Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 3.772 billion CNY for 2024, representing a year-on-year growth of 10.8%, while the net profit attributable to shareholders was a loss of 4.278 billion CNY, narrowing from a loss of 6.440 billion CNY in the previous year [4][6] - The growth in generative AI revenue was 103.1% year-on-year, slightly exceeding the previous expectation of 100%, while traditional AI revenue declined by 39.5% [6] - The company is transitioning successfully to generative AI, with this segment accounting for 63.7% of total revenue [6] - The company is expected to release version 6.0 of its generative AI model in Q2 2025, focusing on enhancing multimodal understanding and interaction capabilities [6] Financial Data and Profit Forecast - The company forecasts revenues of 5.138 billion CNY for 2025, with a year-on-year growth rate of 36% [5] - The adjusted net loss for 2025 is projected to be 3.540 billion CNY, with a gradual reduction in losses expected in subsequent years [5][7] - The company maintains a high R&D investment, with R&D expenses accounting for 109.5% of sales in 2024 [6]
商汤-W（00020）：生成式AI持续高增，日日新6.0即将到来