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IPO observes 丨科创板虹软科技: R&D expenses account for more than 30% of revenue, and downstream application areas are too concentrated

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ArcSoft Technology (688088.sh) announced on the evening of July 9 (Tuesday) that according to the preliminary inquiry result, the issue price was determined to be 28.88 yuan/share, and the price-to-earnings ratio corresponding to this price was 66.00 times before the issue and after the issue. 74.41 times. This time, ArcSoft Technology issued no more than 46 million shares, raising a total of no more than 1.328 billion yuan, will be online and offline subscription on July 11 (Thursday). Founded in 2003, ArcSoft Technology is a smart phone vision artificial intelligence algorithm provider, known as the first AI of visual AI. ArcSoft Technology is a veteran player in the field of computer graphics and vision. As early as 1994, ArcSoft US, the predecessor of ArcSoft, was established in California. In 1995, ArcSoft US launched the image editing software PhotoStudio, which is widely used in mainstream scanning. Instrument and digital camera products. In February 2003, ArcSoft US established ArcSoft Technology’s predecessor, Hongsoft Technology Co., Ltd. in Hangzhou. At present, the visual artificial intelligence solution provided by ArcSoft Technology is mainly used in the smart phone industry. According to IDC statistics, among the top five mobile phone brands in the world in 2018, except for Apple’s self-developed visual artificial intelligence algorithm, the rest Samsung’s mobile phone brands Samsung, Huawei, Xiaomi, OPPO’s main mid-to-high-end models are equipped with ArcSoft technology smartphone vision solutions. ArcSoft’s profit model is relatively simple, granting visual algorithm technology to customers, allowing customers to load relevant algorithm software or software packages on smart devices of the agreed model, in order to charge technical and software license fees. According to the disclosure of the prospectus, ArcSoft is one of the few companies in China that can charge software technology license fees to domestic and foreign customers according to the piece-rate model. The three consecutive years of steady growth in research and development expenses accounted for more than 30% of the revenue. According to the prospectus, in 2016-2018, ArcSoft Technology realized operating income of 261,010,100 yuan, 345,924,400 yuan and 458,071,300 yuan respectively. The company’s main business is outstanding, the main business income accounted for 98.20%, 99.50% and 99.23%, respectively, mainly for software license fee usage income. Source: Hongsoft Technology Prospectus From January to May 2019, ArcSoft Technology achieved operating income of 216 million yuan and net profit of 82 million yuan, while revenue in the first half of 2018 was 199 million yuan and net profit was 55 million yuan. The company’s operating income in the first five months of 2019 has exceeded the level of the first half of the year. ArcSoft Technology expects to achieve operating income of 2.76-2.86 billion yuan from January to June 2019, an increase of approximately 38.69%-43.72% year-on-year. Gross profit margin remained stable year-on-year. While maintaining high growth in performance, the gross profit margin of the main business has also remained at a high level: Source: ArcSoft Technology Prospectus ArcSoft Technology