Investment Rating - The report maintains a "BUY" rating for SenseTime, with a target price raised to HK$2.00, reflecting a potential upside of 17.0% from the current price of HK$1.71 [3][10]. Core Insights - SenseTime has completed a strategic organizational restructuring to focus on its generative AI business, which is expected to accelerate its path to breakeven by FY26E [1]. - The revenue from the core AI Cloud and generative AI businesses grew by 256% year-over-year, accounting for 60% of total revenue in 1H24 [1]. - The restructuring is anticipated to lead to significant expense reductions, with the core business headcount reduced to below 2,000, representing less than 50% of the total group headcount prior to restructuring [1]. Financial Summary - Revenue projections for FY24E, FY25E, and FY26E are RMB4,541 million, RMB5,955 million, and RMB7,498 million respectively, indicating a growth trajectory [2][13]. - Adjusted net profit is expected to improve from a loss of RMB3,615.9 million in FY24E to a profit of RMB84.1 million in FY26E [2][13]. - The adjusted net margin is forecasted to improve from -79.6% in FY24E to +1.1% in FY26E, driven by robust growth in the generative AI business and a significant decline in operating expenses [1][2]. Market Position - SenseTime is positioned as the third largest generative AI IaaS service provider in China, holding a market share of 15% as of 2H23 [1]. - The company’s total operating computing power exceeded 20,000 PetaFLOPS in August 2024, with expectations to surpass 25,000 PetaFLOPS by the end of FY24 [1]. Valuation - The target price of HK$2.00 is based on a valuation of 9.0x FY25E EV/Sales, which is at a premium to the sector average of 7.8x, reflecting SenseTime's leadership in the generative AI cloud services market [10].

SenseTime Group Inc. 商 湯集 團股 份 有限公司 （於開曼群島註冊成立以不同投票權控制的有限公司） 港交所代號：0020 （港幣櫃台）80020 （人民幣櫃台） 中期報告 2024 目錄 公司資料 2 主要摘要 4 主席報告 5 管理層討論與分析 10 中期財務資料的審閱報告 21 中期簡明綜合收益表 22 中期簡明綜合全面虧損表 23 中期簡明綜合資產負債表 24 中期簡明綜合權益變動表 26 中期簡明綜合現金流量表 27 中期簡明綜合財務資料附註 29 其他資料 83 釋義 103 | --- | --- | |------------------------------------|-----------------------------| | 董事會 | 核數師 | | 執行董事 | 羅兵咸永道會計師事務所 | | （董事會執行主席） | 執業會計師 | | 徐立博士 | 註冊公眾利益實體核數師 | | 王曉剛博士 | 香港 | | 徐冰先生 | 中環 | | 林達華博士 | 太子大廈 22 樓 | | 非執行董事 | 註冊辦事處 | | 范瑗瑗女士 | Third Floor ...

Investment Rating - The report maintains a "Buy" rating for SenseTime-W (0020) with a target price of HKD 2.25 [1][3]. Core Insights - The company achieved steady growth in the first half of 2024, driven by significant growth in its generative AI business, which has become a key growth driver. The smart automotive business is also experiencing rapid growth and is expected to exceed expectations [3]. - The report forecasts revenues of RMB 45.76 billion, RMB 60.05 billion, and RMB 77.06 billion for 2024, 2025, and 2026 respectively, maintaining the target price of HKD 2.25, which corresponds to a 15.16x price-to-sales ratio for 2024 [3]. - In the first half of 2024, the company reported revenue of RMB 18.49 billion, a year-on-year increase of 29.04%, and a net loss attributable to shareholders of RMB 24.57 billion, with the loss margin reduced by 21.33% [3]. Financial Summary - The company's revenue for 2024 is projected to be RMB 45.76 billion, with a growth rate of 34% compared to 2023. The gross profit is expected to be RMB 1.968 billion, with a net loss of RMB 4.538 billion [4]. - The generative AI business generated revenue of RMB 10.51 billion in the first half of 2024, a substantial year-on-year increase of 255.7%, accounting for 60.4% of total revenue, up 39.8 percentage points year-on-year [3]. - The smart automotive business achieved revenue of RMB 1.68 billion in the first half of 2024, a year-on-year increase of 100.4%, with a revenue share of 9.7%, up 3.8 percentage points year-on-year [3].

