《大行報告》匯豐研究下調商湯(00020.HK)目標價至1.6元 評級「持有」
匯豐研究發表報告指,雖然商湯(00020.HK)在生成式人工智能領域具有競爭優勢,但認為行業貨幣化仍存在不確定性。目標價由1.7元降至1.6元,維持「持有」評級。
報告指,商湯管理層預計,到2025年人工智能相關業務的年均複合增長率將達到50%,收入貢獻率將達到40%。匯豐研究認為,行業仍在考慮Gen AI的貨幣化途徑,包括按使用同模型收費,或按項目定制培訓等。
報告認為,生成式人工智能領域的競爭亦在加劇。OpenAI在6月份將其舊款GPT-3.5-turbo模型的價格降低25%,顯示在新模型不斷發展的情況下,舊模型面臨著定價壓力。因此這些不確定性可能會影響未來公司的盈利能見度。
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