该行认为，作为本地领先的生成式AI软件企业，商汤拥有自研的AI基础模型SenseNova及AI基建，为其 增长奠定稳固基础。预期商汤的生成式AI收入将持续增长，动力来自公司广泛的产品覆盖，以及针对 特定行业的定制化解决方案，能把握AI变现机遇。 高盛发布研报称，商汤-W(00020)管理层对公司扩展至多模态基础模型的发展方向持积极态度，此举能 提升成本效益比，并有助捕捉更多终端应用机遇。维持"买入"评级，目标价3.53港元。 ...

智通财经APP获悉，高盛发布研报称，商汤-W(00020)管理层对公司扩展至多模态基础模型的发展方向 持积极态度，此举能提升成本效益比，并有助捕捉更多终端应用机遇。维持"买入"评级，目标价3.53港 元。 该行认为，作为本地领先的生成式AI软件企业，商汤拥有自研的AI基础模型SenseNova及AI基建，为其 增长奠定稳固基础。预期商汤的生成式AI收入将持续增长，动力来自公司广泛的产品覆盖，以及针对 特定行业的定制化解决方案，能把握AI变现机遇。 ...

高盛发表研报指，商汤管理层对公司扩展至多模态基础模型的发展方向持积极态度，此举能提升成本效 益比，并有助捕捉更多终端应用机遇。该行认为，作为本地领先的生成式AI软件企业，商汤拥有自研 的AI基础模型SenseNova及AI基建，为其增长奠定稳固基础。该行预期商汤的生成式AI收入将持续增 长，动力来自公司广泛的产品覆盖，以及针对特定行业的定制化解决方案，能把握AI变现机遇。该行 维持对其"买入"评级，目标价3.53港元。 ...

商汤-W(00020)涨近3%，截至发稿，涨2.94%，报2.45港元，成交额8.23亿港元。 中国银河（601881）证券指出，作为中国LLM应用市场前三甲，商汤-W已构建起覆盖AI基础设施、多 模态大模型及行业定制化应用的全栈服务体系，2025年上半年生成式AI业务营收占比集团飙升至77%， 成为核心增长引擎。该行预测，2024-2027财年商汤-W营收复合年增长率将达30%，从38亿元人民币增 至83亿元，2027年有望实现盈利。 高盛发布研报称，商汤-W管理层对公司扩展至多模态基础模型的发展方向持积极态度，此举能提升成 本效益比，并有助捕捉更多终端应用机遇。作为本地领先的生成式AI软件企业，商汤-W拥有自研的AI 基础模型SenseNova及AI基建，为其增长奠定稳固基础，该行预期商汤-W的生成式AI收入将持续增长， 动力来自公司广泛的产品覆盖，以及针对特定行业的定制化解决方案，能把握AI变现机遇。 ...

中国银河证券指出，作为中国LLM应用市场前三甲，商汤-W已构建起覆盖AI基础设施、多模态大模型 及行业定制化应用的全栈服务体系，2025年上半年生成式AI业务营收占比集团飙升至77%，成为核心增 长引擎。该行预测，2024-2027财年商汤-W营收复合年增长率将达30%，从38亿元人民币增至83亿元， 2027年有望实现盈利。 高盛发布研报称，商汤-W管理层对公司扩展至多模态基础模型的发展方向持积极态度，此举能提升成 本效益比，并有助捕捉更多终端应用机遇。作为本地领先的生成式AI软件企业，商汤-W拥有自研的AI 基础模型SenseNova及AI基建，为其增长奠定稳固基础，该行预期商汤-W的生成式AI收入将持续增长， 动力来自公司广泛的产品覆盖，以及针对特定行业的定制化解决方案，能把握AI变现机遇。 智通财经APP获悉，商汤-W(00020)涨近3%，截至发稿，涨2.94%，报2.45港元，成交额8.23亿港元。 ...

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/ ...

