金吾财讯 | 华泰证券研报指，近日，商汤(00020)发布全新升级的“日日新V6”大模型，通过多模态长思维链训练、全局记忆、强化学习的技术突破，实现领先的多模态推理能力，目前已可在“商量”Web端体验。公司在大模型领域持续突破，看好公司生成式AI业务的快速拓展。该行指，由于公司AI应用商业化还处于探索期，该行下调25-27年营收预期至48.3/61.0/73.2亿元（25、26下调20%、27%）。根据iFinD一致预期，25年可比公司平均PS为7.8x，由于国内基础大模型玩家较少，公司大模型能力处于第一梯队，给予公司2025年12.3xPS，目标价1.73港元（前值2.10港元，对应2025年11.9xPS），给予“买入”评级。
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