《大行報告》安信證券料商湯-W(00020.HK)每股合理估值區間4.86至5.84港元 對應市銷率15至18倍估值
安信證券發表研報,指商湯-W(00020.HK)打造了強大的人工智能基礎設施SenseCore,並針對智慧商業、智慧城市、智慧生活、智能汽車四大核心領域研發了多個軟件平臺,形成豐富且完善的產品矩陣與服務方案,而公司目前已服務超過1,200家客戶。
該行認爲一方面AI行業應用場景的快速拓展可能會爲商湯帶來更多的機會,另一方面由於商湯科技作爲第一梯隊公司,具備更強客戶認可度,從而產生更強的業務拓展能力,有望獲得高於行業的營收增速。預計2021年至2023年營業收入爲55.13億人民幣、88.22億人民幣、132.33億人民幣。考慮到公司暫未實現盈利,且當前處於成長階段,主要通過搶佔市場份額來構築競爭壁壘,收入的增長更值得關注,因此該行採用市銷率估值法。
安信證券指,商湯作爲人工智能獨角獸,在AI技術研究上具有深厚的積累,且收入增長較快,具備成長性,予公司2022年預測市銷率15至18倍的估值,上市後對應市值的合理估值區間是1,620.3億至1,944.36億港元,對應每股的合理估值區間爲4.86至5.84港元。
該行料商湯科技於2021年至2023年錄淨虧損107.36億、118.95億及129.35億人民幣。
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