Citic Securities: First coverage of SenseTime-W (00020.HK) with a "buy" rating.

According to the Wisdom Financial APP, Zhongtai Securities released a research report stating that SenseTime-W (00020.HK) has rich underlying technological accumulation, and its large model capability is in the first echelon, with scarcity. At the same time, the company's loss-making business lines are gradually realizing split financing, and its main business of generative AI is growing well. The firm expects the company's total operating income to reach 4.872 billion, 6.279 billion, and 8.093 billion RMB in 2025 to 2027, with a year-on-year growth of 29% each. The firm has initiated coverage of SenseTime for the first time and has given it a "buy" rating.