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]

业绩简评 2024 年 3 月 26日，公司发布 2023 年报。公司2023年全年实现 营收 34.1 亿元，同比下滑 10.6%；毛利率为 44.1%，同比下滑 22.7pct，毛利润为 15.0 亿元，同比下滑 41.0%；净利润为-64.9 亿元，亏损扩大6.6%；经调整EBITDA为-43.7 亿元，亏损扩大 3.7%。 2023 年下半年，公司营收为 19.7 亿元，同比下滑 17.6%；毛利 率为 43.2%，同比下滑 24.0pct，毛利润为 8.5 亿元，同比下滑 47.0%；净利润为-33.5 亿元，亏损扩大16.2%；经调整EBITDA 为 23.4 亿元，亏损扩大23.9%。 经营分析 分业务而言：1）生成式AI业务 2023 年实现营收11.8 亿元，同 比增长199.9%，主要受益于公司大装置及大模型服务能力的领 先。公司目前总算力达到1.2 万 petaFLOPS，运营GPU数量达 4.5 万张。2）智能汽车业务2023 年实现营收3.8 亿元，同比增 港币(元) 成交金额(百万元) 4.00 7,000 长 31.1%；2023 年下半年智能汽车营收为3.0亿元，同比增长 6, ...