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<Research>HSBC Research Trims TP of SENSETIME-W (00020.HK) to HKD2; Light Shed on AI Mkt Position Competition
Recommend 36 Positive 61 Negative 30 |
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HSBC Global Investment Research report said that SENSETIME-W (00020.HK) is a pioneer in the Chinese AI industry, but several newcomers have shown strong capabilities in their respective verticals over the past year. The market is eyeing on SENSETIME's market position in the era of generative AI, since many of its products directly wrestle with these nascent competitors. In terms of foundation models, SENSETIME also faces sour competition from ByteDance's Doubao, BABA-W (09988.HK)'s Tongyi Qianwen, and DeepSeek. If SENSETIME's foundation models or application products fall behind and become more reliant on bundled sales of computing power, the stock could face a de-rating. The broker foresaw SENSETIME's revenue to grow by 29% in 2026 to RMB6.478 billion, compared to the expected growth rates of 115% and 140% for KNOWLEDGE ATLAS (02513.HK) and MINIMAX-W (00100.HK), respectively. It also expected SENSETIME's EBITDA to turn positive for the first time to RMB791 million in 2026. The target price for SENSETIME was lowered from HKD3.1 to HKD2, with Hold rating kept. AASTOCKS Financial News Website: www.aastocks.com |
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