Core Viewpoint - Goldman Sachs maintains a "Buy" rating for SenseTime, setting a 12-month target price of HKD 3.53, citing the company's technological advantages in generative AI, product innovation, and broad market prospects [1] Group 1: Generative AI Product Innovations - SenseTime has launched several new generative AI products, including the multi-episode generative agent Seko 2.0, the office AI agent "Xiao Huan Xiong 3.0," and the marketing AI agent "Ru Ying," which significantly enhance content generation capabilities and demonstrate strong cost advantages in edge deployment solutions [2] - The Seko 2.0 agent features a proprietary real-time video generation architecture, LightX2V, which can reduce the production cycle of episodic dramas by 80% to 90% compared to traditional methods, indicating a promising commercial outlook as AI video generation costs decrease [2] - The "Xiao Huan Xiong 3.0" office AI agent can generate high-quality PPTs with one click and process large-scale data in seconds, while the market for office software is expected to reach USD 17 billion by 2030, with generative AI functionalities contributing to incremental revenue [3] Group 2: Market Expansion and Efficiency - The "Ru Ying" marketing AI agent enhances operational efficiency in live e-commerce through a matrix of five intelligent agents, automating backend management and significantly improving data review efficiency by six times [3] - The launch of these products marks SenseTime's expansion into specific scenarios, aiming to enhance client productivity and drive value realization [3] Group 3: Financial Projections and Growth Potential - Goldman Sachs predicts that SenseTime will achieve EBITDA profitability by 2026, with an expected amount of RMB 205 million, and further growth to RMB 1.119 billion by 2027 [4] - The revenue contribution from generative AI is projected to rise from 77% in the first half of 2025 to 91% by 2030, highlighting the strong growth driver of generative AI for SenseTime's future performance [4]
高盛维持商汤科技“买入”评级，目标价3.53港元，看好生成式AI布局