735 lines
53 KiB
HTML
735 lines
53 KiB
HTML
北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现，本报告为AI合成数据，投资需谨慎。
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<title>商汤科技 (SenseTime) 深度投研报告</title>
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<h1 class="text-4xl md:text-6xl font-grotesk font-bold tracking-tighter mb-4">
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<span class="bg-clip-text text-transparent bg-gradient-to-r from-indigo-400 to-purple-400">商汤科技 (SenseTime)</span>
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</h1>
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<p class="text-xl md:text-2xl text-slate-300 font-light">AI 2.0 时代的全栈基础设施服务商</p>
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<p class="text-sm text-slate-500 mt-4">北京价值前沿科技有限公司 AI投研agent：“价小前投研” | 本报告为AI合成数据，投资需谨慎。</p>
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<div class="text-center">
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<h2 class="text-3xl font-grotesk font-bold mb-2 text-indigo-300">核心洞察 (Insight)</h2>
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<p class="text-slate-400">战略转型、价值重估与未来路径</p>
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</div>
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<div class="glass-card rounded-2xl p-6 md:p-8">
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核心观点摘要
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</h3>
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<p class="text-slate-300 leading-relaxed">
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商汤科技正处于一场由战略收缩聚焦驱动的“价值重估”进程中。其核心驱动力已从过去宽泛的AI应用探索，转变为依托其<span class="text-cyan-300 font-semibold">亚洲领先的算力基础设施（大装置）</span>和<span class="text-cyan-300 font-semibold">原生多模态大模型技术</span>，成为AI时代的“卖水者”和“核心引擎提供商”。未来的潜力在于其能否通过“1+X”架构，在核心业务上率先实现盈利（目标<span class="font-bold text-white">2026年</span>），并同时孵化出高价值的AI原生应用生态。
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</p>
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</div>
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<!-- Concept Events Timeline -->
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<div>
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<h3 class="font-grotesk text-xl font-bold mb-6 text-purple-300 text-center">概念事件：战略转型之路</h3>
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<ul class="timeline timeline-snap-icon max-md:timeline-compact timeline-vertical">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M9.653 16.915l-.005-.003-.019-.01a20.759 20.759 0 01-1.162-.682 22.045 22.045 0 01-2.582-1.9-22.045 22.045 0 01-2.582-1.9l-.019-.01-.005-.003h-.002a.75.75 0 01.004-1.352l.003-.001.019.01a20.759 20.759 0 011.162.682 22.045 22.045 0 012.582 1.9 22.045 22.045 0 012.582 1.9l.019.01.005.003h.002a.75.75 0 01-.004 1.352l-.003.001z" clip-rule="evenodd" /><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-11.25a.75.75 0 00-1.5 0v4.59l-2.1-2.1a.75.75 0 00-1.06 1.06l3.5 3.5a.75.75 0 001.06 0l3.5-3.5a.75.75 0 10-1.06-1.06l-2.1 2.1V6.75z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end md:text-left text-right timeline-box glass-card mb-10">
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<time class="font-mono italic text-sm text-slate-400">2024-10-22</time>
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<div class="text-lg font-black text-white">确立“三位一体”新战略</div>
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首次于内部信确立“大装置-大模型-应用”战略，预告组织架构调整。
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</div>
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<hr class="bg-indigo-400/50"/>
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</li>
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<li class="timeline-item-glow">
