《大行報告》中金削商湯-W(00020.HK)目標價53.5%至2元 中績遜預期
中金發表報告,指商湯-W(00020.HK)上半年總收入14.33億元人民幣(下同),按年升1.3%;歸母歸淨虧損31.2億元,經調整歸母虧損淨額為23.74億元,相較上年同期分別收窄1%和5.6%。受智慧城市及商業承壓影響,業績不及預期。
報告稱,商湯上半年毛利率45.3%,按年跌20.7個百分點,毛利率略降歸因於AI芯片類及AIDC服務類佔比偏高。上半年貿易應收款周轉天數459天(去年上半年為403天),減值準備佔貿易應收款比重37.8%(按年增14.4個百分點),為智慧城市為主的客戶具備較長賬齡所致。
考慮到公司智慧城市業務回款弱於預期,該行下調商湯2023及2024年收入預測分別16.9%及28.2%,至42.6億及48.6億元。考慮到公司AIGC賦能下業務盈利端改善,調整2023及2024年經調整歸母淨虧損收窄8.7%及7.8%,至分別19.2億及11.8億元。考慮到AI行業估值中樞下移,下調目標價53.5%至2港元,維持「跑贏行業」評級。
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