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《大行報告》光大証券:商湯(00020.HK)「日日新」大模型能力超預期 評級升至「買入」
光大証券發表報告指,商湯-W(00020.HK)「日日新」大模型能力超預期 ,具備自然語言生成、文生圖、感知模型標注、模型研發功能。該行維持商湯今年至2025年收入預測分別為51.75億、75.06億、115.54億元人民幣, 維持今年至後年淨虧損預測分別為33.9億、19.59億及3.84億元人民幣。 該行指,鑒於商湯憑借「大裝置+大模型」的通用人工智能實力,公司有望承接B端行業客戶需求,賦能多個垂直賽道,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、有望打開長期收入成長空間,估值具備進一步提振機會,上調至「買入」評級。
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