公司完成新一轮组织架构重组，根据公告，“1”代表集团核心业务，打造行业领先的AI云，实现大装置、基础模型和AI应用的无缝集成；“X”代表生态企业矩阵，包括智能汽车“绝影”、家庭机器人“元萝卜”、智慧医疗、智慧零售等，各生态企业将由独立的CEO负责业务发展，并将获得更灵活的激励机制和融资通道，使其能够更敏捷地把握各自领域的市场机遇。该行认为此次重组是公司在AI浪潮下探索生态卡位的标志性事件，有望将资源集中竞争力更强、增速更快的生成式AI板块，对加速盈利有积极推动作用。Guotou Securities released a research report stating that it maintains a "buy" rating for SenseTime-W (00020). Generative AI is gradually transitioning from technology to application implementation, driving the growth in demand for commercial orders. The company is expected to gain a certain market share based on its technical capabilities and customer reputation, thus driving performance growth. It is projected that the company will achieve revenues of 4.521/5.71/7.077 billion in 2024-2026. Thanks to organizational restructuring, operational efficiency is expected to be released, with a target price of HK$2.12 given. The company announced in December 2024 that it has completed a strategic organizational restructuring and established a new "1+X" structure.
Key points from Guotou Securities are as follows:
The completion of the '1+X' organizational restructuring is expected to accelerate profitability through resource centralization.
The company has completed a new round of organizational restructuring. According to the announcement, "1" represents the core business of the group, to build a leading AI cloud in the industry, achieve seamless integration of large devices, basic models, and AI applications; "X" represents the ecosystem corporate matrix, including the smart automobile "Jueying", home robot "Yuanluo", smart medical, smart retail, etc. Each ecosystem company will be responsible for business development by independent CEOs and will receive more flexible incentive mechanisms and financing channels to more agilely seize market opportunities in their respective fields. The bank believes that this restructuring is a landmark event for the company to explore the ecological positioning under the AI wave, which is expected to concentrate resources on the more competitive and faster-growing generative AI sector, playing a positive role in accelerating profitability.
Powerful computing + large models + rich customer service experience establish a competitive barrier for core business.
The company has been deeply cultivating the AI field for many years and has accumulated profound strengths: 1) As of the end of August 2024, it has launched 0.054 million GPUs with controllable computing power of 20,000P, achieving the capability of training inter-connected clusters with ten thousand cards and maintaining 90% acceleration efficiency. Its computing resources are abundant and its engineering capabilities are leading; 2) It has a faster response rate for iterative cutting-edge algorithm capabilities and stronger learning abilities. The July release of Ririxin 5.5 can benchmark against GPT-4o; 3) It has empowered leading clients in various industries such as government, finance, medical, internet, and automobile with rich customer service experience. These accumulations not only ensure the company's leading technical capabilities but also are expected to accelerate the commercial implementation speed. With strong competitiveness, the company's core business of generative AI achieved revenue of 1.051 billion in 2024 H1, a 255% increase.
Empowering leading brand applications is expected to usher in growth opportunities.
In this round of generative AI technology application landing process, the company has already empowered the business iteration and upgrade of customers like beijing kingsoft office software, inc, haitong sec, Xiaomi, and china lit, and has received wide recognition. With the enhancement of AI capabilities and the decrease in inference costs, it is expected that AI applications will achieve an increase in product penetration or user scale, thereby expanding model invocation volume and driving the company's performance growth.