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<hr class="bg-indigo-400/50"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path d="M10.75 4.75a.75.75 0 00-1.5 0v4.5h-4.5a.75.75 0 000 1.5h4.5v4.5a.75.75 0 001.5 0v-4.5h4.5a.75.75 0 000-1.5h-4.5v-4.5z" /><path fill-rule="evenodd" d="M8.25 2.25A6.25 6.25 0 0114.5 8.5v.143c.473.134.93.355 1.346.656a.75.75 0 01-.992 1.132 5.003 5.003 0 00-2.322-1.003c.042.341.068.688.068 1.042v.357c0 .248-.01.493-.028.735a5.003 5.003 0 00-2.322 1.003 .75.75 0 11-.992-1.132c.416-.3.873-.522 1.346-.656V8.5A6.25 6.25 0 018.25 2.25zM6.633 4.232a.75.75 0 011.06 1.06L5.836 7.15a.75.75 0 01-1.06-1.06L6.633 4.232zM4.232 6.633a.75.75 0 011.06 1.06L3.435 9.55a.75.75 0 01-1.06-1.06l1.857-1.857zM12.867 4.232a.75.75 0 011.06-1.06l1.857 1.857a.75.75 0 01-1.06 1.06L12.867 4.232z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-start md:text-end text-left timeline-box glass-card mb-10">
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<time class="font-mono italic text-sm text-slate-400">2024-12-03</time>
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<div class="text-lg font-black text-white">开启“1+X”新架构</div>
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正式宣布战略重组。“1”聚焦AI云与大模型，“X”为拆分独立运营的应用子公司矩阵。
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</div>
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<hr class="bg-indigo-400/50"/>
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<li class="timeline-item-glow">
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<hr class="bg-indigo-400/50"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path d="M10 8a2 2 0 100-4 2 2 0 000 4z" /><path fill-rule="evenodd" d="M2 10a8 8 0 1116 0 8 8 0 01-16 0zm11.12-.33a.75.75 0 00-1.06-1.06l-3.32 3.32-1.69-1.69a.75.75 0 00-1.06 1.06l2.25 2.25a.75.75 0 001.06 0l3.84-3.84z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end md:text-left text-right timeline-box glass-card mb-10">
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<time class="font-mono italic text-sm text-slate-400">2024-12-10</time>
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<div class="text-lg font-black text-white">完成28亿港元配售</div>
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募资明确用于支持生成式AI基础设施（大装置）发展，巩固战略转型。
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</div>
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<hr class="bg-indigo-400/50"/>
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</li>
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<li class="timeline-item-glow">
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<hr class="bg-indigo-400/50"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M15.965 2.502a.75.75 0 01.035 1.06l-7.5 10.5a.75.75 0 01-1.1.04L2.535 8.602a.75.75 0 011.03-1.09l3.3 3.181 6.9-9.661a.75.75 0 011.06-.035z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-start md:text-end text-left timeline-box glass-card mb-10">
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<time class="font-mono italic text-sm text-slate-400">2025 H1 & 2024年报</time>
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<div class="text-lg font-black text-white">业绩验证转型成效</div>
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中报与年报显示生成式AI业务收入同比暴增256%和103%，占总营收比例跃升至64%，印证战略转型初步成功。
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</div>
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<hr class="bg-indigo-400/50"/>
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</li>
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<li class="timeline-item-glow">
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<hr class="bg-indigo-400/50"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-indigo-400" viewBox="0 0 20 20" fill="currentColor">
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<path d="M10 12a2 2 0 100-4 2 2 0 000 4z" />
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<path fill-rule="evenodd" d="M.458 10C1.732 5.943 5.522 3 10 3s8.268 2.943 9.542 7c-1.274 4.057-5.022 7-9.542 7S1.732 14.057.458 10zM14 10a4 4 0 11-8 0 4 4 0 018 0z" clip-rule="evenodd" />
