电子行业：科创板电子设备系列之视联动力

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·科创板报告 证券研究报告·电子设备系列 主要财务指标（单位：百万元） 截止 4 月 16 日，科创板已受理企业中电子设备公司占2 席，即光峰科技和视联动力。本期我们主要介绍视联动力。视联动力自成立以来，一直专注于高清视频通信协议及相关技术的研发及应用，现已发展成为国内为数不多的拥有自主研发通信协议、具有领先市场地位的高清视频通信企业。主营业务是从事“视联网”系列高清视频通信产品的研发、生产、销售及相关技术服务，产品及服务可以广泛应用于视频会议、视频融合、应急指挥、示范教学、信息发布、视频点播、视频直播等多种单一或复杂场景。  近年来我国高度重视大数据产业发展，我国大数据产业发展迅猛。大数据核心产业规模 2017 年为 234 亿元，同比增长39%，预计 2018 年为 329 亿。中国大数据市场虽起步晚于美国，但受 BAT 等大型互联网企业的推动，国内互联网巨头大数据应用也处于国际先进水平，受益于国内电商行业的跨越式发展，大数据精准营销依旧是大数据商业化的主要变现方式之一。程序化购买作为大数据营销主要依赖模式支出不断提升。  公司具有覆盖全媒体资源，形成了多领域的客户资源优势，拥有较强的数据积累和技术优势。公司是中国首批涉足全球程序化投放的企业之一，已经形成了全套拥有自主知识产权的大数据业务系统。公司进入行业较早、覆盖媒体广泛，在互联网科技出海的业务领域建立起了良好的口碑和客户关系，培育了一批高质量的客户。目前已经积累了超 5000 多家企业客户，形成了多领域的客户资源优势。  对标公司估值。公司主营业务是大数据营销。我们选取了主营业务同类的上市公司，分别是：华扬联众、利欧股份、蓝色光标、中昌数据、佳云科技、美股 SRAX，其中，SRAX 股价、总市值以及 EPS 是按照当日汇率折算成的 RMB 价格。截止 2019年 4 月 9 日，公司同行业上市公司（剔除亏损和市值小于 10亿）的平均 PE（TTM）为 43.8 倍，由于大数据营销行业整体增速较快、需求旺盛，市场给予了较高的估值溢价。  风险提示：人才流失风险、市场竞争风险风险、经济增长不及预期风险等。 2016A 2017A 2018A 营业收入 151 348 1152 （+/-） - 130.16% 231.24% 营业利润 21 80 550 （+/-） - 284.07% 591.25% 归属母公司净利润 33 69 475 （+/-） - 107.39% 584.66% EPS（元） 0.09 0.19 1.32 分析师：于芳 执业证书编号：S1050515070001 电话：021-54967582 邮箱：yufang@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路 750 号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.cn 2019 年 4 月 17 日 电子 科创板电子设备系列之视联动力 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·科创板专题 目录 一、公司概况 ···································································································································································· 3 1.公司简介 ··············································································································································································· 3 2.行业市场快速发展 ································································································································································ 4 3.主要客户 ··············································································································································································· 6 二、财务数据分析 ···························································································································································· 7 三、股权结构及募资情况 ················································································································································· 7 四、公司竞争优势及可比公司估值分析 ·························································································································· 9 1.公司竞争优势 ········································································································································································ 9 2.可比公司估值 ········································································································································································ 9 五、风险提示 ·························································································