Investment Rating - The report maintains an "Outperform" rating for the company [8] Core Views - The company has achieved significant revenue growth, with its generative AI business contributing 60.4% of total revenue in H1 2024, reflecting a 255.7% year-on-year increase [8][10] - The overall revenue for H1 2024 reached 1.74 billion, marking a 21.4% increase compared to the previous year [8] - The company is well-positioned for future growth, leveraging its core strengths in large models and AI cloud services [8][10] Financial Summary - Revenue for 2024 is projected to be 4.65 billion, with a year-on-year growth of 37% [10] - The net profit for 2024 is expected to be -4.048 billion, showing an improvement from -6.440 billion in 2023 [10] - The gross margin is anticipated to improve from 44.07% in 2023 to 53.74% in 2024 [10] Market Performance - The generative AI sector is experiencing rapid growth, with the company capturing a 16% market share in large models, ranking second in the industry [8][10] - The company's AI-driven services are being adopted across various industries, including smart hardware, electric vehicles, and finance, indicating a broadening market presence [8][10] Strategic Developments - The company has successfully transitioned to generative AI, with over 3,000 leading enterprises utilizing its large model and AIDC services [8][10] - The "日日新" large model has undergone significant iterations, achieving a 400% increase in overall usage in H1 2024 [8][10] - The company aims to establish a large model for autonomous driving by 2026, enhancing its position in the smart automotive sector [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a revenue of 1.74 billion RMB for the first half of 2024, representing a year-on-year growth of 21.4% [1] - The net loss for the same period was 2.48 billion RMB, which is a 21.2% reduction compared to the previous year [1] - The adjusted EBITDA loss was 1.89 billion RMB, narrowing by 6.7% year-on-year [1] - The company’s cash flow from operating activities showed a net outflow of 3.52 billion RMB, widening the gap by 1.72 billion RMB compared to the same period last year [1] Business Analysis - Revenue from generative AI reached 1.05 billion RMB, growing by 100% year-on-year [2] - Traditional AI revenue fell by 50.6% to 520 million RMB, primarily due to a significant decline in smart city business [2] - Smart vehicle revenue doubled to 170 million RMB, with 705,000 units delivered, marking an 80% increase [2] - The total number of GPUs deployed by the company reached 54,000, with total computing power exceeding 2.0 PFLOPS [2] - The total workforce decreased by 6.9% to 4,672 employees by the end of June 2024 [2] - The company’s financial income increased by 180 million RMB year-on-year, while tax credits decreased by 120 million RMB [2] Profit Forecast, Valuation, and Rating - Projected revenues for 2024, 2025, and 2026 are estimated at 4.24 billion RMB, 5.49 billion RMB, and 6.89 billion RMB, respectively, with growth rates of 24.6%, 29.3%, and 25.5% [3] - Expected net losses for the same years are projected at 4.69 billion RMB, 4.07 billion RMB, and 3.53 billion RMB, with year-on-year reductions of 27.1%, 13.4%, and 13.2% [3] - The company is valued at 9.8x, 7.6x, and 6.0x price-to-sales ratios for the years 2024, 2025, and 2026, respectively [3]

Investment Rating - The report maintains a target price of HK$1.36 for SenseTime, reflecting a 15.3% upside from the current price of HK$1.18 [4]. Core Insights - SenseTime's total revenue for 1H24 grew by 21% YoY to RMB1.74 billion, with an adjusted net loss narrowing by 3% YoY to RMB2.33 billion, indicating improved net loss margin [2][3]. - The generative AI (Gen AI) business is identified as the key growth driver, with revenue increasing by 256% YoY to RMB1.05 billion, accounting for 60% of total revenue in 1H24 [2][3]. - The report anticipates total revenue growth to accelerate to 33% YoY in 2H24, driven by robust demand in the Gen AI sector [2][3]. Financial Performance Summary - Revenue projections for FY24E, FY25E, and FY26E are RMB4.36 billion, RMB5.48 billion, and RMB6.60 billion respectively, with adjusted net losses expected to be RMB3.51 billion, RMB2.52 billion, and RMB1.72 billion [3][5]. - The gross profit margin (GPM) for 1H24 was 44.1%, with expectations of a gradual decline to 38% by FY26E due to increased operational costs [2][5]. - The adjusted net margin improved by 33 percentage points YoY to -134% in 1H24, reflecting operational leverage and cost control [2][5]. Market Position and Competitive Edge - SenseTime has become the third largest AIDC service provider in China with a market share of 15.4% as of 2H23 [2]. - The company has a strong AI infrastructure with operational computing power exceeding 20,000 PetaFLOPS, expected to surpass 25,000 PetaFLOPS by the end of FY24 [2][3]. - The report highlights SenseTime's independence from direct competition with suppliers and clients, enhancing its competitive edge in the Gen AI market [2].