is a high-tech enterprise in the software and information technology services industry. In 2016-2018, the gross profit margin of the company’s main business was 92.65%, 93.94% and 94.24% respectively. Since the licensed algorithm package generally does not require the production, packaging and transportation of physical hardware, the main business cost is lower and the gross profit margin is higher. The high gross profit margin of the main business of ArcSoft Technology is inseparable from the high R&D investment. In fact, ArcSoft Technology takes R&D and technology as its core driving force, attaches great importance to the independent research and development of algorithm technology, and its R&D investment has been increasing year by year. According to the prospectus, in 2016-2018, ArcSoft’s R&D investment was RMB 90,268,400, RMB 10,873,400 and RMB 14,852,400, respectively, accounting for 34.59%, 31.43% and 32.42% of the current operating income. Comparing the 25 companies listed in the first batch of Science and Technology, we found that ArcSoft’s 2018 R&D investment accounted for the highest proportion of operating income in these companies, reaching 32.42%. The scope of application scenarios of ArcSoft’s core technology, source: ArcSoft Technology Prospectus In addition, as of December 31, 2018, ArcSoft has obtained 129 patents (including 126 invention patents) and 73 software copyrights.公司积累了大量视觉人工智能底层算法,并自主研发了诸如人体识别、物体识别、场景识别、图像增强、三维重建和虚拟人体动画等核心技术,构建了完整的视觉人工智能技术体系。行业前景广阔与对手差异化竞争最近3年,视觉人工智能技术出现了广阔的应用前景,不仅能够带来生产效率的提升,而且还催生了新的产业和新的商业模式,推动多行业产业链的重构。视觉人工智能技术产业化落地应用程度不断提高,包括在智能手机、智能汽车、智能安防、智能家居、智能保险、智能零售、互联网视频等领域均有广泛的应用,并形成全新的产业链条与全新的商业经营模式。目前智能手机是视觉系统中出货量最大的前端设备,相关技术创新和迭代非常快。近两年,深度摄像兴起。深度摄像通常由多个摄像头与深度传感器组成,除了能够获取平面图像以外,还可以获得拍摄对象的深度信息,即三维位置及尺寸信息。深度摄像在智能手机领域的应用非常广泛,如面部识别可以使手机解锁及支付更加安全快捷,手势动作识别可以增强游戏体验等。深度摄像拥有广阔的市场空间,预计到2021年,全球范围内深度摄像头市场规模有望达到78.9亿美元,较2017年的22亿美元增长262.73%。中商产业研究院的数据显示,2017年中国人工智能视觉市场规模为41亿元,较2016年增长了2.6倍,预计2020年市场总量将达到755.5亿元,2017-2020年的年均复合增长率为164%。行业前景广阔,不可避免会有其他竞争对手存在。目前,虹软科技在国内竞争企业主要有商汤科技、旷视科技,国外主要有CorePhotonics Ltd.(以色列)、Morpho, Inc.(日本)、EyeSight Technologies Ltd.(以色列)。通过对比发现,目前国内的视觉人工智能公司,主要是以深耕垂直行业应用。虹软科技与CorePhotonics Ltd.、Morpho, Inc.的发展路径较为一致,早期致力于手机等消费电子领域的视觉算法,然后向人工智能其他领域扩张。目前,国内视觉人工智能相关算法已达到国际先进水平,已经成为人工智能领域最火热的细分领域,相关技术广泛应用在智能手机、智能驾驶、IoT 等相关场景。视觉人工智能本身商业落地场景广阔,能够有效解决应用行业的痛点,市场发展空间巨大。下游应用领域过于集中手机业务营收占比达96.57%虽然,虹软科技大部分智能手机视觉解决方案均达到国内外先进水平,营收持续高增长、毛利率高,但也存在下游应用领域过于集中的风险。招股书显示,目前,公司提供的视觉人工智能解决方案主要应用于智能手机行业,主要客户包括三星、华为、小米、OPPO、VIVO、LG、索尼、传音等全球知名手机厂商。2016年-2018年度,公司智能手机业务收入为17,410.06万元、31,414.81万元和43,895.16万元,占主营业务收入的比例分别为67.93%、91.27%和96.57%,公司下游客户主要集中于智能手机市场。这种现状,导致虹软科技的经营业绩不可避免要受到智能手机行业发展情况的影响。根据IDC数据统计,2016年-2018年度,全球智能手机出货量分别为14.69亿台、14.65亿台和14.05亿台,2017年、2018年分别较前一年下降0.27%、4.10%。虽然虹软科技主营业务收入与智能手机和摄像头的出货量无明显线性相关关系,但如果智能手机出货量持续下滑、摄像头出货量出现下降,则必然会对公司的经营情况产生影响。与此同时,智能手机市场的需求变化较快,相关技术的迭代周期较短,迭代周期约为1-2年,如果不能及时更新升级相关技术或根据市场需求成功开发出新产品,会导致虹软科技的市场占有率持续下滑。虹软科技也意识到了这种情况,已经开始进入智能汽车、智能零售、智能保险等领域,不过对应的营收相比于手机业务还是太少。此次IPO募集的资金,将被用于四大投资项目:智能手机AI视觉解决方案能力提升项目,拟使用募集资金3.37亿元;IoT领域AI视觉解决方案产业化项目,拟使用募集资金3.85亿元;光学屏下指纹解决方案开发及产业化项目,拟使用募集资金2.2亿元;研发中心建设项目,拟使用募集资金 1.89亿元。来源:虹软科技招股书虹软科技在招股书中表示,公司将从研发、产品、销售等多个方面加大对于新产品部门的投入,开拓在智能汽车、智能保险、其他 IoT 设备等行业的应用。公司将依靠对行业演进规律和技术更迭的理解,成熟有效的产品落地能力,横向大力推进在新行业的落地和发展。结语人工智能是一个新兴且快速发展的行业,视觉人工智能算法可以与很多传统行业相结合,为传统行业的发展提供助力,从而实现产业升级。虹软科技已经具备了业界领先的技术能力,能否通过科创板上市,借助资本的力量成长为行业龙头,还需要更多时间去验证。免责声明:本文(报告)基于已公开的资料信息撰写,文中的信息或所表述的意见均不构成对任何人的投资建议。。

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