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商汤科技:面向消费者的人工智能盈利;SenseCore 支持多计算平台以助力人工智能模型、应用;买入
SENSETIMESENSETIME(HK:00020)2025-09-18 01:46

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.