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</svg>
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</div>
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<div class="timeline-end md:text-left text-right timeline-box glass-card">
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<time class="font-mono italic text-sm text-slate-400">2025-07</time>
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<div class="text-lg font-black text-white">生态构建见效</div>
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“X”生态企业融资近18亿元，并与寒武纪、值得买等建立深度合作，应用落地与国产化适配加速。
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</div>
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</li>
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</ul>
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</div>
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<!-- Core Logic & Expectation Gap -->
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<div class="grid grid-cols-1 lg:grid-cols-2 gap-8">
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<div class="glass-card rounded-2xl p-6 md:p-8">
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<h3 class="font-grotesk text-xl font-bold mb-4 text-purple-300">核心逻辑: 基础设施先行 + 技术差异化</h3>
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<ul class="space-y-4 text-slate-300">
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<li class="flex items-start">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-cyan-400 mr-3 mt-1 flex-shrink-0" viewBox="0 0 20 20" fill="currentColor"><path d="M5 3a2 2 0 00-2 2v2a2 2 0 002 2h2a2 2 0 002-2V5a2 2 0 00-2-2H5zM5 11a2 2 0 00-2 2v2a2 2 0 002 2h2a2 2 0 002-2v-2a2 2 0 00-2-2H5zM11 5a2 2 0 012-2h2a2 2 0 012 2v2a2 2 0 01-2 2h-2a2 2 0 01-2-2V5zM11 13a2 2 0 012-2h2a2 2 0 012 2v2a2 2 0 01-2 2h-2a2 2 0 01-2-2v-2z" /></svg>
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<div><strong class="text-white">大装置 (算力即权力):</strong> 提前布局建成亚洲领先的AIDC，运营超5.4万张GPU，总算力达2.5万P，成为稀缺的第三方高端AI算力提供商，具备成为“中国版CoreWeave”的潜力。</div>
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</li>
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<li class="flex items-start">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-cyan-400 mr-3 mt-1 flex-shrink-0" viewBox="0 0 20 20" fill="currentColor"><path fill-rule="evenodd" d="M11.3 1.046A1 1 0 0112 2v5h4a1 1 0 01.82 1.573l-7 10A1 1 0 018 18v-5H4a1 1 0 01-.82-1.573l7-10a1 1 0 011.12-.38z" clip-rule="evenodd" /></svg>
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<div><strong class="text-white">原生多模态 (技术差异化):</strong> 凭借深厚的CV积累，选择原生多模态为突破口，“日日新”系列在视频理解、图文混合推理等方面持续领先，构建了核心技术壁垒。</div>
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</li>
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<li class="flex items-start">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-cyan-400 mr-3 mt-1 flex-shrink-0" viewBox="0 0 20 20" fill="currentColor"><path d="M8.433 7.418c.158-.103.352-.15.567-.15.215 0 .409.047.567.15l5.25 3.418a.75.75 0 010 1.164l-5.25 3.418a.75.75 0 01-1.134-.582V7.999a.75.75 0 01.567-.581z" /><path d="M3 6.375c0-.621.504-1.125 1.125-1.125h1.5c.621 0 1.125.504 1.125 1.125v7.25c0 .621-.504 1.125-1.125 1.125h-1.5A1.125 1.125 0 013 13.625v-7.25z" /></svg>
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<div><strong class="text-white">“1+X”架构 (商业模式变革):</strong> 聚焦高毛利的AI云和模型服务，分拆重资产应用业务独立融资，实现“降本增效”与“轻装上阵”，改善盈利预期和估值逻辑。</div>
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</li>
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</ul>
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</div>
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<div class="glass-card rounded-2xl p-6 md:p-8">
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<h3 class="font-grotesk text-xl font-bold mb-4 text-purple-300">预期差分析</h3>