Core Insights - SenseTime's stock (0020.HK) rose over 6% during trading, reaching HKD 2.79, marking a new high since April 2023, with a year-to-date increase of over 80% [1] - Goldman Sachs significantly raised its target price for SenseTime from HKD 2.72 to HKD 3.09, maintaining a buy rating [1] Business Expansion - Goldman Sachs has increased its expectations for SenseTime's ToC (Technology of Communication) business expansion, which includes productivity tools like "Office Little Raccoon" and financial tools like "Kapi Accounting" [1] - The company is expected to offer free trials to new users, transitioning to a revenue model based on annual or monthly fees for AI commercialization [1] Technological Advancements - SenseTime's AI infrastructure, SenseCore, has recently been adapted to other local computing platforms, including Huawei's Ascend Super Cluster (Atlas 900 A3 SuperPod) [1] - The integration and optimization of SenseCore have significantly reduced latency and improved utilization, supporting the operation of large-scale AI models [1] - The company has a comprehensive product line, including its self-developed large model SenseNova, and SenseCore can match various AI models such as LLaMA3, Qwen, and DeepSeek [1]

Summary of SenseTime Conference Call Company Overview - **Company**: SenseTime (0020.HK) - **Industry**: Artificial Intelligence (AI) Key Points and Arguments 1. **ToC AI Monetization**: SenseTime is expanding its ToC (Technology of Content) business with productivity tools like Raccoon AI Agents and Kapi accounting, expecting to monetize through subscription fees after a free trial period [1][2] 2. **Subscription Pricing**: The professional version of Raccoon Office AI is priced at Rmb29.9 monthly or Rmb199.9 annually, while the AI coding agent is Rmb49 monthly or Rmb359 annually, offering enhanced features for paying users [2][6] 3. **AI Applications**: SenseTime is launching Gen-AI applications focused on productivity, including Raccoon Office AI and Kapi accounting AI, which utilize the SenseNova foundation model for in-depth analysis [1][2] 4. **Industry-Specific Solutions**: The company provides tailored AI solutions for high-demand scenarios such as market analysis, sales analysis, and enterprise management, differentiating itself from other AI applications [1] 5. **SenseCore Platform**: SenseTime's SenseCore AI platform is optimized for local computing platforms, achieving lower latency and improved utilization rates for large-scale AI models, with stable operations lasting over 40 days [6] 6. **Earnings Revision**: The company revised its 2026/27E net loss estimates to Rmb964 million and Rmb198 million, respectively, while increasing 2028-30E earnings by 2-3% due to higher revenues from Gen-AI applications [10][11] 7. **Revenue Growth**: The projected revenue growth for 2026-27E is 32% YoY, with total revenues expected to reach Rmb6.58 billion in 2026 and Rmb8.46 billion in 2027 [11][28] 8. **Valuation**: The target price is set at HK$3.09, based on a DCF valuation of HK$3.12 and an EV/Sales valuation of HK$3.06, reflecting a 17% upside from the current price of HK$2.64 [12][25][28] 9. **Key Risks**: Potential risks include slower-than-expected customer ramp-up for generative AI, lower customer spending, and increased market competition [26] Additional Important Information - **Market Position**: SenseTime is recognized as a leading AI supplier in China, offering comprehensive Gen-AI solutions targeting government and enterprise clients across various industries [23][24] - **Technological Advancements**: The introduction of the DeepSeek AI model and reduced AI inferencing costs are expected to enhance monetization opportunities across different client segments [24] - **Financial Metrics**: The company is projected to achieve positive net income by 2028, with significant improvements in operational efficiency and margins over the forecast period [10][11][19] This summary encapsulates the essential insights from the conference call, highlighting SenseTime's strategic direction, financial outlook, and market positioning within the AI industry.

