大行評級|里昂:上調商湯目標價至2.14港元 評級升至“跑贏大市”
里昂發表研報指,受惠於DeepSeek發展熱潮及其開源算法,商湯的生成式AI業務或因爲AI模型的迭代而獲得重新評級。同時,商湯早前宣佈企業客戶及開發者可於商湯大裝置萬象平臺中使用DeepSeek-V3及DeepSeek-R1模型,里昂預期隨着相關模型的廣泛應用,商湯的逾5.4萬顆GPU儲備將進一步受惠於算力租賃需求的快速增長。
DeepSeek的推出有助AI行業進一步降低訓練與推理成本,里昂又指,商湯去年宣佈進行業務重組,將重心聚焦在生成式AI與計算機視覺等核心業務,預期可降低營運開支。里昂上調商湯今明兩年收入預測分別1%及3%,投資評級由“持有”上調至“跑贏大市”,並上調估值基礎,由原先預測市銷率8倍升至9.5倍,目標價從1.77港元升至2.14港元。
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