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<Research>CICC: CN Internet Firms' AI Competitiveness Not Inferior to Overseas Behemoths; Key Recommendation TENCENT; Concern on KUAISHOU-W
Recommend 7 Positive 10 Negative 3 |
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CICC, having observed changes in the recent AI development of domestic Internet companies, opined that there are opportunities for domestic AI Internet applications. The broker pointed out that Agent leads the direction of AI applications, and Chinese Internet companies are highly competitive. Currently, AI applications include conversational robots, programming assistants, office efficiency tools, education, entertainment, and empowering traditional business. Looking ahead to 2025, AI-related companies will focus on Agent. Domestic Internet companies such as TENCENT (00700.HK) and KUAISHOU-W (01024.HK) logged 2025E PE/ PEG of 0.96x and 0.35x, vs Meta (META.US) and Alphabet’s 2.38x and 1.93x in the same caliber PEG. As AI enters the application exploration stage, the competitiveness of domestic Internet companies is not inferior to overseas Internet leading companies. The broker majorly recommended TENCENT and suggested focusing on KUAISHOU-W. The modeling capabilities of the domestic Internet leaders may be close to the international leading level, CICC opined. ByteDance released the foundation model in mathematics and other complex tasks in December 2024 on the ability to even topple the GPT4o, with industry-leading long text capabilities and multi-modal capabilities. Tencent Hunyuan Foundation Model is still the core product of Tencent, with persistently improving performance of the model and reducing cost. According to the evaluation list of the Superclue foundation model in November 2024, the Hunyuan Turbo Model score is close to Open AI’s GPT4 Turbo. As to BIDU-SW (09888.HK), Baidu AI Cloud launched ERNIE foundation model 4.0 Turbo in 2H24, and released AIHC 4.0 and Qianfan 3.0 at the arithmetic level, which notably reduced the cost of using the foundation model by optimizing the arithmetic resources. As to KUAISHOU-W, the company actively developed AI in a pragmatic manner. In June 2024, the company led the industry in releasing the foundation model of text-to-video generation, “KLING”, and has been iterating the model capability, which is still at the leading level of the industry in the recent professional evaluations. AAStocks Financial News |
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