Summary of SenseTime Conference Call Company Overview - Company: SenseTime (0020.HK) - Industry: Generative AI and Technology Solutions Key Points 1. Industry Outlook and Policy Support - Management is optimistic about the growth of the Gen-AI industry, supported by favorable policies that encourage client spending [1][2] - The recent "AI Plus" guidelines are expected to enhance the penetration rate of intelligent terminals and AI agents [2][3] 2. Revenue Contribution from Gen-AI - Gen-AI business contributed 77% to total revenues in 1H25 [2] - The company is transitioning to an integrated platform (SenseCore) that combines infrastructure, data analysis, and model production [2] 3. AI Monetization Opportunities - Management anticipates accelerated client acquisition in the ToB (Business) segment due to more affordable AI models [3] - Increased adoption of productivity tools is noted, particularly on Mondays when users return to work [3] 4. Competitive Advantages - SenseTime's comprehensive product offerings span AI infrastructure, models, and application software, enhancing model efficiency and differentiation [7] - The company is positioned as an early entrant in the AI space with an established client base, allowing for quicker penetration into existing clients [7] 5. Multi-Modal Capabilities - The interaction between large language capabilities and multi-modal capabilities is expected to improve the performance of AI foundation models [8] - Multi-modal content (video, image, audio, 3D) is crucial for training and inference of AI models [8] 6. Financial Projections and Valuation - Target price set at HK$2.72, with a potential upside of 30% from the current price of HK$2.09 [11] - Revenue projections for 2026E show a year-on-year growth of 31% [9] 7. Key Risks - Potential risks include slower-than-expected ramp-up of generative AI customers, lower customer spending, and increased market competition [10] 8. Market Position and Future Outlook - The company is focused on enhancing its AI solutions to meet diverse client needs across both ToB and ToC (Consumer) segments [1][3] - Management expects continued growth in AI deployment driven by supportive policies and technological advancements [1][2] Additional Insights - The management emphasizes the importance of integrating hardware and software solutions for easier AI deployment [1] - There is a noted increase in user retention rates for Kapi AI tools, indicating strong consumer engagement [3]
商汤科技）_创始人兼首席执行官会议_通用人工智能整体解决方案具备优化和差异化优势；多模态为强项；买入