Group 1 - The core viewpoint of the report is that the company maintains an "outperform" rating for SenseTime-W (00020) and is optimistic about the mid-term demand for AIGC, switching to a 10.8x P/S for 2026 [1] - The company expects a revenue growth of 10.8% year-on-year in 2024, reaching 3.772 billion yuan, with generative AI and visual AI revenues increasing by 103.1% and 39.5% respectively [2] - The company has achieved a computing power scale of 23,000P by the end of March 2025, a 92% year-on-year increase, and plans to adopt a dual-driven model of self-built and light asset operations in the future [2] Group 2 - The company has initiated a "1+X" new structure in 2024, focusing on its core business while encouraging independent operations and financing for ecosystem enterprises [3] - The accounts receivable turnover days have improved from 399 days in 2024 to 231 days, with cash inflow increasing by 19% year-on-year to 4.623 billion yuan [3] - The company has a total cash reserve of 12.75 billion yuan at the end of 2024, indicating sufficient liquidity [3]
中金：维持商汤-W(00020)跑赢行业评级 看好AIGC中期落地需求