Investment Rating - The report maintains an "Outperform" rating for the company [8] Core Views - The company has achieved significant revenue growth, with its generative AI business contributing 60.4% of total revenue in H1 2024, reflecting a 255.7% year-on-year increase [8][10] - The overall revenue for H1 2024 reached 1.74 billion, marking a 21.4% increase compared to the previous year [8] - The company is well-positioned for future growth, leveraging its core strengths in large models and AI cloud services [8][10] Financial Summary - Revenue for 2024 is projected to be 4.65 billion, with a year-on-year growth of 37% [10] - The net profit for 2024 is expected to be -4.048 billion, showing an improvement from -6.440 billion in 2023 [10] - The gross margin is anticipated to improve from 44.07% in 2023 to 53.74% in 2024 [10] Market Performance - The generative AI sector is experiencing rapid growth, with the company capturing a 16% market share in large models, ranking second in the industry [8][10] - The company's AI-driven services are being adopted across various industries, including smart hardware, electric vehicles, and finance, indicating a broadening market presence [8][10] Strategic Developments - The company has successfully transitioned to generative AI, with over 3,000 leading enterprises utilizing its large model and AIDC services [8][10] - The "日日新" large model has undergone significant iterations, achieving a 400% increase in overall usage in H1 2024 [8][10] - The company aims to establish a large model for autonomous driving by 2026, enhancing its position in the smart automotive sector [8][10]
商汤-W：收入稳健增长，向生成式AI转型升级的战略目标已阶段性达成