好以下我先来宣读免责声明今天的讨论可能会包含前瞻性陈述前瞻性陈述涉及内在风险及不确定因素可能导致实际业绩偏离当前的预期有关该等风险及不确定因素的详细论述请参阅商舱集团向香港交易所递交的最新公告内容本次会议中所提供的一切前瞻性陈述均基于我们认为截至今日合理的假设 商量集团并不承担更新该等陈述的任何义务除非适用法律定有规定本次讨论还包含某些非国际财务报告准则的财务措施仅供比较之用此外在今天的会议中管理层将以中文做预先准备的发言口译员将在英文会议线路上提供英语同声翻译 详细信息请参阅我们的业绩公告若原话和翻译有出入请以管理层的原话陈述为准稍后徐立博士将首先向大家介绍商汤2024年上半年的整体表现接下来由徐冰介绍集团的业务进展再由王征向大家回顾公司的财务表现 在管理层的讲解之后我们会进行一个简单的问答环节好下面有请徐立博士发言好的谢谢市委也谢谢线上的关注商场的朋友们欢迎大家参加我们2024年的中期业绩的发布会首先这一页我来给大家介绍一下我们上半年的业绩的亮点 这是我们去年实施转向生成式AI的业务重组后的第二次的业绩报告我们也看到了很不错的态势上半年的集团总收入是17.4亿元同比增长了21.4%海外收入同比增长超过40 ...

(於開曼群島註冊成立以不同投票權控制的有限公司) （股份代號：0020（港幣櫃台）及80020（人民幣櫃台）） 截 至2024年6月30日止六個月之 中期業績公告 董事會欣然公佈本集團截至2024年6月30日 止 六 個 月 的 未 經 審 計 綜 合 業 績。該 等中期業績乃根據國際會計準則第34號「中 期 財 務 報 告」編 製，且 已 由 核 數 師 及 審 計 委 員 會 審 閱。 主要摘要 香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 及 香 港 中 央 結 算 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的 任 何 損 失 承 擔 任 何 責 任。 SenseTime Group Inc. 㩭㲡ゐ㵦⳾䇱㻿⹌㯟 – 2 – 生成式AI 財務概要 截 至6月30日止六個月 | | | 2024年 | | 2023年 | | | | | --- | --- | --- | --- | --- | -- ...

[Table_Title] 研究报告 Research Report 商汤科技 SenseTime Group (20 HK) 日日新 5.5 对标 GPT-4o,中美 SOTA 模型发布时间差距缩至 2 个月 SenseNova 5.5 comparable to GPT-4o, difference between China and U.S. SOTA LLM launch shortened to 2 months 姚书桥 Barney Yao 单飞 Monique Shan barney.sq.yao@htisec.com monique.f.shan@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 7 月 4-6 日 2024 WAIC 世界人工智能大会期间,我们参加了商汤科技举办的"大爱无疆·向新力"人工智能论坛。7 月 5 日,商汤在论坛上发布了国内首个流式多模态 AI 交互大模型"日日新 SenseNova 5.5",并推出 ...

[Table_MainInfo] 公司研究/信息服务 证券研究报告 商汤-W(0020.HK)公司报告 2024 年 07 月 14 日 股票数据 0[7Ta月b1le2_日S收to盘ck价(In港fo元] ) 1.38 52 周股价波动(港元) 0.58-1.96 总股本/流通股(百万股) 35142/27622 总市值/流通市值(百万港元) 48496/38119 市场表现 恒生指数对比 1M 2M 3M | --- | --- | --- | --- | |-------------------------|-------|-------|-------| | 绝对涨幅(%) | -8.3 | -9.5 | 95.6 | | 相对涨幅(%) | -4.0 | -2.7 | 91.7 | | 资料来源:海通证券研究所 | | | | 分析师:杨林 Tel:(021)23183969 | --- | |----------------------------| | Email:yl11036@haitong.com | | 证书:S0850517080008 | | 分析师:杨蒙 | | Tel:(021) ...