You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》光大證券:商湯(00020.HK)承接AIGC機遇 智能汽車板塊等呈高增長
光大證券發表研究報告指出,商湯(00020.HK)去年收入38.09億元人民幣,按年跌19%,智慧城市及智慧商業收入下降,業務結構向智慧生活和智能汽車轉型。盈利方面,去年毛利25.42億元人民幣,按年下降22.4%,對應毛利率下降3個百分點至67%。由於收入下降及其他虧損淨額上升,經調整淨虧損擴大至47.36億元人民幣。 該行認為,商湯通用人工智能(AGI)具備先發優勢,作為技術底座加快技術疊代。大裝置算力規模持續擴展,應對高漲的大模型訓練需求。而超大模型進入加速增長期,多模態大模型成重點。此外,鑑於疫情緩解帶動需求和交付提升;SenseCore的AIaaS服務輸出收入增長迅速,去年對智慧商業板塊收入貢獻超過20%,公司預期今年收入佔比有望逾30%,該行預計今年智慧商業和智慧城市板塊收入有望按年回升。 另外,該行指商湯的智慧生活板塊的AIGC、傳感器、AI ISP芯片和智慧醫療進展順利;智能汽車板塊,前裝量產收入佔比增加,推出多款新功能方案,單車價值顯著改善。 鑑於公司智慧城市收入超預期下降,該行分別下調商湯今明兩年收入預測28%及28%,至51.75億及75.06億元人民幣,新增2025年收入預測115.54億元人民幣,對應2023至2025年淨虧損為33.9億、19.59億及3.84億元人民幣。憑借「大裝置+大模型」的通用人工智能實力,公司有望承接B端行業客戶的大模型開發需求,賦能多個垂直賽道,並探索對外輸出模型和算力的AIaaS新興商業模式,具備先發優勢和技術壁壘、有望打開長期收入增長空間,維持對公司「增持」評級。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account