Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a significant revenue growth of 10.8% in 2024, with total revenue reaching 3.77 billion RMB, compared to a decline of 10.6% in 2023 [2]. - The revenue from generative AI surged by 103% to 2.4 billion RMB, increasing its share of total revenue from 35% in 2023 to 64% in 2024 [2]. - Adjusted net loss narrowed by 33.7% to 4.31 billion RMB, while EBITDA loss decreased by 42.3% to 3.14 billion RMB [2]. - The company has optimized its cash flow management, reducing the cash flow cycle from 334 days to 228 days, despite a net cash outflow of 3.93 billion RMB from operating activities [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3,772.1 million RMB, with a growth rate of 10.8% [7]. - The adjusted net loss for 2024 was 4,278.4 million RMB, showing improvement from the previous year [11]. - The gross margin slightly decreased to 42.9% from 44.1% in 2023 [2]. Business Highlights - The company is focusing on a synergistic development model of "large devices + large models + AI applications," enhancing resource allocation [4]. - The AI applications are gaining traction, with a sixfold increase in customer willingness to pay in 2024 compared to 2023 [5]. - The company is positioned third in China's GenAI IaaS market with a 13.3% market share [4]. Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 15% and 17% to 4.88 billion RMB and 6.24 billion RMB, respectively [6]. - The net profit projections for 2025 and 2026 are revised to -2.73 billion RMB and -0.66 billion RMB, with a new forecast for 2027 showing a potential profit of 140 million RMB [6].
商汤-W：2024年报点评：商汤24年亏损收窄，多模态技术有望维持领先，垂类行业AI应用持续落地-20250328