Major Bank Ratings | Lyon: Raises Kingsoft Cloud target price to $20.4, benefiting from strong artificial intelligence demand

Glonghui March 26｜CLSA released a research report stating that Kingsoft Cloud's performance in the fourth quarter last year exceeded expectations, benefiting from strong demand for artificial intelligence (AI), with total revenue increasing by 24% year-on-year. During the period, public cloud service revenue grew by 35% year-on-year. The firm predicts that Kingsoft Cloud's revenue will grow by 30% in 2026, accelerating from 23% in 2025, mainly driven by continued AI demand from Xiaomi and non-ecosystem customers.