CMB International has issued a research report indicating that SENSETIME-W (00020) reported a 33% year-on-year increase in total revenue last year, reaching RMB 5.01 billion, which exceeded expectations. This was primarily driven by strong growth in its generative AI business, effective cost control, and the realization of operating leverage. The target price has been raised from HK$2.45 to HK$2.50, while the "Buy" rating is maintained. The report stated that, looking ahead, the company will continue to enhance its multimodal capabilities and improve model cost efficiency to capitalize on the commercial opportunities presented by generative AI. Given the impressive performance of the generative AI segment, revenue forecasts for 2026 to 2027 have been increased by 3% to 6%. Total revenue for this year is projected to grow 27% year-on-year to RMB 6.39 billion.