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].
商汤科技(00020)业绩交流会：2023年上线GPU达45000个 生成式AI业务为重点发展方向