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<ul class="space-y-4 text-slate-300">
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<li class="flex items-start">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-cyan-400 mr-3 mt-1 flex-shrink-0" viewBox="0 0 20 20" fill="currentColor"><path fill-rule="evenodd" d="M1 5.25A2.25 2.25 0 013.25 3h13.5A2.25 2.25 0 0119 5.25v9.5A2.25 2.25 0 0116.75 17H3.25A2.25 2.25 0 011 14.75v-9.5zm1.5 5.81v3.69c0 .414.336.75.75.75h13.5a.75.75 0 00.75-.75v-3.69h-15zM14 5a1 1 0 10-2 0 1 1 0 002 0zM5 5a1 1 0 10-2 0 1 1 0 002 0z" clip-rule="evenodd" /></svg>
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<div><strong class="text-white">盈利路径:</strong> 市场关注净利润，但忽略了<span class="text-amber-300">AI云业务超30%毛利、两位数净利率</span>的结构性来源。盈利核心是通过高毛利算力服务收入覆盖研发成本，而非所有业务扭亏。</div>
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</li>
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<li class="flex items-start">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-cyan-400 mr-3 mt-1 flex-shrink-0" viewBox="0 0 20 20" fill="currentColor"><path fill-rule="evenodd" d="M15.28 9.47a.75.75 0 010 1.06l-4.25 4.25a.75.75 0 11-1.06-1.06L13.69 10 9.97 6.28a.75.75 0 011.06-1.06l4.25 4.25zM4.72 9.47a.75.75 0 011.06 0l4.25 4.25a.75.75 0 11-1.06 1.06L4.22 11.03a.75.75 0 010-1.06l4.25-4.25a.75.75 0 111.06 1.06L5.78 10l3.72 3.72a.75.75 0 11-1.06 1.06L4.72 9.47z" clip-rule="evenodd" /></svg>
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<div><strong class="text-white">国产算力适配:</strong> 市场普遍存疑，但路演披露“3200卡昇腾集群达A100集群85%性能”，自研DeepLink支持90% CUDA能力，表明软硬协同优化已取得实质进展，未来可能形成独特成本优势。</div>
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<li class="flex items-start">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-cyan-400 mr-3 mt-1 flex-shrink-0" viewBox="0 0 20 20" fill="currentColor"><path d="M10.75 2.75a.75.75 0 00-1.5 0v8.586l-1.96-1.96a.75.75 0 00-1.06 1.06l3.5 3.5a.75.75 0 001.06 0l3.5-3.5a.75.75 0 00-1.06-1.06l-1.96 1.96V2.75z" /><path d="M3.5 12.75a.75.75 0 00-1.5 0v2.5A2.75 2.75 0 004.75 18h10.5A2.75 2.75 0 0018 15.25v-2.5a.75.75 0 00-1.5 0v2.5c0 .69-.56 1.25-1.25 1.25H4.75c-.69 0-1.25-.56-1.25-1.25v-2.5z" /></svg>
|
||
<div><strong class="text-white">“X”生态价值:</strong> 市场可能仍视“X”为拖累，但其股权价值已达约100亿元，并成功外部融资。它正从“成本中心”转变为“资产组合”，其独立估值和潜在退出渠道未被当前股价充分反映。</div>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Bento Grid for Industry Chain & Catalysts -->
|
||
<div class="grid grid-cols-1 lg:grid-cols-3 gap-8">
|
||
<!-- Industry Chain -->
|
||
<div class="lg:col-span-2 glass-card rounded-2xl p-6 md:p-8">
|
||
<h3 class="font-grotesk text-xl font-bold mb-4 text-purple-300">产业链图谱</h3>
|
||
<div class="grid grid-cols-3 gap-4 text-center text-sm">
|
||
<div class="space-y-3">
|
||
<div class="font-bold text-cyan-300">上游: 算力&基建</div>
|
||
<div class="bg-slate-800/50 p-2 rounded-lg">英伟达/寒武纪 (芯片)</div>
|
||
<div class="bg-slate-800/50 p-2 rounded-lg">东方材料 (基建服务)</div>
|
||
<div class="bg-slate-800/50 p-2 rounded-lg">上海临港 (产业园区)</div>
|
||
</div>
|
||
<div class="space-y-3">
|
||
<div class="font-bold text-indigo-300">中游: 模型&平台</div>
|
||
<div class="bg-indigo-900/50 p-2 rounded-lg border border-indigo-500 shadow-lg shadow-indigo-500/20">商汤科技 (核心)</div>
|
||
</div>
|
||
<div class="space-y-3">
|
||
<div class="font-bold text-fuchsia-300">下游: 应用&生态</div>
|
||
<div class="bg-slate-800/50 p-2 rounded-lg">盛通股份 (教育)</div>
|
||
<div class="bg-slate-800/50 p-2 rounded-lg">北京利尔 (工业)</div>
|
||
<div class="bg-slate-800/50 p-2 rounded-lg">值得买 (消费)</div>
|
||
<div class="bg-slate-800/50 p-2 rounded-lg">科大讯飞 (间接投资)</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<!-- Key Catalysts -->
|
||
<div class="glass-card rounded-2xl p-6 md:p-8">
|
||
<h3 class="font-grotesk text-xl font-bold mb-4 text-purple-300">关键催化剂</h3>
|
||
<ul class="space-y-3 text-slate-300 text-sm">
