Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Insights - SenseTime is a leading AI enterprise in China, focusing on generative AI, with a strategic shift in business focus to this area in 2023. The company aims to leverage its capabilities from computational infrastructure to large model deployment, anticipating significant growth driven by AI terminal and multimodal model demand [3][16]. - The generative AI market is expected to grow rapidly, with projections indicating a global market size of $150 billion and a Chinese market size of approximately $13 billion by 2027, reflecting compound annual growth rates of 85.7% and 86.2%, respectively [3][23]. - The company has established a leading AI computational infrastructure, SenseCore, capable of supporting the entire lifecycle of trillion-parameter large models, which positions it well for future growth [3][25]. Summary by Sections 1. Earnings Forecast and Valuation - Revenue projections for SenseTime are estimated at 45.76 billion, 60.05 billion, and 77.06 billion RMB for 2024, 2025, and 2026, respectively. The net profit is expected to be -4.54 billion, -2.93 billion, and -1.44 billion RMB for the same years [10][14]. - The company is valued using a price-to-sales (P/S) ratio, with a target price set at 2.25 HKD based on a comparable company average P/S of 15.16 for 2024 [3][14]. 2. Generative AI Business Growth - The generative AI business has seen explosive growth, with revenue reaching 1.18 billion RMB in 2023, a 200% year-on-year increase, and now accounting for 35% of total revenue [17][21]. - Traditional AI business revenue has declined by 41% to 1.84 billion RMB, reflecting a strategic reduction in reliance on lower-quality cash flow segments like smart city projects [17][18]. 3. Technological Capabilities - SenseTime's SenseCore infrastructure supports large model training and has achieved over 90% acceleration efficiency in its training clusters, with a total operational computing power of 12,000 P and 45,000 GPUs [25][27]. - The company has rapidly iterated its "日日新" large model, achieving performance levels comparable to leading international models like GPT-4 Turbo [28][30]. 4. Market Potential - The generative AI sector is positioned as a key growth driver across various industries, with significant investments and developments occurring in finance, education, healthcare, and more [23][24]. - The report highlights the potential for generative AI to transform productivity and operational efficiency across sectors, indicating a broad market opportunity [21][23].

研[T究ab报le告_ Main] 1 May 2024 商汤集团 (20 HK) 交接覆盖：生成式人工智能推动公司营收增长：SenseNova 5.0 发布，中文场景表现超越 GPT-4 Turbo [投Ta资bl要e_点yemInevie1s] tment Focus [Table_Info] 维持优于大市 SenseNova 5.0的性能和GPT4-Turbo旗鼓相当，且更适用于中文场 景：商汤科技发布了日日新 5.0（SenseNova 5.0），其具有更强大 评级 优于大市 的大语言模型功能，并增加了更多的大模型思维链数据，使该模型 当前价 0.80港元 能够更好地理解中文和中国文化场景中的上下文。SenseNova 5.0 目标价 1.50港元 采用混合专家模型（MoE）法，使大语言模型能够更准确地理解特 定行业中的上下文，并使用超过 10TB 的文本数据单元（token） 海通国际ESG 5.0-5.0-5.0 和高质量合成数据进行训练，旨在使该模型在中文环境中拥有出众 环境-社会-治理：0-5，（ESG点评请参阅附录） 的性能。该模型在推理过程中，上下文窗口可以有效达到 200k， 且能通过解 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company has launched the "SenseNova 5.0" large model system, which matches the performance of GPT-4 Turbo, showcasing its strong technological capabilities and opening new growth opportunities [4][8] - The company has established a comprehensive "cloud, edge, and end" model product matrix, positioning itself as a leader in the industry [5][7] - The financial forecast indicates a significant revenue growth trajectory, with expected revenues increasing from 3,406 million HKD in 2023 to 9,657 million HKD by 2026, reflecting a compound annual growth rate (CAGR) of approximately 45% [6][16] Summary by Sections Investment Information - The stock closed at 1.19 HKD, with a market capitalization of 39.83 billion HKD and a circulating market value of 30.88 billion HKD [1] Market Performance - The company has shown strong absolute and relative performance compared to the Hang Seng Index, with a 70% increase over the past month [2] Financial Information - Revenue is projected to grow from 3,809 million HKD in 2022 to 6,647 million HKD in 2025, with a year-on-year growth rate of 37% in 2024 and 43% in 2025 [6][16] - The gross margin is expected to improve from 44.07% in 2023 to 69.84% by 2026, indicating enhanced profitability [6][16] Product Development - The "SenseNova 5.0" model has significantly improved capabilities in knowledge, mathematics, reasoning, and coding, making it suitable for various applications in education and finance [4][8] - The company has also made advancements in multimodal capabilities, achieving top rankings in authoritative benchmark tests [8][14] Strategic Partnerships - The company has formed strategic partnerships with major players like Kingsoft and Xiaomi to enhance its AI applications across different sectors [7][8] Future Outlook - The report suggests a reasonable valuation range of 2.40 to 3.00 HKD per share, based on a price-to-sales ratio of 16-20 times for 2024 [8]

