【商汤-W（0020.HK）】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——2024年报点评（付天姿）

Core Viewpoint - The company has shown a significant recovery in revenue growth and a notable increase in the contribution of generative AI to its overall income, while also managing to reduce losses substantially [2]. Financial Performance - In 2024, the company achieved a revenue of 3.77 billion yuan, representing a year-on-year growth of 10.8% compared to a decline of 10.6% in 2023 [2]. - Generative AI revenue reached 2.4 billion yuan, marking a 103% increase year-on-year, and its share of total revenue rose from 35% in 2023 to 64% in 2024 [2]. - The gross margin was 42.9%, slightly down from 44.1% in 2023 [2]. - Adjusted net loss was 4.31 billion yuan, narrowing by 33.7% year-on-year, while EBITDA loss was 3.14 billion yuan, a reduction of 42.3% [2]. - R&D expenses (excluding SBC) were 4.05 billion yuan, up 19.2% year-on-year, while sales expenses decreased significantly by 20% [2]. Cash Flow and Capital Management - The company experienced a net cash outflow from operating activities of 3.93 billion yuan, which widened by 690 million yuan year-on-year, but improved cash turnover efficiency with the cycle reducing from 334 days to 228 days [3]. - Trade receivables increased by 19% year-on-year, and the net loss from financial asset impairments and contract assets decreased from 1.84 billion yuan to 780 million yuan [3]. - Capital expenditures fell to 1.13 billion yuan, down 29.9% year-on-year, while total cash reserves increased to 12.75 billion yuan, up 11.8% [3]. Business Highlights - The company is focusing on a synergistic development model of "large devices + large models + AI applications," with a 1+X architecture to concentrate resources [4]. - The self-owned 5A-level intelligent computing center in Shanghai has increased its computing power to 23,000 PetaFlops, ranking third in China's GenAI IaaS market with a share of 13.3% [4]. - The company launched the "Riri New" 5.0 model in 2024, maintaining industry leadership in multi-modal capabilities, and plans to release the "Riri New" 6.0 model in 2025, which is expected to match international standards [4]. AI Applications - The reduction in inference costs is accelerating the deployment of AI applications [5]. - In productivity tools, customer willingness to pay increased sixfold in 2024 compared to 2023 [5]. - The company is advancing its autonomous driving solutions, with the first mass-produced models based on the domestic Horizon J6M computing platform expected to be delivered in 2025 [5]. - Monthly user engagement for interactive tools has increased eightfold compared to 2023 [5].