高盛：商汤科技探访-从基础设施到基础模型再到应用的生成式 AI 一站式解决方案，加速 AI 部署

Investment Rating - The report does not explicitly provide an investment rating for the industry or the specific company, SenseTime Core Insights - The management of SenseTime is optimistic about the increasing demand for generative AI solutions from enterprise clients, emphasizing their capability to deliver a comprehensive one-stop solution that includes infrastructure, software migration services, foundational models, and applications [1][4][7] - SenseTime's generative AI products have shown triple-digit year-over-year growth in 2024, contributing 64% to the total revenue, indicating strong market traction [4][8] - The company is also expanding its generative AI applications, targeting various sectors including productivity tools and interactive AI tools, with significant engagement metrics reported [8][9] Summary by Sections Generative AI Solutions - SenseTime is positioned to provide a complete generative AI solution, from infrastructure to foundational models and applications, which is crucial for enterprise clients looking to implement AI effectively [1][4][7] - The company has developed an in-house large-scale AI data center (AIDC) in Shanghai, enhancing its operational capabilities and software migration processes [7] Market Engagement - SenseTime's generative AI applications have penetrated major enterprises such as Kingsoft Office, China Mobile, and Lenovo, with daily API calls exceeding 3.5 billion, showcasing the high demand for their tools [8] - The company has also launched multiple AI interactive tools, achieving high engagement and conversion rates, indicating successful commercialization strategies [8] Automotive Solutions - In 2024, SenseTime's automotive solutions empowered 42 new car models, and the company is collaborating with major automotive manufacturers to deploy advanced AI functionalities [9] - The expectation is set for mass production of their intelligent driving solutions on NVIDIA's Thor platform by the end of 2025, reflecting a strong pipeline for future growth in the automotive sector [9]