ArcSoft Technology (688088): Leader in visual artificial intelligence
China’s leading provider of visual artificial intelligence solutions.ArcSoft Technology and its subsidiaries have accumulated accumulated algorithms through long-term R & D investment in digital imaging and computer vision for more than 20 years.In the process of technology productization, the company integrates industry needs, integrates category algorithms, and cooperates with global consumer electronics leaders to achieve core technology updates and continuous product innovation. The company’s revenue and net profit maintained rapid growth.The company’s operating income and net profit have maintained rapid growth in recent years.2016-2018, the company’s revenue from 2.610,000 yuan increased to 4.5.8 billion, with growth rates of 32 in 2017 and 2018 respectively.54% and 32.42%; net profit attributable to shareholders of the parent company goes from 0.80,000 yuan increased to 1.580,000 yuan, the growth rate in 2017 and 2018 were 7 respectively.43% and 82.49%. The company has a prominent market level and high customer barriers.The company is a supplier of visual artificial intelligence algorithms for smart phones. At present, the company has formed a good reputation in the visual artificial intelligence algorithm industry. About 50% of its annual revenue comes from overseas customers, and its customers are all over the world. It is an international company.The company’s algorithmic products basically cover Android mobile phone brands.Among the top five global mobile phone brands in 2018, in addition to Apple’s self-developed visual artificial intelligence algorithm, the remaining Android mobile phone brands mainly use built-in iris soft technology for smart phone visual solutions. The company’s technical capabilities are recognized by the market.After a long period of intensive research, ArcSoft has mastered various core technologies such as human body recognition, object recognition, scene recognition, image enhancement, 3D reconstruction and virtual portrait animation, and has established a complete visual artificial intelligence technology system.A lot of in-depth understanding and practice of the theoretical basis and implementation methods of related algorithm technologies.The company’s algorithm accumulation is an important basis for solving complex visual problems for customers in various industries and bringing a better user experience to global users. Talent advantage.As of December 31, 2018, ArcSoft’s research team had 374 people, accounting for 65 of the company’s total staff.73%.The age, education, and structure of R & D personnel are reasonable, and the content is vital. It is an important guarantee for Hongsoft’s R & D strength to keep the industry leading, and it is also an irreplaceable advantage of Hongsoft. Use of raised funds.The plan is to issue no more than 46 million shares.The company’s use of funds raised this time around the main business, all invested in the field of scientific and technological innovation.There are mainly smart phone AI vision solution capability enhancement projects, IoT field AI vision solution industrialization projects, optical screen fingerprint solution development and industrialization projects, and research and development center construction projects. Profit forecast: According to the development trend of the industry and the company’s development expectations, the company’s overall revenue for 2019-2021 is expected to be 6, respectively.09, 7.68 and 9.5.8 billion, a ten-year growth rate of 33.04%, 26.08% and 24.71%; net profit attributable to mothers is 2.13, 2.91 and 3.8.1 billion, an increase of 35 each year.25%, 36.80%, 30.59%.Take the total share capital after issuance 4.Based on 0.6 billion shares, the EPS for 2019-2021 is 0.52, 0.72 and 0.94 yuan.With reference to comparing 四川耍耍网 the latest PE (TTM) value of the company, we believe that the company’s reasonable PE (TTM) range is between (60,70), and the company’s reasonable value in 2019 is 31.2 yuan -36.4 yuan. Risks remind mobile phone industry risks, technology transformation risks.
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