Core Viewpoint - Goldman Sachs maintains a "Buy" rating for SenseTime Technology (00020) based on its technological advantages in generative AI, product innovation, and broad market prospects, with a 12-month target price of HKD 3.53 [1] Group 1: Generative AI Product Innovations - SenseTime has launched several new generative AI products, including the multi-episode generative agent Seko 2.0, office AI agent "Xiao Huan Xiong 3.0," and "Ru Ying" marketing agent, showcasing significant improvements in content generation and cost advantages [2] - The Seko 2.0 agent features a proprietary real-time video generation architecture, LightX2V, which can reduce the production cycle of animated series by 80% to 90%, indicating a strong 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, capitalizing on the expected growth of the office software market to USD 17 billion by 2030 [3] Group 2: Market Potential and Financial Projections - Goldman Sachs predicts that the revenue contribution from generative AI will rise from 77% in the first half of 2025 to 91% by 2030, highlighting the strong growth potential of this segment for SenseTime [4] - The company is expected to achieve positive EBITDA of RMB 205 million by 2026, with projections of further growth to RMB 1.119 billion by 2027, indicating a turnaround in profitability [4]
高盛维持商汤科技(00020)“买入”评级，目标价3.53港元，看好生成式AI布局