《大行報告》麥格理首予商湯-W(00020.HK)「跑輸大市」評級 目標價4元
麥格理首次覆蓋商湯(00020.HK),基於16倍市銷率,予該股「跑輸大市」評級及目標價4元,認為該股目前預測市銷率達33倍,估值過高。
該行指,商湯在2018年至2020年間收益累升86%,但研發開支同期累升1.89倍,預期公司收入在2020至2024年間的複合年增長率僅為36%,受客戶及城市應用數字增長,以及產品提供及功能擴大推動,但這意味該行預期商湯至2024年前仍將因高營運成本錄得虧損。
該行亦認為,集團提出的四大垂直業務為人工智能商業化的最大希望,但有關領域在政府及國企市場已有海康威視及浙江大華佔據,在移動市場亦有美國虹軟科技。在實現人工智能醫護方面有三級認證,但商湯僅獲第二級。在市場分散下經濟規模效應小,研發投資回報在終端客戶方面設想並未能合理化。
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