《大行報告》匯豐研究降商湯-W(00020.HK)評級至「持有」 削目標價至1.7元
匯豐研究發表研究報告指出,商湯-W(00020.HK)上半年收入按件增長1%至14.33億元人民幣,較該行預期低24%。由於地方政府嚴格的人工智能升級預算,加上與日本客戶完成研發合同,公司的智慧城市及智慧汽車收入分別跌58%及31%。公司上半年毛利率壓力超過普遍預期,按年跌20.7個百分點至45.3%,主要受累於硬件及人工智能數據中心相關成本佔收入的百分比增加。集團料下半年毛利率保持穩定,該行料達45.6%。
該行提及商湯大幅下調指引,目前預計下半年收入將按年增長15%至20%(該行預期增長16%);2023至2027年收入年均複合增長率約20%至23%。該行亦將公司2023至2025年收入年均複合增長率預測由原來的62%下調至28%;收入預測下調17%至48%,以反映增長正常化和生成式人工智能變現的不確定性;毛利率預測下調9.5、8.5及6個百分點,以反映生成式人工智能競爭加劇及人工智能智算中心收入增長。該行將公司目標價由3元削至1.7元,評級降至「持有」。
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