Gelonhui, April 13, 丨 Everbright Securities issued a report stating that the Shangtang-W (0020.HK) “New Day by Day” big model capabilities exceeded expectations and had the functions of natural language generation, literary mapping, perception model labeling, and model development. The bank maintained Shang Tang's revenue forecasts of 5.175 billion, 7.506 billion, and 11.554 billion yuan respectively from this year to 2025, and maintained net loss forecasts of 3.39 billion yuan, 1,599 million yuan and 384 million yuan respectively from this year to the following years. According to the bank, given Shang Tang's general artificial intelligence strength of “big device+big model”, the company is expected to meet the needs of B-side industry customers, empower multiple vertical tracks, and explore the emerging AaaS business model with external output models and computing power. It has first-mover advantages and technical barriers, and is expected to open up space for long-term revenue growth. The valuation has an opportunity to further boost and be upgraded to the “buy” rating. The stock is currently reported at HK$298, with a total market value of HK$99.7 billion.