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） 2023 年報 SenseTime Group Inc. 商 湯 集 團 股 份 有 限 公 司 年報 2023 目錄 | 公司資料 | 2 | | --- | --- | | 五年財務概要 | 4 | | 主席報告 | 5 | | 管理層討論與分析 | 14 | | 企業管治報告 | 26 | | 董事會報告 | 44 | | 獨立核數師報告 | 83 | | 綜合收益表 | 92 | | 綜合全面虧損表 | 93 | | 綜合資產負債表 | 94 | | 綜合權益變動表 | 96 | | 綜合現金流量表 | 98 | | 綜合財務報表附註 | 100 | | 釋義 | 219 | 2 商湯集团股份有限公司 | 2023年報 公司資料 董事會 執行董事 徐立博士 （董事會執行主席） 王曉剛博士 徐冰先生 非執行董事 范瑗瑗女士 獨立非執行董事 薛瀾教授 林怡仲先生 厲偉 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 24 日 商 汤-W(00020.HK) 证券研究报告 实现“云端边”全栈 AI 布局，赋能客 应用软件(HS) 投资评级 买入-A 户获广泛认可 维持评级 6个月目标价 1.02港元 事件：4 月 23 日公司召开 2024 年技术交流日，并发布日日新 股价 (2024-04-23) 0.61港元 大模型 5.0 版本。 交易数据 日日新大模型 5.0 能力再升级，完善端侧能力布局。公司此次 总市值(百万元) 20,416.04 技术能力迭代主要体现在：1)推出日日新大模型 5.0 版本，采用 流通市值(百万元) 15,828.77 混合专家架构，推理时上下文窗口达到 200K左右，在数学、推理 总股本(百万股) 33,468.93 及代码能力上全面对标 GPT4-turbo；2)发布面向终端设备的“商 流通股本(百万股) 25,948.81 汤端侧大模型”，以及面向金融、代码、医疗、政务等多个领域的 12个月价格区间 0.58/2.6元 边缘产品“商汤企业级大模型一体机”。至此，公司已经完成了大 模型在“云端边”全栈布 ...

计算机 | 证券研究报告 — 调整盈利预测 2024年4月2日 00020.HK 商汤-W 买入 生成式AI收入高速增长，日日新5.0即将上线 原评级：买入 市场价格:港币0.71 根据公司 2023 年业绩公告，商汤 2023 年营业收入 34.1 亿元，同比-10.57%； GAAP归母净亏损-64.4亿元，同比扩大 6.54%；经调整亏损净额-54.1亿元，同 板 块评级:强于大市 比扩大 14.31%。我们预期公司将继续聚焦生成式 AI 核心业务，保持算力、算 股价表现 法、大模型领域优势，持续推动业务增长，有效管理开支，推动核心业务盈 利。维持买入评级。 25% 支撑评级的要点 5%  生成式 AI收入高速增长，日日新 5.0即将上线。在 2023年的业务重组中， (14%) 商汤业务板块改组为生成式 AI、传统 AI和智能汽车三大板块，后续生成式 (34%) AI 业务将成为公司重点发展方向，该业务主要商业模式有公有云模式、私 (54%) 有化部署模式以及定制化开发模式。2023生成式 AI业务收入 11.8亿元，同 (74%) 比+199.9%。主要来源于市场对生成式 AI 模型在训练、微调以 ...

作为中国最早一批投入人工智能基础设施的公司之一，在成立的第十个年头，商汤迎来了自家生成式AI业务的爆发式增长。 3月26日，商汤在港交所披露其2023年业绩。财报显示，2023年商汤实现总收入34亿元，借助“大装置+大模型”的协同布局，其生成式AI业务在去年创造出11.8亿元的收入，增速近200%，营收贡献率达到35%。 在大模型遍地开花，呈现井喷式发展的契机下，生成式AI业务成为商汤以最快速度从无到有并超过10亿元收入体量的新业务。 “生成式AI对商汤来说已不仅仅是技术领域的变革性创新，更成为公司的核心业务。”商汤科技董事长兼CEO徐立如是说。 01.打铁仍需自身硬，商汤抢占AI 2.0先机 前不久，徐立在2024全球开发者先锋大会（GDC）上曾发表主旨演讲。他表示：“最近，‘新质生产力’成为热议话题，尤其在开发者领域，生成式AI被视为引领生产力突破的技术，也标志着人工智能进入了一个新的发展阶段，我们称之为AI 2.0时代。” 与AI 1.0相比，AI 2.0标志着从基于规则的自动化处理向深度学习和自主学习能力的飞跃。这一跃进不仅提高了AI的理解能力，更赋予了机器创造性思考的可能性，从根本上改变了AI在社会 ...

