金山云：金山小米生态核心云厂 AI+智驾乘风而上

申万宏源研究2025-02-11

金山云是金山小米生态核心云服务商。截至24 年6 月30 日，金山软件持股37.4%，小米集团直接及间接共持股12.25%。金山云董事长为雷军先生；CEO 为邹涛先生，邹涛先生同时亦担任金山软件CEO、金山办公董事长。从业务结构看，公有云服务收入占比超过六成，以IaaS 层的计算、存储和分发为主，是后续主要增长动力；行业云服务为金融、医疗等行业提供行业特定解决方案，经营较为稳定。邹涛先生22 年...

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芭菲军
2025-02-11
芭菲军
吹吧，

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芯片，算卡选择多元化、国产化，云厂有望实现成本优化。弹性二：小米建立人车家全生态，加大AI 投入。从人才、算力储备看，小米自24 年起明显加大AI 投入。除手机、IoT 以外，智驾是小米AI 投入的重要增量场景。智能驾驶从传统方案向端到端方案转变，后者简化系统架构、减少模块间信息传递的累积误差，能进行全局优化。特斯拉FSD 在推出基于端到端的V12 版本后，行驶里程增长迅猛；国内车厂和智驾供应商24 年也相继跟进，基于端到端智驾的“车位到车位”陆续推出。端到端模型依赖大量数据和算力支持，既是技术比拼，同时也是资源竞赛；特斯拉自23Q4 起明显加大算力投入，截至24Q3 云端训练算力等效为超过6 万张英伟达H100芯片；国内车企也正在加大算力投入。小米汽车业务起步较晚，但快速起量，智驾全面追赶；24 年超预期实现超13.5 万辆交付量，25 年目标交付量30 万辆；智驾迈入行业一梯队，仅用三年多时间即实现从成立团队到交付城市NOA，端到端大模型24 年11月已开始内测。首次覆盖给予买入评级。我们预计金山云24-26 年整体收入分别为76.92/90.92/103.66亿元，对应增速分别为9%/18%/14%。参考海外国内头部云厂，给予25 年目标PS5x，对应目标市值494 亿港币，对应目标价12.98 港币，较2 月10 日收盘有39%上涨空间，首次覆盖给予买入评级。风险提示：宏观影响企业上云需求；国内AI 产业进展不及预期；国内云厂竞争加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":402361114452216,"gmtCreate":1739250798478,"gmtModify":1739250800387,"author":{"id":"54691131433224","authorId":"54691131433224","name":"芭菲军","avatar":"https://static.tigerbbs.com/e778d39e8bdb125724850c4890908761","vip":1,"crmLevel":8,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"54691131433224","idStr":"54691131433224"},"htmlText":"吹吧，","listText":"吹吧，","text":"吹吧，","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/402361114452216","repostId":2510111826,"repostType":2,"repost":{"id":"2510111826","kind":"news","pubTimestamp":1739203200,"share":"https://www.laohu8.com/m/news/2510111826?lang=zh_CN&edition=full","pubTime":"2025-02-11 00:00","market":"hk","language":"zh","title":"金山云：金山小米生态核心云厂 AI+智驾乘风而上","url":"https://stock-news.laohu8.com/highlight/detail?id=2510111826","media":"申万宏源研究","summary":"金山云是金山小米生态核心云服务商。截至24 年6 月30 日，金山软件持股37.4%，小米集团直接及间接共持股12.25%。金山云23 年来自金山软件+小米的收入为11 亿元，24 年底续签战略框架协议，25-27 年合计云服务年度上限金额为28/37/48 亿元，同比增长41%/35%/29%，保证公司收入增长基本盘。AI对于云业务的拉动已在阿里巴巴、百度、金山云等公司报表上体现。