电子行业科创板半导体系列之四：和舰芯片

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·行业研究·人工智能 主要财务指标（单位：百万元） 科创板已受理企业名单中，人工智能占据 2 席。截止 4月 15 日，科创板已受理企业达 72 家，其中人工智能公司占2 席，分别为：虹软科技、海天瑞声。虹软科技为我们介绍的第一家科创板人工智能企业。虹软科技是国内领先的第三方手机视觉人工智能算法供应商之一。公司是全球布局的计算机视觉行业领先的算法服务提供商及解决方案供应商，产品应用于智能手机、智能汽车、智能家居、智能零售、互联网视频等领域。  公司视觉人工智能技术领先，实现多领域应用。公司不断探索视觉领域的前沿技术，并利用深度学习等先进人工智能技术不断优化迭代已有算法。经过长期的潜心研究，积累了大量视觉人工智能领域的底层算法，涵盖了人、物、场景三个视觉人工智能的主要研究方向，构建了一套完整的视觉人工智能技术体系。公司对相关算法技术的理论基础、实现方法等有着较为深入的理解和实践。相关核心技术在各类终端设备的使用中实现了较好的应用效果，以人脸识别算法为例，公司的算法技术能够在低光、背光和部分遮挡等场景下保持较高的成功率和较低的误检率。  对标公司估值：公司处于人工智能行业，同行业主要上市公司有科大讯飞、英伟达、谷歌、Facebook 等。截止 2019 年4 月 12 日，公司同行业上市公司的平均 PE（TTM）为 59.9 倍，其中国内同行业公司的平均估值为 110.43 倍，国外同行业公司的平均估值为 26.17 倍。竞争对手中，美股公司谷歌是全球AI 领域的龙头公司，秉承 AIFirst，构建了一整套从硬件到软件 AI 体系，其 PE（TTM）为 27.55 倍，A 股公司科大讯飞是国内智能语音行业龙头，专注于智能语音技术研究，其 PE（TTM）为 151.1 倍。  风险提示：行业景气度不及预期；下游需求不及预期；技术更新换代的风险；市场系统性风险。 2016A 2017A 2018A 营业收入 261 346 458 （+/-） - +33% +32% 营业利润 67 86 207 （+/-） - +28% +141% 归属母公司净利润 80 86 175 （+/-） - +7% +103% EPS（元） 3.33 2.09 0.49 分析师：徐鹏 执业证书编号：S1050516020001 联系人：杨刚 电话：021-54967705 邮箱：yanggang@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 16 日 电子 科创板人工智能系列之一：虹软科技 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·行业研究 目录 一、国内智能手机视觉人工智能算法领航者 ·················································································································· 3 1.公司简介 ··············································································································································································· 3 2.视觉人工智能行业前景广阔 ················································································································································ 4 3 公司主要业务 ······································································································································································· 6 3.主要客户 ··············································································································································································· 9 二、财务数据 ···································································································································································· 9 三、股权结构及融资历程 ··············································································································································· 10 四、对标公司分析及同类公司估值································································································································ 12 五、风险提示 ·································································································································································· 14 规范、专业、创新 请阅读最后一页重要免责声明 3 华鑫证券·行业研究 一、国内智能手机视觉人工智能算法领航者 1.公司简介 虹软科技是国内领先的第三方手机视觉人工智能算法供应商之一。虹软科技是全球布局的计算机视觉行业领先的算法服务提供商及解决方案供应商，产品应用于智能手机、智能汽车、智能家居、智能零售、互联网视频等领域。公司总部位于杭州，在上海、南京、深圳、台北、硅谷、东京、都柏林等地设有商业与研发基地。目前，虹软