1、 Watchlist the stock on Insights Direct to receive prompt updates ed-BM/sa-CS/AH BUYBUY (Reinstate coverage)Last Traded Last Traded PricePrice (12 May 202512 May 2025):HKD1.56 (HSIHSI :23,549)Price Target Price Target 1212-mthmth:HKD1.80(15%upside)Analysts Sachin MITTAL+65 66823699 Edmond Fok+852 36

2、681253 Andy Yu+852 3668 4194 View our full data-driven analysis and more at DBS Insights Direct Whats New SenseTime ranked top 3 in SenseTime ranked top 3 in China China GenAI revenue with c.13%GenAI revenue with c.13%shareshare in FY24in FY24,well positioned,well positioned to capture to capture se

3、cular market growth secular market growth TopTop-tier model with leading multimodal capability and tier model with leading multimodal capability and efficiency,efficiency,e extensive xtensive experience experience in B2B and gov in B2B and gov AI AI solutionsolution,neutral neutral positionposition

4、independent of internet giantsindependent of internet giants,are are its its key edgeskey edges Project Project rapid rapid revenue revenue growth at 28%growth at 28%CAGR CAGR(FY24FY24-27F27F),driven bydriven by 37%37%CAGR in CAGR in GenAIGenAI revenue led by revenue led by multimodal applicationsmu

5、ltimodal applications Reinstate Reinstate coverage with coverage with BUY BUY call call forfor its its leading leading multimodal multimodal capabilitycapability,with with TP TP of of HKD1.HKD1.8 8 based on 1based on 12 2x FY25F EV/x FY25F EV/s sales ales Price Relative Forecasts and Valuation FY De

6、c(RMBmn)2024A 2025F 2026F 2027F Turnover 3,772 4,845 6,241 7,955 EBITDA(3,089)(984)521 1,721 Pre-tax Profit(4,300)(2,378)(1,021)43 Net Profit(4,278)(2,367)(1,016)36 Net Pft(Pre Ex)(core profit)(4,225)(2,221)(883)161 Net Profit Gth(Pre-ex)(%)21.2 47.4 60.2 N/A EPS(RMB)(0.13)(0.06)(0.03)0.00 EPS(HKD)(