Core Viewpoint - SenseTime has implemented a large device + large model industrial layout in 2023, significantly enhancing its computational power and model capabilities, positioning itself as a leader in generative AI in China [1][2]. Computational Power and Model Capabilities - The total operational computational power of SenseTime's large devices has surpassed 12,000 Petaflops, doubling since the beginning of 2023, with 45,000 GPUs deployed [1]. - The company's "Riri New" large model has achieved advanced training capabilities, including multi-modal and programming functionalities, establishing a leading position domestically [1][2]. Business Segments and Revenue Growth - Generative AI business revenue reached 1.18 billion RMB in the previous year, a 200% year-on-year increase, accounting for 35% of total revenue [1]. - Traditional AI business revenue was 1.84 billion RMB, down 41% year-on-year, with its revenue share declining from 82% in 2022 to 54% in 2023 [1]. - The automotive segment, represented by "Jueying," generated 380 million RMB in revenue, up 31% year-on-year, contributing 11% to total revenue [1]. Strategic Goals for 2024 - The company aims to maintain technological leadership, accelerate the commercialization of generative AI, and improve operational efficiency by focusing resources on core business areas [2][3]. Market Trends and Future Outlook - The demand for generative AI is driven by widespread needs across various industries, indicating the start of a new investment cycle in China's hard technology sector [1][2]. - The company anticipates continued rapid growth in generative AI, projecting that this segment could account for approximately 50% of total revenue by 2024, with a compound annual growth rate (CAGR) of around 50% from 2023 to 2028 [5][6]. Chip Utilization and Market Opportunities - The demand for computational power is expected to grow exponentially, with predictions of a tenfold increase in demand annually, creating opportunities for domestic chip development and optimization [3][4]. - The differentiation in chip usage between training and inference is anticipated to provide new design opportunities for chips tailored to specific tasks [4]. Business Models and Financial Projections - The generative AI business operates under three main models: public cloud, private deployment, and customized development services, with various pricing strategies based on usage [5]. - The financial impact of generative AI on gross margins is expected to be neutral, with current gross margins ranging between 40% and 45% [5]. Governance and Strategic Stability - Following the passing of a key figure, the ownership has been transferred to family members who continue to support the management team, ensuring stability in governance and strategic direction [6]. - The company aims to leverage its historical strengths to drive transformation in the generative AI era while maintaining healthy cash flow from existing operations [6].

证券研究报告 公 2024年03月28日 司 报 告 商汤-W(00020) 行 业： 计算机/IT服务Ⅱ │ 港 投资评级： 股 当前价格： 0.70港元 业务承压，全面加码生成式 AI - 公 目标价格： 司 事件：2023年3月26日，公司发布2023年财报，2023年实现营收34.06 年 基本数据 报 亿元（YoY-10.6%）,毛利约为15亿元（YoY-41%），毛利率为44.1%（YoY- 33,468.93/33,468. 点 总股本/流通股本(百万股) 22.7pct），年度亏损约为64.95 亿元（亏损增加 6.6%），EBITDA 亏损收窄 93 评 流通市值(百万港元) 23,428.25 至54亿元（亏损收窄2.2%）。 每股净资产(元) 0.86  生成式AI业务高速增长，传统AI业务全面收缩。2023年公司重新明 资产负债率(%) 25.01 确了生成式 AI、传统 AI 业务以及智能汽车三大业务板块。其中，生成式 一年内最高/最低(港元) 3.70/0.70 AI收入达11.84亿元，同比增速高达200%，占集团收入的比例提升24.4pct 至34.8%。主要得益于公司在从底 ...

Core Insights - SenseTime Group has established a clear business positioning with three core segments: Generative AI, Traditional AI, and Intelligent Vehicles [1] - The Generative AI segment has been designated as a strategic priority, becoming the main development direction for the company [1] - The company achieved remarkable growth in its Generative AI business, with revenue reaching 1.2 billion yuan, marking the fastest revenue growth for a new business in its ten-year history [1] Business Performance - The Generative AI segment's revenue growth was explosive, achieving a year-on-year increase of 200% and accounting for over 35% of total revenue [2][1] - The total computing power of SenseTime's large model infrastructure, SenseCore, has significantly increased to 12,000 petaFLOPS, with 45,000 operational GPUs [1] Innovation and Market Strategy - SenseTime has introduced a new "Model as a Service" business model, allowing clients to easily fine-tune and access various generative AI capabilities without the need to manage underlying infrastructure [1] - This innovative business model enhances customer experience and expands the company's market channels and business scope [1]