Furui: Maintain a buy rating for Kingsoft Cloud (KC.US) with a target price of $19.

Furui released a research report, maintaining a buy rating on KINGOSOFT CLOUD (KC.US) and a target price of $19. The report stated that KINGSOFT CLOUD's total revenue in the first quarter increased by 37.2% year-on-year to 2.7 billion yuan, exceeding market consensus and the bank's expectations of 4.6% and 2.6% respectively. Among them, public cloud service revenue increased by 47.5% year-on-year to 1.996 billion yuan; industry cloud service revenue increased by 14.7% year-on-year to 707 million yuan. Smart cloud billing revenue increased by 90% year-on-year to approximately 1 billion yuan, accounting for more than half of public cloud revenue for the first time. In the quarter, revenue from Xiaomi and Kingsoft Ecological increased by 68.9% year-on-year to 840 million yuan, accounting for 31% of total revenue.