除手机、IoT 以外，智驾是小米AI 投入的重要增量场景。","content":"<html><body><article><p><a href=\"https://laohu8.com/S/KC\">金山云</a>是金山小米生态核心云服务商。截至24 年6 月30 日，<a href=\"https://laohu8.com/S/03888\">金山软件</a>持股37.4%，小米集团直接及间接共持股12.25%。<a href=\"https://laohu8.com/S/03896\">金山云</a>董事长为雷军先生；CEO 为邹涛先生，邹涛先生同时亦担任金山软件CEO、<a href=\"https://laohu8.com/S/688111\">金山办公</a>董事长。从业务结构看，公有云服务收入占比超过六成，以IaaS 层的计算、存储和分发为主，是后续主要增长动力；行业云服务为金融、医疗等行业提供行业特定解决方案，经营较为稳定。邹涛先生22 年接任公司CEO后一方面进行收入结构调整及人工智能转型，另一方面与金山软件、小米生态加强业务合作，签订框架协议。金山云23 年来自金山软件+小米的收入为11 亿元，24 年底续签战略框架协议，25-27 年合计云服务年度上限金额为28/37/48 亿元，同比增长41%/35%/29%，保证公司收入增长基本盘。</p><p>弹性一：DeepSeek 为代表的低成本路线有望加速国内AI 渗透，为云厂带来更强规模效应提升ROI。国内AI 云服务需求24 年已开始高速增长，根据IDC 数据，24H1 国内GenAI IaaS 市场同比增长203.6%；远超整体IaaS 市场增速（同比增长5.2%）。AI对于云业务的拉动已在<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、金山云等公司报表上体现。25 年2 月，DeepSeek-R1 模型开源，在数学、代码、自然语言推理等任务上，性能比肩 OpenAI o1正式版；需求端：根据杰文斯悖论，DeepSeek 代表的低成本路线会带来更大AI 渗透率提升，将加速企业数字化转型上云，规模效应下进一步提升云业务利润率，供给端：</p><p>推理需求加速，ASIC 芯片，算卡选择多元化、国产化，云厂有望实现成本优化。</p><p>弹性二：小米建立人车家全生态，加大AI 投入。从人才、算力储备看，小米自24 年起明显加大AI 投入。除手机、IoT 以外，智驾是小米AI 投入的重要增量场景。智能驾驶从传统方案向端到端方案转变，后者简化系统架构、减少模块间信息传递的累积误差，能进行全局优化。<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>FSD 在推出基于端到端的V12 版本后，行驶里程增长迅猛；国内车厂和智驾供应商24 年也相继跟进，基于端到端智驾的“车位到车位”陆续推出。</p><p>端到端模型依赖大量数据和算力支持，既是技术比拼，同时也是资源竞赛；特斯拉自23Q4 起明显加大算力投入，截至24Q3 云端训练算力等效为超过6 万张<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>H100芯片；国内车企也正在加大算力投入。小米汽车业务起步较晚，但快速起量，智驾全面追赶；24 年超预期实现超13.5 万辆交付量，25 年目标交付量30 万辆；智驾迈入行业一梯队，仅用三年多时间即实现从成立团队到交付城市NOA，端到端大模型24 年11月已开始内测。</p><p>首次覆盖给予买入评级。我们预计金山云24-26 年整体收入分别为76.92/90.92/103.66亿元，对应增速分别为9%/18%/14%。参考海外国内头部云厂，给予25 年目标PS5x，对应目标市值494 亿港币，对应目标价12.98 港币，较2 月10 日收盘有39%上涨空间，首次覆盖给予买入评级。</p><p>风险提示：宏观影响企业上云需求；国内AI 产业进展不及预期；国内云厂竞争加剧。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>金山云：金山小米生态核心云厂 AI+智驾乘风而上</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n金山云：金山小米生态核心云厂 AI+智驾乘风而上\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-11 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250211125630a2416760&s=b><strong>申万宏源研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>金山云是金山小米生态核心云服务商。截至24 年6 月30 日，金山软件持股37.4%，小米集团直接及间接共持股12.25%。