|
||
<li class="flex items-center"><span class="w-2 h-2 rounded-full bg-cyan-400 mr-3"></span>2024年度业绩公布</li>
|
||
<li class="flex items-center"><span class="w-2 h-2 rounded-full bg-cyan-400 mr-3"></span>日日新大模型新版本发布</li>
|
||
<li class="flex items-center"><span class="w-2 h-2 rounded-full bg-cyan-400 mr-3"></span>“X”生态企业重大融资/分拆</li>
|
||
<li class="flex items-center"><span class="w-2 h-2 rounded-full bg-cyan-400 mr-3"></span>高价值行业标杆大单落地</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Risks -->
|
||
<div class="glass-card rounded-2xl p-6 md:p-8 border-red-500/30">
|
||
<h3 class="font-grotesk text-xl font-bold mb-4 text-red-400 flex items-center">
|
||
<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 9v2m0 4h.01m-6.938 4h13.856c1.54 0 2.502-1.667 1.732-3L13.732 4c-.77-1.333-2.694-1.333-3.464 0L3.34 16c-.77 1.333.192 3 1.732 3z" /></svg>
|
||
潜在风险与挑战
|
||
</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4 text-sm">
|
||
<div class="p-3 bg-red-900/20 rounded-lg"><strong>技术风险:</strong> 全球技术迭代迅速，需持续巨大研发投入以保持竞争力。</div>
|
||
<div class="p-3 bg-red-900/20 rounded-lg"><strong>商业化风险:</strong> AI服务成本高昂，现金流持续为负，对外部融资依赖度高。</div>
|
||
<div class="p-3 bg-red-900/20 rounded-lg"><strong>竞争风险:</strong> 国内大模型价格战初现，互联网巨头资本优势明显。</div>
|
||
<div class="p-3 bg-red-900/20 rounded-lg"><strong>政策风险:</strong> 地缘政治风险持续存在，可能影响获取先进技术和拓展海外市场。</div>
|
||
</div>
|
||
</div>
|
||
|
||
</section>
|
||
|
||
<!-- Data Visualization -->
|
||
<section id="data-visualization" class="space-y-12">
|
||
<div class="text-center">
|
||
<h2 class="text-3xl font-grotesk font-bold mb-2 text-indigo-300">关键数据透视</h2>
|
||
<p class="text-slate-400">从数据看转型成效</p>
|
||
</div>
|
||
<div class="grid grid-cols-1 lg:grid-cols-2 gap-8">
|
||
<div class="glass-card rounded-2xl p-6">
|
||
<h3 class="font-grotesk text-lg font-bold text-center mb-4">2024 H1 营收结构</h3>
|
||
<div id="revenue-pie-chart" class="echarts-container"></div>
|
||
</div>
|
||
<div class="glass-card rounded-2xl p-6">
|
||
<h3 class="font-grotesk text-lg font-bold text-center mb-4">核心业务增长引擎</h3>
|
||
<div id="growth-bar-chart" class="echarts-container"></div>
|
||
</div>
|
||
<div class="lg:col-span-2 glass-card rounded-2xl p-6">
|
||
<h3 class="font-grotesk text-lg font-bold text-center mb-4">算力基础设施扩张</h3>
|
||
<div id="compute-line-chart" class="echarts-container"></div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Supporting Data Sections -->
|
||
<section id="supporting-data" class="space-y-12" x-data="{
|
||
activeTab: 'news',
|
||
roadshowExpanded: null,
|
||
newsExpanded: null,
|
||
reportExpanded: null
|
||
}">
|
||
<div class="text-center">
|
||
<h2 class="text-3xl font-grotesk font-bold mb-2 text-indigo-300">研报及路演纪要</h2>
|
||
<p class="text-slate-400">支撑洞察的原始数据</p>
|
||
</div>
|
||
|
||
<div role="tablist" class="tabs tabs-boxed glass-card max-w-lg mx-auto">
|
||
<a role="tab" class="tab" :class="{'tab-active': activeTab === 'news'}" @click.prevent="activeTab = 'news'">新闻数据</a>
|
||
<a role="tab" class="tab" :class="{'tab-active': activeTab === 'roadshow'}" @click.prevent="activeTab = 'roadshow'">路演纪要</a>
|
||
<a role="tab" class="tab" :class="{'tab-active': activeTab === 'report'}" @click.prevent="activeTab = 'report'">研报精粹</a>
|
||
</div>
|
||
|
||
<div class="space-y-2">
|
||
<!-- News Data -->
|
||
<div x-show="activeTab === 'news'" x-transition>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="news-accordion" @click="newsExpanded = newsExpanded === 'coop' ? null : 'coop'" :checked="newsExpanded === 'coop'" />
|
||
<div class="collapse-title text-xl font-medium text-purple-300">一、 战略合作</div>
|
||
<div class="collapse-content text-slate-300 text-sm space-y-3">
|
||
<p><strong>与值得买科技 (2025-07-28):</strong> 双方将在消费智能体、数字人、AI办公应用等方面进行深度合作，包括打造AI购物管家“张大妈”。</p>
|
||
<p><strong>与寒武纪 (2025-10-15):</strong> 重点推进软硬件联合优化，构建开放产业生态，围绕国产化AI基建、垂直业务开拓等方向深度合作。商汤股价午后涨超4%。</p>
