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《大行報告》裏昂首予商湯-W(00020.HK)「沽售」評級 目標價4.5元
阿思達克 03-11 15:26
裏昂發表研究報告,首次給予商湯科技(00020.HK)「沽售」評級,指出商湯是全球領先的人工智能(AI)軟件供應商,但其電腦視覺AI的商業應用主要侷限於與監控相關的智慧城市及智慧商業領域,市場較爲分散,且競爭激烈,認爲公司研發費用高昂,無法有效地轉化爲競爭力及盈利能力,因此預期商湯將在中期內應該會繼續虧損。 該行指出,商湯科技目前的研發費用率約爲70%,而美國AI同業Palantir Technologies的研發費用率僅爲 51%,兩者毛利率和收入規模相近;又指商湯有近10個月的應收賬款天數及超過10%的減值銷售率,導致淨虧損和負自由現金流,情況在中期內不太可能改善,認爲目前估值偏離公司基本面,給予目標價4.5元,對應2023年預測市銷率的14倍。
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