Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 3.77 billion yuan for 2024, a year-on-year increase of 10.8%, with generative AI revenue reaching 2.4 billion yuan, growing by 103.1% [1]. - Adjusted net loss narrowed to 4.25 billion yuan from 5.41 billion yuan in the previous year [1]. - Revenue projections for 2025-2027 are estimated at 5.069 billion yuan, 6.920 billion yuan, and 9.538 billion yuan, reflecting growth rates of 34.38%, 36.51%, and 37.84% respectively [3]. Financial Performance - The company’s operating income for 2024 is projected to be 3.772 billion yuan, with a growth rate of 10.75% [6]. - The adjusted net profit for 2025 is expected to be -3.783 billion yuan, improving from -4.278 billion yuan in 2024, indicating a growth of 11.57% [3][6]. - The research indicates a decrease in sales, management, and R&D expense ratios, with R&D expense ratio at 109.5%, up by 7.8 percentage points year-on-year [2]. Business Strategy - The company is advancing a "large device - large model - application" strategy, focusing on AI visual and intelligent driving businesses, which saw revenue declines of 39.5% and 33.2% respectively [2]. - The AI visual customer repurchase rate increased by 31 percentage points, and the company is expanding into Southeast Asia and the Middle East [2]. - The company delivered 1.67 million units of its product, a 9.2% increase year-on-year, and plans to mass-produce a collaboration with Dongfeng Intelligent Driving in 2025 [2]. Valuation Metrics - The projected price-to-sales (P/S) ratios for 2025, 2026, and 2027 are 11.61, 8.50, and 6.17 respectively [3][6]. - The diluted earnings per share (EPS) is expected to improve from -0.12 yuan in 2024 to -0.06 yuan in 2027 [6].
商汤-W（00020）：生成式 AI 高增，大模型升级在即