan, an increase of 54.6% year-on-year; non-GAAP EBITDA was approximately 0.185 billion yuan, turning profit from loss year-on-year. The announcement stated that the year-on-year revenue increase was mainly due to the revenue growth from Xiaomi and clients related to the Kingsoft ecosystem and ai, as well as the increased demand for industry cloud services, although part of the increase was offset by the company's proactive reduction of low-margin content distribution network (CDN) services.
Everbright Securities pointed out that in the third quarter, Kingsoft Cloud's adjusted EBITDA margin continued to steadily improve on the positive basis of the previous two quarters, with a significant year-on-year increase of 12.6 percentage points, fully demonstrating the strong growth momentum of the company's operation. The firm believes that as the only strategic cloud platform within the Xiaomi & Kingsoft ecosystem, Kingsoft Cloud can expect revenue elasticity from the ecosystem, and profitability is likely to continue to improve. The company's adjusted operating profit margin is expected to turn positive by 2025.
