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《大行報告》匯豐研究下調商湯(00020.HK)目標價至5元 評級「買入」
阿思達克 07-04 11:04
匯豐研究發表研究報告指出,商湯-W(00020.HK)上市前投資者和基石投資者禁售期於6月30日解禁,拖累股價於當日下挫47%。同日,公司宣布若干股東承諾至今年年底前禁售部分B類股份,連同仍然禁售的A類股份,即約28.44%已發行股份將繼續鎖定至今年12月29日,但約71%的已發行股份現已解禁。 該行認為,商湯股價下跌是基於美國投資者可能已經退出,因為商湯子公司商湯科技被美國列入「非SDN中國軍工複合體企業名單」,以及上市前投資者或已獲利。 此外,匯豐研究指商湯股價調整後,其2023財年的市售率(EV/sales)倍數由12.78倍降至5.96倍,較美國AI同業C3.AI的2.48倍還要高,但低過另一龍頭Palantir的6.5倍,相信商湯作為中國AI龍頭企業估值有更大上升空間。該行維持對商湯「買入」評級,認為公司強大的研發和領先的SenseCore AI基建將推動公司收入增長及營運槓桿,目標價由8元下調至5元。
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