金山云-非交易路演要点：在人工智能以及小米 - 金山生态系统的推动下，具有建设性的增长和盈利前景

Summary of Kingsoft Cloud (KC) Conference Call Company Overview - Company: Kingsoft Cloud (KC) - Industry: Cloud Services in China Key Points and Arguments Demand and Revenue Outlook - Kingsoft Cloud's revenue from Xiaomi and Kingsoft Corp accounted for 22% of 4Q24 revenue, an increase of 2 percentage points quarter-over-quarter [5] - Management is optimistic about rising demand, particularly in AI applications, and has set a revenue cap for 2025-27 based on estimated computing power clusters of Tesla's Full Self-Driving (FSD) technology [5] - Projected cloud revenue from Xiaomi for 2025 is estimated at Rmb2.3 billion, which is part of Xiaomi's Rmb8 billion AI investments [5] AI Revenue Breakdown - Approximately 50% of AI revenue is derived from Xiaomi/Kingsoft, with the remainder coming from external customers in AI, autonomous driving, and robotics [5] - Training demand accounted for most of the revenue in 4Q24, but inference demand has been increasing due to the emergence of DeepSeek, which has lowered AI investment thresholds for mid-sized enterprises [5] AI Cloud Unit Economics - The payback period for upfront AI GPU server investments is estimated at 3-4 years [6] - AI revenue enjoys a gross profit margin (GPM) of 20%+, compared to 10%+ for traditional public cloud services [6] Growth Projections - Kingsoft Cloud is expected to see a 33% revenue growth in 2025, up from 10% in 2024, marking the fastest growth among covered cloud companies [7] - Revenue from related parties (Xiaomi/Kingsoft) is projected to grow at a 48% CAGR from 2024 to 2027, while third-party customer revenue is expected to grow at 14% CAGR [7] Investment Strategy - Kingsoft Cloud plans to invest Rmb10 billion in AI for 2025, which includes capital expenditures and off-balance-sheet arrangements for computational power [9] - The company is focusing on prudent investments, such as renting or revamping data centers instead of building new ones [9] Competitive Landscape - Kingsoft Cloud aims to outpace peers by 5-10 percentage points in revenue growth rate and is adjusting its customer base to improve efficiency [9] - The GPM in 4Q24 was close to that of China's largest cloud hyperscaler, indicating competitive positioning [9] Risks and Valuation - The current rating for Kingsoft Cloud is Neutral, with a 12-month target price of US$15.6** based on discounted cash flow (DCF) analysis [2][8] - Key risks include stronger revenue synergies with related parties, competition, and the ability to secure funding for capital expenditures [8] Additional Important Information - Kingsoft Cloud's market cap is approximately **$3.8 billion, with projected revenues of Rmb7.79 billion for 2024 [10] - The company is currently rated Neutral relative to its peers, reflecting a fair valuation in the market [7] This summary encapsulates the critical insights from the conference call, highlighting Kingsoft Cloud's growth potential, competitive positioning, and strategic investments in AI and cloud services.