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]
商汤科技-2025 年亚洲领导者会议_为多元化客户群体提供一站式人工智能解决方案；交互工具推动增长。