Investment Rating - The report maintains a target price of HK$1.5 and an OUTPERFORM rating for SenseTime Group [6][4]. Core Insights - SenseTime launched the first streaming multi-modal AI interaction model "SenseNova 5.5" in China, which shows a 30% performance improvement over "SenseNova 5.0" and is comparable to GPT-4o [2][4]. - The upgraded end-side model "SenseChat 5.5 Lite" has improved accuracy by 10%, increased inference speed by 15%, and reduced first package latency by 40% [2]. - The gap between the launch of SOTA models in China and the U.S. has been shortened to 2 months, with SenseTime successfully iterating to "SenseNova 5.5" in just over 50 days after "SenseNova 5.0" [5][6]. - The company has over 3,000 government and enterprise clients using its models, indicating strong market penetration [2]. - SenseTime's generative AI business is expected to exceed 50% of group revenue this year, driven by continuous technical advancements [6]. Summary by Sections Product Launch and Performance - During the WAIC, SenseTime introduced "SenseNova 5.5" and "SenseChat 5.5 Lite," showcasing significant advancements in multi-modal AI capabilities [2][4]. - "SenseNova 5.5" integrates cross-modal information for real-time interaction, enhancing user experience and supporting multi-task processing [2]. Competitive Positioning - The report highlights that SenseTime's advancements have significantly reduced the time required to catch up with benchmark models like GPT-4o, showcasing its industry-leading R&D capabilities [5][6]. - The technical validation of "SenseNova 6.0" has been completed, ranking it first on HuggingFace's global list for models below 12B [5]. Financial Outlook - The company is expected to achieve profitability at the group level within the next 1-2 years, with a strong focus on generative AI and leveraging profits from its computing power segment to fund R&D [6].
商汤-W：日日新5.5对标GPT-4o，中美SOTA模型发布时间差距缩至2个月