External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>SenseTime reported 1H25 results: total revenue increased by 36% YoY to RMB2.36bn, 6% ahead of our estimate, mainly due to the strong revenue growth of Generative AI business; adjusted net loss narrowed by 50% YoY to RMB1.16bn, thanks to the operating leverage and organizational restructuring, which should be largely in line with our estimate (RMB1.63bn) if excluding other gains of RMB641mn related to disposal of subsidiaries.</li><li>Fuelled by the strong demand for AI compute and AI applications, we forecast total revenue to maintain a solid growth of 25% YoY in 2H25E.</li><li>We revise our FY25/26E adjusted net loss forecast to RMB2.29/0.60bn (previous: RMB2.75bn/0.72bn), given the strong operating leverage and opex control. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime reported 1H25 results: total revenue increased by 36% YoY to RMB2.36bn, 6% ahead of our estimate, mainly due to the strong revenue growth of Generative AI business; adjusted net loss narrowed by 50% YoY to RMB1.16bn, thanks to the operating leverage and organizational restructuring, which should be largely in line with our estimate (RMB1.63bn) if excluding other gains of RMB641mn related to disposal of subsidiaries.Fuelled by the strong demand for AI compute and AI applications, we forecast total revenue to maintain a solid growth of 25% YoY in 2H25E.We revise our FY25/26E adjusted net loss forecast to RMB2.29/0.60bn (previous: RMB2.75bn/0.72bn), given the strong operating leverage and opex control. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A week after the State Council issued "Several Opinions" (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC <a href="http://www.csrc.gov.cn/csrc/c100028/c7474875/content.shtml" target="_blank" rel="noopener">announced</a> Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.</li>
<li>They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.</li>
<li>RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the "To Do" list "as soon as possible and smoothly." Watch impact on H/A Pairs.</li>
</ul>


A week after the State Council issued "Several Opinions" (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC announced Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.
They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.
RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the "To Do" list "as soon as possible and smoothly." Watch impact on H/A Pairs.


RMB Dual Counter Trading Is Coming - This Changes AH Relationships

<ul><li>SenseTime reported FY24 results: total revenue was up by 11% YoY to RMB3.77bn, below consensus estimate of RMB4.50bn, mainly due to the decline in Traditional AI business revenue; adjusted net loss narrowed by 21% YoY to RMB4.25bn, but worse than consensus net loss estimate of RMB3.53bn, primarily due to the greater-than-expected R&amp;D investment in AI.</li><li>Supported by its growing computing power and enriching industry solutions, management remains upbeat on the Gen AI revenue growth in FY25E.</li><li>We forecast total revenue to grow by 27% YoY in FY25E, driven by the Gen AI business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime reported FY24 results: total revenue was up by 11% YoY to RMB3.77bn, below consensus estimate of RMB4.50bn, mainly due to the decline in Traditional AI business revenue; adjusted net loss narrowed by 21% YoY to RMB4.25bn, but worse than consensus net loss estimate of RMB3.53bn, primarily due to the greater-than-expected R&amp;D investment in AI.Supported by its growing computing power and enriching industry solutions, management remains upbeat on the Gen AI revenue growth in FY25E.We forecast total revenue to grow by 27% YoY in FY25E, driven by the Gen AI business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime (20 HK) - Gen AI Business Maintains Momentum on Increased AI Investment

<ul><li>SenseTime announced (4 Dec) the completion of a strategic organizational restructuring, after which the company has established a new “1+X” structure: 1) “1” stands for the core business, which will focus on AI cloud services, integration of large models &amp; AI applications, development of general computer vision (CV) models</li><li>2) “X” stands for other ecological businesses within the group including smart auto, domestic robot, smart healthcare, smart retail, etc.</li><li>Each ecological business will 1) designate an independent CEO; 2) have a flexible incentive mechanism and financing channels; 3) use SenseTime’s AI infrastructure &amp; large models (and pay SenseTime on an arm's length transaction basis) to develop AI applications in their respective fields. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime announced (4 Dec) the completion of a strategic organizational restructuring, after which the company has established a new “1+X” structure: 1) “1” stands for the core business, which will focus on AI cloud services, integration of large models &amp; AI applications, development of general computer vision (CV) models2) “X” stands for other ecological businesses within the group including smart auto, domestic robot, smart healthcare, smart retail, etc.Each ecological business will 1) designate an independent CEO; 2) have a flexible incentive mechanism and financing channels; 3) use SenseTime’s AI infrastructure &amp; large models (and pay SenseTime on an arm's length transaction basis) to develop AI applications in their respective fields. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime (20 HK) - Restructuring to Focus on Gen AI Business and Accelerate Breakeven Progress

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.
</li>
<li>The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.</li>
<li>Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. </li>
</ul>



Robosense Technology (2498 HK) has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.

The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.
Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. 


Robosense Technology, Driving in the Fast Lane While No One Is Looking

China

SenseTime Group Inc. offers information technology services. The Company develops artificial intelligence software products, computer vision software products, and other products. SenseTime Group provides its services throughout China.

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SenseTime Group (20 HK)

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin

We roll forward our valuation window to FY26E and raise our target price to HK$2.45 based on 12x FY26E EV/sales (previous: HK$1.85 on 10.5x FY25E...

CMB International

RMB Dual Counter Trading Is Coming - This Changes AH Relationships

1 year+ after the CSRC said it was working towards expanding HKD RMB dual counter trading in HK, making RMB counters eligible, last month through...

Travis Lundy

SenseTime (20 HK) - Gen AI Business Maintains Momentum on Increased AI Investment

We lower our target price to HK$1.85, which translates into 10.5x FY25E EV/sales in tune with AI-related sector valuation re-rating (previous:...

CMB International

SenseTime (20 HK) - Restructuring to Focus on Gen AI Business and Accelerate Breakeven Progress

SenseTime announced (4 Dec) the completion of a strategic organizational restructuring, after which the company has established a new “1+X” structure

CMB International

Robosense Technology, Driving in the Fast Lane While No One Is Looking

In June Robosense became the first company in the world to achieve the production of its 1,000,000th solid state LiDAR unit. The company announces...

David Mudd

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