《大行》匯研升商湯(00020.HK)目標至3.1元續籲持有 料毛利率與競爭壓力持續
匯豐研究報告指,商湯(00020.HK)股價近月上升,該行認為部分是由商湯的「1+X」戰略轉型所推動,另外則受惠於市場情緒改善及資金流入至AI板塊。然而,該行認為集團仍面對潛在不利因素。
首先,集團上半年剔除處置子公司收益後的淨虧損僅收窄2%。若子公司分拆速度放緩或估值下降,淨虧損收窄速度可能減慢。其次,競爭加劇導致集團上半年毛利率按年下降5.6個百分點,該行預期價格壓力將持續,料下半年毛利率將較上半年再跌2.9個百分點至35.6%。
另外,集團的算力增長放緩,該行認為算力資源正日益稀缺,若商湯無法透過建設人工智能數據中心或與外部晶片合作以確保更多晶片供應,未來可能形成潛在瓶頸。
該行將商湯目標價由1.7元上調至3.1元,但維持「持有」評級,因毛利率與競爭壓力持續存在。
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