《大行》汇研升商汤(00020.HK)目标至3.1元续吁持有 料毛利率与竞争压力持续

阿斯达克财经
Sep 19, 2025

汇丰研究报告指,商汤(00020.HK) 股价近月上升,该行认为部分是由商汤的“1+X”战略转型所推动,另外则受惠于市场情绪改善及资金流入至AI板块。然而,该行认为集团仍面对潜在不利因素。首先,集团上半年剔除处置子公司收益后的净亏损仅收窄2%。若子公司分拆速度放缓或估值下降,净亏损收窄速度可能减慢。其次,竞争加剧导致集团上半年毛利率按年下降5.6个百分点,该行预期价格压力将持续,料下半年毛利率将较...

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