Summary of SenseTime (0020.HK) Conference Call Company Overview - **Company**: SenseTime (0020.HK) - **Industry**: Artificial Intelligence (AI) Key Points Growth Outlook - Management is optimistic about the growth of the Generative AI business, supported by favorable policies and comprehensive offerings including AI foundation models, industry solutions, and application software [1][5][6] - Generative AI revenues showed strong growth of **73% YoY** in the first half of 2025 [5] One-stop AI Solution - SenseTime's one-stop AI solution includes AI infrastructure (SenseCore), AI foundation model (SenseNova), and various AI applications, which enhances model performance and caters to both business (ToB) and consumer (ToC) clients [5][6] AI Productivity Tools - The company offers AI productivity tools under the Raccoon family, with over **3 million users** by the end of 1H25, leveraging SenseNova V6.5 for data analysis and multi-modal capabilities [5] - Specific versions of tools are provided for enterprise clients in sectors like finance, education, and public services [5] Client Base - SenseTime has established a diverse client base with **660 customers** in the computer vision segment by the end of 1H25, primarily from technology, telecom, automotive, retail, entertainment, and finance sectors [5][6] Financial Projections - Target price set at **HK$2.72**, with a potential upside of **31.2%** from the current price of **HK$2.07** [9] - Revenue projections for 2025 are **RMB 4,874.1 million**, with expected growth of **31% YoY** for 2026-27 [9] Valuation Methodology - Valuation derived from a two-stage DCF model and target EV/Sales multiple of **15.2x**, reflecting the correlation between EV/Sales and revenue growth of peers [7] Risks - Key risks include slower-than-expected ramp-up of generative AI customers, lower customer spending, and increased market competition [8] Conclusion - Overall, management maintains a **Buy** rating, indicating confidence in the company's growth trajectory and market position in the AI sector [1][5]

Summary of SenseTime (0020.HK) Conference Call Company Overview - **Company**: SenseTime (0020.HK) - **Market Cap**: HK$72.6 billion / $9.3 billion - **Enterprise Value**: HK$70.6 billion / $9.1 billion - **Target Price**: Upgraded to HK$2.72 from HK$1.83, indicating a potential upside of 30% [26][27] Key Industry Insights - **AI Guidelines**: The State Council's "AI Plus" guidelines aim for over 70% penetration of new-generation intelligent terminals and AI agents by 2027 in key sectors, with a target of over 90% by 2030E [2] - **Generative AI Transition**: SenseTime is transitioning to a generative AI business model, with 77% of revenue from generative AI in 1H25, up from 60% in 1H24 [2] Financial Performance - **1H25 Revenue Growth**: Revenues increased by 36% YoY, exceeding expectations by 6% compared to estimates [3][18] - **Gross Margin**: 1H25 gross margin was 38.5%, in line with estimates [17] - **Operating Expenses**: Opex ratio improved to 127% in 1H25 from 170% in 1H24, attributed to enhanced employee productivity [17] Revenue Projections - **Future Revenue Estimates**: - 2025E: Rmb 4,874.1 million - 2026E: Rmb 6,493.7 million - 2027E: Rmb 8,364.6 million [5][15] - **Generative AI Revenue Contribution**: Expected to rise from 64% in 2024 to 91% by 2030E [1] Earnings Revisions - **Net Loss Projections**: Revised net losses for 2025E, 2026E, and 2027E to Rmb 2.5 billion, Rmb 972 million, and Rmb 238 million respectively, reflecting higher revenues from generative AI solutions [20] - **Gross Margin Adjustments**: Gross margin estimates revised up by 0.1 to 0.5 percentage points for 2025-2030E due to a shift towards higher-margin generative AI products [20] Product Development and Market Strategy - **Product Expansion**: Plans to enhance AI inferencing models and develop AI agents and robotics, with significant user growth in Office Raccoon exceeding 3 million in 1H25 [19] - **Ecosystem Collaboration**: Launched "SenseCore Mall" in August 2025, integrating various AI solutions for clients [19] Market Positioning - **Competitive Advantage**: SenseTime's comprehensive product offerings and focus on large-scale projects are expected to drive new client penetration and increased spending on generative AI projects [23] Valuation Metrics - **Valuation Methodology**: Target price derived from a combination of EV/Sales and DCF valuations, with an implied EV/Sales of 14.5x [26][28] - **DCF Valuation**: Estimated DCF value per share is HK$2.60, reflecting higher free cash flow expectations [28] Conclusion - **Investment Recommendation**: Upgraded to Buy from Neutral based on strong growth prospects in the generative AI sector and favorable policy support, with a target price indicating significant upside potential [1][26]