大行评级丨高盛:商汤中期盈喜胜预期,目标价升至2.05港元

格隆汇
Aug 18
高盛发表研报指,商汤盈利预告显示中期净利润将介乎5亿至7亿元,对比去年同期净亏损15亿元,实现扭亏为盈,亦高于该行预测的8.93亿元亏损。高盛认为,商汤作为提供算力、AI模型及应用的综合解决方案供应商,将持续扩大生成式AI产品覆盖,聚焦成本降低及投资回报率以实现更佳盈利能力。该行维持对其“中性”评级,将2028至2032年盈利预测分别上调13%、5%、2%、2%及1%,收入及毛利率预测大致不变,目标价由2港元上调至2.05港元。该行相信,商汤的AI模型正迈向委托智能(Delegated Intelligence),未来用户将专注于AI输出成果的交付,有助大规模商业化。

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