|
||
<p><strong>与编程猫 (2025-04-29):</strong> 围绕课程开发、教学软件、师资培训等领域展开合作，探索AI在教育领域的多场景深度应用。</p>
|
||
<p><strong>与北京利尔、曦望 (2025-09-04):</strong> 探索在AI算力合作、工业制造与决策AI垂直模型的开发和应用等方面的战略合作。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="news-accordion" @click="newsExpanded = newsExpanded === 'strategy' ? null : 'strategy'" :checked="newsExpanded === 'strategy'"/>
|
||
<div class="collapse-title text-xl font-medium text-purple-300">二、 组织架构调整与战略转型</div>
|
||
<div class="collapse-content text-slate-300 text-sm space-y-3">
|
||
<p><strong>确立“三位一体”新战略 (2024-10-22):</strong> CEO徐立首次提及“大装置-大模型-应用”的三位一体战略，加快组织轻盈化。</p>
|
||
<p><strong>完成战略重组，开启“1+X”新架构 (2024-12-03):</strong> “1”为集团核心（AI云），“X”为重组拆分的子版块（绝影、元萝卜等）独立运营。旨在聚焦核心业务，加速实现盈利。</p>
|
||
<p><strong>“1+X”调整进展 (2025-07-24):</strong> X生态内6家企业已完成或接近完成累计约18亿元融资，生态企业+被投企业股权价值累计达约100亿元。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="news-accordion" @click="newsExpanded = newsExpanded === 'finance' ? null : 'finance'" :checked="newsExpanded === 'finance'"/>
|
||
<div class="collapse-title text-xl font-medium text-purple-300">三、 财务与资本运作</div>
|
||
<div class="collapse-content text-slate-300 text-sm space-y-3">
|
||
<p><strong>2024 H1业绩:</strong> 营收17.4亿元(yoy+21.4%)，其中生成式AI营收10.5亿元(yoy+256%)。净亏损-24.8亿元，亏损缩窄26.1%。经营活动现金流净额-35.2亿元，流出缺口扩大。</p>
|
||
<p><strong>股份配售 (2024-12-10):</strong> 完成28亿港元配售，用于支持AI基础设施发展、开发生成式AI。</p>
|
||
<p><strong>子公司融资:</strong> 商汤医疗完成数亿元新一轮战略融资，投后估值超30亿元。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="news-accordion" @click="newsExpanded = newsExpanded === 'tech' ? null : 'tech'" :checked="newsExpanded === 'tech'"/>
|
||
<div class="collapse-title text-xl font-medium text-purple-300">四、 产品、技术与平台</div>
|
||
<div class="collapse-content text-slate-300 text-sm space-y-3">
|
||
<p><strong>「悟能」具身智能平台 (2025-07-27):</strong> 以商汤具身世界模型为核心引擎，为机器人、智能设备提供强大的感知、导航及多模态交互能力。</p>
|
||
<p><strong>算力与大装置能力:</strong> 截至24H1，运营GPU数量达5.4万张，总算力2万P。可支撑超20个千亿参数大模型同时训练，实现了万卡的超大集群互联，并保持90%的加速效率。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<!-- Roadshow Data -->
|
||
<div x-show="activeTab === 'roadshow'" x-transition>
|
||
<div class="collapse collapse-plus glass-card" x-data="{ open: false }">
|
||
<div class="collapse-title text-xl font-medium text-purple-300" @click="open = !open">2025-03-26: 2024年度业绩发布会</div>
|
||
<div class="collapse-content text-slate-300 text-sm" x-show="open" x-collapse>
|
||
<ul class="list-disc list-inside space-y-2">
|
||
<li><strong>总收入:</strong> 37.7亿元人民币，同比增长11%。</li>
|
||
<li><strong>业务结构优化:</strong> 生成式AI业务收入24亿元，同比增长103%，占总收入比例跃升至64%。</li>
|
||
<li><strong>基础设施:</strong> 大装置算力23,000 PFLOPS，同比增长92%，支持国产芯片规模化商用。</li>
|
||
<li><strong>模型能力:</strong> 日新5.5版超GPT-4 Turbo，计划2025年4月发布日新6.0。</li>
|
||
<li><strong>市场地位:</strong> 国内生成式AI市场市占率13.8%（前三），超百度、阿里云。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card" x-data="{ open: false }">
|
||
<div class="collapse-title text-xl font-medium text-purple-300" @click="open = !open">2024-12-04: “1+X”新组织架构解读</div>
|
||
<div class="collapse-content text-slate-300 text-sm" x-show="open" x-collapse>
|
||
<ul class="list-disc list-inside space-y-2">
|
||
<li><strong>重组目标:</strong> 盈利与现金流优先，聚焦核心业务（生成式AI）。</li>
|
||
<li><strong>“1”核心业务:</strong> AI云基础设施与大模型能力建设者，聚焦算力、AI云服务、基础模型。</li>
|
||
<li><strong>“X”生态企业:</strong> 拆分非核心业务（如绝影、智慧医疗），独立融资、上市。</li>
|
||
<li><strong>财务影响:</strong> AIGC业务占比已达60%，亏损大幅收窄。生态企业股权价值达50亿元。</li>
|
||
<li><strong>对标公司:</strong> 微软云、CoreWeave、英伟达（填补中国市场空白）。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card" x-data="{ open: false }">
|
||
<div class="collapse-title text-xl font-medium text-purple-300" @click="open = !open">2024-08-27: 2024年中期业绩发布会</div>
|
||
<div class="collapse-content text-slate-300 text-sm" x-show="open" x-collapse>
|
||
<ul class="list-disc list-inside space-y-2">
|
||
<li><strong>总收入:</strong> 17.4亿元（yoy+21.4%），生成式AI收入10.5亿元（yoy+256%），占比60%。</li>
