---
title: "《大行》富瑞降金山雲目標價至 16 美元 維持「買入」評級"
description: "富瑞研究報告指出，金山雲今年首季收入及經調整 EBITDA 均遜預期，因企業雲業務受季節性影響及客户預算編制階段。富瑞維持「買入」評級，將目標價由 18 美元降至 16 美元。展望次季，預計整體收入按季增 17%，毛利率約 14%，經調整 EBITDA 利潤率達 19%。全年收入預計按年升 18%，公有云收入升 27%。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/243366676.md"
published_at: "2025-06-06T01:58:54.000Z"
---

# 《大行》富瑞降金山雲目標價至 16 美元 維持「買入」評級

> 富瑞研究報告指出，金山雲今年首季收入及經調整 EBITDA 均遜預期，因企業雲業務受季節性影響及客户預算編制階段。富瑞維持「買入」評級，將目標價由 18 美元降至 16 美元。展望次季，預計整體收入按季增 17%，毛利率約 14%，經調整 EBITDA 利潤率達 19%。全年收入預計按年升 18%，公有云收入升 27%。

富瑞研究報告指，金山雲 (03896.HK)(KC.US) 今年首季收入及經調整 EBITDA 均遜預期，主要因企業雲業務受季節性影響，以及客户仍處於編制預算階段。而公有云業務專注於大客户，整個業務週期和收款過程均需時。該行維持對其「買入」評級，美股目標價由 18 美元降至 16 美元。

展望次季，該行料金山雲整體收入將按季增 17%，當中公有云及企業雲收入均按季升 17%，毛利率約為 14%，經調整 EBITDA 利潤率達 19%。至於全年，該行料公司收入將按年升 18%，當中公有云收入按年升 27%，而企業雲則只有輕微升幅；毛利率預測略升至 14.6%，經調整 EBITDA 利潤率達 20%，相對於市場預期為 15%，而該行原先預期為 16%。

### Related Stocks

- [KC.US - 金山雲](https://longbridge.com/zh-HK/quote/KC.US.md)
- [03896.HK - 金山雲](https://longbridge.com/zh-HK/quote/03896.HK.md)

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