金山云董事长为雷军先生；CEO 为邹涛先生，邹涛先生同时亦担任金山软件CEO、金山办公董事长。从业务结构看，公有云服务收入占比超过六成，以IaaS 层的计算、存储和分发为主，是后续主要增长动力；行业云服务为金融、医疗等行业提供行业特定解决方案，经营较为稳定。邹涛先生22 年...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250211125630a2416760&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","BK1104":"互动家庭娱乐","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","BK1575":"同股不同权","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","BK1613":"DeepSeek概念股","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","BK1526":"科网股","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY 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日，金山软件持股37.4%，小米集团直接及间接共持股12.25%。金山云董事长为雷军先生；CEO 为邹涛先生，邹涛先生同时亦担任金山软件CEO、金山办公董事长。从业务结构看，公有云服务收入占比超过六成，以IaaS 层的计算、存储和分发为主，是后续主要增长动力；行业云服务为金融、医疗等行业提供行业特定解决方案，经营较为稳定。邹涛先生22 年接任公司CEO后一方面进行收入结构调整及人工智能转型，另一方面与金山软件、小米生态加强业务合作，签订框架协议。金山云23 年来自金山软件+小米的收入为11 亿元，24 年底续签战略框架协议，25-27 年合计云服务年度上限金额为28/37/48 亿元，同比增长41%/35%/29%，保证公司收入增长基本盘。弹性一：DeepSeek 为代表的低成本路线有望加速国内AI 渗透，为云厂带来更强规模效应提升ROI。国内AI 云服务需求24 年已开始高速增长，根据IDC 数据，24H1 国内GenAI IaaS 市场同比增长203.6%；远超整体IaaS 市场增速（同比增长5.2%）。AI对于云业务的拉动已在阿里巴巴、百度、金山云等公司报表上体现。25 年2 月，DeepSeek-R1 模型开源，在数学、代码、自然语言推理等任务上，性能比肩 OpenAI o1正式版；需求端：根据杰文斯悖论，DeepSeek 代表的低成本路线会带来更大AI 渗透率提升，将加速企业数字化转型上云，规模效应下进一步提升云业务利润率，供给端：推理需求加速，ASIC 芯片，算卡选择多元化、国产化，云厂有望实现成本优化。弹性二：小米建立人车家全生态，加大AI 投入。从人才、算力储备看，小米自24 年起明显加大AI 投入。除手机、IoT 以外，智驾是小米AI 投入的重要增量场景。智能驾驶从传统方案向端到端方案转变，后者简化系统架构、减少模块间信息传递的累积误差，能进行全局优化。特斯拉FSD 在推出基于端到端的V12 版本后，行驶里程增长迅猛；国内车厂和智驾供应商24 年也相继跟进，基于端到端智驾的“车位到车位”陆续推出。端到端模型依赖大量数据和算力支持，既是技术比拼，同时也是资源竞赛；特斯拉自23Q4 起明显加大算力投入，截至24Q3 云端训练算力等效为超过6 万张英伟达H100芯片；国内车企也正在加大算力投入。小米汽车业务起步较晚，但快速起量，智驾全面追赶；24 年超预期实现超13.5 万辆交付量，25 年目标交付量30 万辆；智驾迈入行业一梯队，仅用三年多时间即实现从成立团队到交付城市NOA，端到端大模型24 年11月已开始内测。首次覆盖给予买入评级。我们预计金山云24-26 年整体收入分别为76.92/90.92/103.66亿元，对应增速分别为9%/18%/14%。参考海外国内头部云厂，给予25 年目标PS5x，对应目标市值494 亿港币，对应目标价12.98 港币，较2 月10 日收盘有39%上涨空间，首次覆盖给予买入评级。风险提示：宏观影响企业上云需求；国内AI 产业进展不及预期；国内云厂竞争加剧。","news_type":1,"symbols_score_info":{"81810":0.6,"01810":1,"03896":1,"03888":1,"XIACY":0.6}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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