|
||
<li><strong>智能汽车:</strong> 收入1.7亿元（yoy+100%），新增71万台汽车交付。</li>
|
||
<li><strong>算力规模:</strong> 运营GPU超5万张，总算力2万PFLOPS (2024目标: 2.5万P)。</li>
|
||
<li><strong>技术亮点:</strong> 大模型“日新5.5”多模态能力提升30%，自研推理引擎使QPS提升4倍。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<!-- Report Data -->
|
||
<div x-show="activeTab === 'report'" x-transition>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="report-accordion" @click="reportExpanded = reportExpanded === 'strategy' ? null : 'strategy'" :checked="reportExpanded === 'strategy'"/>
|
||
<div class="collapse-title text-xl font-medium text-purple-300">一、 公司概况与战略定位</div>
|
||
<div class="collapse-content text-slate-300 text-sm space-y-3">
|
||
<p><strong>定位:</strong> 全球领先的人脸识别技术公司，现聚焦生成式AI。唯一成功转型进入AI 2.0时代的AI 1.0四小龙公司。</p>
|
||
<p><strong>核心战略:</strong> “三位一体”（大装置+大模型+应用）协同发展，及“1+X”战略布局。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="report-accordion" @click="reportExpanded = reportExpanded === 'tech' ? null : 'tech'" :checked="reportExpanded === 'tech'"/>
|
||
<div class="collapse-title text-xl font-medium text-purple-300">二、 技术与产品体系</div>
|
||
<div class="collapse-content text-slate-300 text-sm space-y-3">
|
||
<p><strong>日日新(SenseNova)大模型:</strong> 核心技术产品，V6采用6000亿参数MoE架构，原生多模态，多项指标超越GPT-4.5、Gemini 2.0 Pro。</p>
|
||
<p><strong>技术突破:</strong> 率先在国内突破10分钟级视频全帧率解析及深度推理，打破短视频限制。</p>
|
||
<p><strong>核心模型:</strong> Omni（轻量级全模态交互）、Vimi（可控人物视频生成）、商量（语言）、秒画（文生图）等。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="report-accordion" @click="reportExpanded = reportExpanded === 'biz' ? null : 'biz'" :checked="reportExpanded === 'biz'"/>
|
||
<div class="collapse-title text-xl font-medium text-purple-300">三、 业务布局与商业化进展</div>
|
||
<div class="collapse-content text-slate-300 text-sm space-y-3">
|
||
<p><strong>生成式AI (核心):</strong> 2024年收入24亿元(yoy+103%)，占总营收64%。AIDC算力规模23000 PetaFlops，企业用户超3000家。</p>
|
||
<p><strong>智能汽车 (绝影):</strong> 一段式端到端方案UniAD成核心突破，座舱AI软件市占率连续5年第一。累计交付车辆260万辆。</p>
|
||
<p><strong>“X”板块:</strong> 智慧医疗完成Pre-A轮融资，元萝卜机器人获双11销冠，智慧零售完成A轮融资。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="report-accordion" @click="reportExpanded = reportExpanded === 'finance2' ? null : 'finance2'" :checked="reportExpanded === 'finance2'"/>
|
||
<div class="collapse-title text-xl font-medium text-purple-300">四、 财务表现与预测</div>
|
||
<div class="collapse-content text-slate-300 text-sm">
|
||
<p><strong>2024年业绩:</strong> 总收入37.7亿元(yoy+10.8%)，经调整净亏损43.1亿元(同比收窄33.7%)，毛利率42.9%，总现金储备127.5亿元。</p>
|
||
<div class="overflow-x-auto mt-4">
|
||
<table class="table table-sm">
|
||
<thead>
|
||
<tr>
|
||
<th>年份</th>
|
||
<th>2023A</th><th>2024A</th><th>2025E</th><th>2026E</th><th>2027E</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>营收(百万元)</td>
|
||
<td>3408</td><td>3772</td><td>4643</td><td>5812</td><td>7397</td>
|
||
</tr>
|
||
<tr>
|
||
<td>净利润(百万元)</td>
|
||
<td>-6440</td><td>-4278</td><td>-687</td><td>55</td><td>305</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
<p class="text-xs text-slate-500 mt-1">*数据来源综合自多份研报，取其中位数代表，仅供参考。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Stock Data -->
|
||
<section id="stock-data" class="space-y-12">
|
||
<div class="text-center">
|
||
<h2 class="text-3xl font-grotesk font-bold mb-2 text-indigo-300">产业链核心标的</h2>
|
||
<p class="text-slate-400">相关上市公司及合作关系梳理</p>
|
||
</div>
|
||
|
||
<div class="glass-card rounded-2xl p-4 md:p-6">
|
||
<h3 class="font-grotesk text-xl font-bold mb-4 text-purple-300">商汤科技概念股</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="table w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>代码</th>
|
||
<th>关联原因</th>
|
||
<th>流通市值</th>
|
||
<th>其他标签</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>科大讯飞</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002230" target="_blank" class="text-cyan-400 hover:underline">002230</a></td>
|
||
<td>直接持有商汤科技0.35%股权。</td>
|
||
