中国软件 - 估值重置为 DCF；偏好高经常性收入及增量 AI 机会标的；买入美图、商汤-China Software_ Valuation reset to DCF; prefer names with high recurring revenues and incremental AI opportunities; Buy Meitu, Sensetime

9 March 2026 | 9:09PM HKT Equity Research CHINA SOFTWARE Valuation reset to DCF; prefer names with high recurring revenues and incremental AI opportunities; Buy Meitu, Sensetime We reassess valuations for our China Software coverage as we see a DCF valuation better reflecting the FCF generated by software companies and capture companies' mid-to-long term growth. We reset our valuation methodology for seven stocks in our coverage - Kingsoft Office, Sensetime, Meitu, iFlytek, Glodon, Sangfor, Thundersoft - fr ...