<td>779.55亿</td>
|
||
<td><span class="badge badge-primary badge-outline">核心股</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>东方材料</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=603110" target="_blank" class="text-cyan-400 hover:underline">603110</a></td>
|
||
<td>子公司东方超算为商汤科技提供AI算力基础设施。</td>
|
||
<td>18.46亿</td>
|
||
<td><span class="badge badge-secondary badge-outline">涨停股</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>上海临港</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=600848" target="_blank" class="text-cyan-400 hover:underline">600848</a></td>
|
||
<td>临港集团与商汤在AI领域产业基金开展合作，商汤AIDC所在地。</td>
|
||
<td>88.95亿</td>
|
||
<td><span class="badge badge-primary badge-outline">核心股</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>岩山科技</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002195" target="_blank" class="text-cyan-400 hover:underline">002195</a></td>
|
||
<td>通过基金间接投资商汤科技。</td>
|
||
<td>140.83亿</td>
|
||
<td><span class="badge badge-primary badge-outline">核心股</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>易华录</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=300212" target="_blank" class="text-cyan-400 hover:underline">300212</a></td>
|
||
<td>采购商汤技术配套至公司安防业务平台。</td>
|
||
<td>82.85亿</td>
|
||
<td></td>
|
||
</tr>
|
||
<tr>
|
||
<td>盛通股份</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002599" target="_blank" class="text-cyan-400 hover:underline">002599</a></td>
|
||
<td>在AI教育软硬件、课程开发等方面与商汤展开合作。</td>
|
||
<td>18.29亿</td>
|
||
<td></td>
|
||
</tr>
|
||
<tr>
|
||
<td>游族网络</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002174" target="_blank" class="text-cyan-400 hover:underline">002174</a></td>
|
||
<td>游族网络与商汤科技宣布达成合作。</td>
|
||
<td>60.46亿</td>
|
||
<td><span class="badge badge-primary badge-outline">核心股</span></td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="glass-card rounded-2xl p-4 md:p-6">
|
||
<h3 class="font-grotesk text-xl font-bold mb-4 text-purple-300">相关个股异动归因分析</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="table w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>代码</th>
|
||
<th>异动日期</th>
|
||
<th>涨幅</th>
|
||
<th>归因摘要 (与商汤相关)</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>值得买</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=300785" target="_blank" class="text-cyan-400 hover:underline">300785</a></td>
|
||
<td>2025-07-25</td>
|
||
<td class="text-green-400 font-semibold">6.02%</td>
|
||
<td>直接触发因素为与商汤科技达成战略合作，推动AI技术在消费领域应用，被市场解读为重要布局。</td>
|
||
</tr>
|
||
<tr>
|
||
<td>石头科技</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=688169" target="_blank" class="text-cyan-400 hover:underline">688169</a></td>
|
||
<td>2025-07-29</td>
|
||
<td class="text-green-400 font-semibold">6.48%</td>
|
||
<td>受AI行业整体利好影响，值得买与商汤的合作显示了AI在消费场景的拓展，利好石头科技等AI+消费电子企业。</td>
|
||
</tr>
|
||
<tr>
|
||
<td>千方科技</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002373" target="_blank" class="text-cyan-400 hover:underline">002373</a></td>
|
||
<td>2025-11-24</td>
|
||
<td class="text-green-400 font-semibold">6.42%</td>
|
||
<td>TMT板块回归，深圳商汤科技增资等消息强化了科技赛道热度，千方科技作为“智慧交通+AI”应用标的，契合市场热点。</td>
|
||
</tr>
|
||
<tr>
|
||
<td>万通发展</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=600246" target="_blank" class="text-cyan-400 hover:underline">600246</a></td>
|
||
<td>2025-07-01</td>
|
||
<td class="text-green-400 font-semibold">5.07%</td>
|
||
<td>公告披露对商汤科技等非流动金融资产无需计提减值，缓解了市场对其投资组合质量的担忧。</td>
|
||
</tr>
|
||
<tr>
|
||
<td>莱尔科技</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=688683" target="_blank" class="text-cyan-400 hover:underline">688683</a></td>
|
||
<td>2025-09-05</td>
|
||
<td class="text-green-400 font-semibold">11.21%</td>
|
||
<td>北京利尔与商汤合作布局AI算力，虽然非直接关联，但AI算力作为市场热点，可能情绪外溢带动相关产业链。</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
</main>
|
||
</div>
|
||
|
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