Partners become opponents, the first three quarters net profit fell 39.45%
Ma Xiulan, Wu Ke Zhong
Head of 'artificial intelligence first stock' aura, IFT (002230.SZ) market value once exceeded 100 billion yuan mark.However, 'want to wear the crown, will bear its weight', this A-share market is hot Star business, in the fame at the same time, the challenges encountered by one after another.
The first three quarters of this year, IMC fly to achieve revenue of 3.387 billion yuan, an increase of 58.16%; net profit of 169 million yuan, down 39.45%. Cheung Kong Xue Xuekui, Professor of Business to the "China Business" Performance performance can be described as' appalling. '' Sales growth, net profit does not increase or decrease, indicating the company sales revenue decreased gold content deducted if other benefits, the company can be said to be almost no profit. 'Xue Yunkui said,' can assert that this is almost a Not a profitable high-tech company. '
Not only that, on November 30 this year, Baidu announced a full range of audio technology interface free permanent open, the former partners with the Division Itexam turned into a competitor and Baidu and Qualcomm also cooperate in the field of chips, not In the face of the Internet giant 'encirclement and suppression', IETF responded to this reporter's reply that IFT not only mastered the back-end voice and language technologies, but also possessed obvious Technical advantages, based on these advantages, IFT and Intel, Qualcomm and other influential chip makers have maintained close communication and cooperation.
High market value and stock price
Public information, established in 1999, IETF is a national key software enterprise specialized in intelligent voice and language technology research, software and chip product development, voice information service and e-government system.
As the leader in China's smart voice and artificial intelligence industry, it has the leading international achievements in many technologies such as speech synthesis, speech recognition, spoken language evaluation, natural language processing, etc. It is the only one in China that uses voice technology as National 863 Project Achievements Industrialization Base "," Key Software Enterprise in National Planning Layout "and" National Hi-Tech Industrialization Demonstration Project "in the direction of industrialization.
In 2008, ITC successfully landed on the A-share market, and since its listing, its performance has been growing rapidly. Its revenue in 2008 was 258 million yuan, reaching 3.32 billion yuan in 2016, a compound annual growth rate of 37.66%.
In addition, Itexamteys mergers and acquisitions are also more and more since the listing of listed companies. In 2013, Itexamte bought 100% equity of Qiming Technologies; in 2014, it acquired 100% equity of Shanghai Ruiyuan; in 2015, it acquired 60% of Qiming Toys and Anhui Xin Investment 18.6% shareholding. In 2016, the acquisition of 100% equity interest in Le Zhixing and 23% shareholding in both of them will take place.
According to the statistics of reporters, the number of newly-added subsidiaries of HKTDC was 13, 10 and 18 respectively in 2014, 2015 and 2016. The contribution of the profits of subsidiaries to the performance of IMB is also increasing year by year. Subsidiaries contributed profits accounted for 62.56%.
However, ISTF responded to a reporter's remark that it will not conduct strategic acquisitions outside the main navigation channel in order to expand its reporting. UFIC said that these mergers and acquisitions are endogenous mergers and acquisitions. In order to speed up the business layout, M & Integrated into the business product system, the business segment has been rapidly replenished, and at the same time, M & A business in the development of a better combination of core technologies of artificial intelligence to enhance product competitiveness also has a very good role in promoting.
'In the third quarter of this year's investor exchange meeting, we also disclosed that more than 1 billion mergers and acquisitions have been launched since the listing of iFLYTEK, accounting for 70% of all foreign investment, we can see that either revenue or gross profit, accounting for Is only a small fraction of the 14.6%, said ICBC Newsfly.
In the meantime, from the beginning of June, the shares of UC Berkeley have risen by more than 110% in more than two months and reached 70 yuan at the highest price per share , The market value once exceeded 100 billion yuan mark.But on August 28 this year, Itex IFRS shares fell 8%, closing a 6.57% decline in turnover of up to 11.787 billion yuan.
Artificial intelligence is considered the new breath of the Internet.It is generally believed that being "artificial intelligence first unit," the IDF, its high market capitalization and stock prices and the concept of artificial intelligence is not unrelated.
The reporter noted that another company with state-owned background and artificial intelligence concept (60.630, 2.24, 3.84%) (300678.SZ) continued to rise nearly one month after its listing on July 28, 2017, and August 24 On the day, its stock price has risen more than seven times the issue price.
Guoyuan Securities Research Center, senior researcher Zheng Min CCTV Financial Channel said in a commentary, the HKUST Flying is not a cheap stock, the dynamic price-earnings ratio once amounted to 400 times, the dynamic price-earnings ratio of the Division of Information 200 times, two stocks are very risky.
Xue Yunkui told this reporter: 'If investors only chase the concept and neglect the financial performance of the company, resulting in such as IMC shares are seriously over-estimated shares, the risk is huge, completely detrimental to the long-term healthy and stable development of China's securities market. Like "the house is used to live, not used to speculation," the same reason, the growth of the company's share price is up, not speculation up if ItexteFly can maintain the rapid growth of sales and profits simultaneously, it is The key to a company that has an investment value lies in how we judge its growth rather than turning a blind eye.
Value and concept controversy
In August of this year, Xue Yunkui made a statement that the risk of the company is huge. She questioned the company's financial performance with a bright appearance but with low gold content and unsustainable profits.
According to the TekBIS fly-by-third 2017 quarter report, the first three quarters of this year, its revenue 3.387 billion yuan, net profit of 169 million yuan, down 39.45%. Public information shows that there are public funds, securities firms, Reduced holdings.
XUE Yun-kui told reporters that ITC's profit level dropped dramatically, can be described as' appalling. '' Sales growth, net profit without a drop, indicating that the company sales revenue decreased gold content if deducted other benefits, the company can say Almost unprofitable last year, a profit of 497 million yuan, of which more than 57% of the profits made up of government subsidies and investment income can be asserted that this is almost a non-profitable high-tech companies.
For the government support for the issue year after year, in the third quarter investors exchange meeting, IFC Chairman Liu Qingfeng responded that the first three quarters of the first ten quarters of investment in research and development on a total of 792 million yuan, accounting for revenue accounted for 23.38 %; The total amount of subsidies from the government is 101 million yuan, of which software value-added tax rebates 43.2 million yuan, 58.77 million yuan other subsidies. Software value-added tax refund is paid after tax paid, no tax is not paid, accounting for less after this , Everyone can make a clear judgment.
On December 13, an article titled "ITRO: why do not you fear Baidu is afraid of the New Oriental?" The article mentions that while Technology UFIDA is a high-tech enterprise, from a product perspective, IFCF is more like An advanced educational field of enterprises and backward information engineering enterprises.
According to HKEx's report for the year of 2016, the two businesses with the largest share of revenue of the company were Education Products and Services and Information Engineering, accounting for 27.44% and 25.07% respectively. The gross profit margin of the former business was as high as 55.71% An increase of 34.28%, but the above article suggests that similar technologies and systems such as SITA's Smarter Classroom have been in business ten years ago, while the gross profit margin of information engineering business was only 15.56%, but the growth rate was 22.8%. In contrast, the telecom value-added products with gross profit margin of 84.73% accounted for only 12.17%.
In addition, the reporter found that the products and solutions, products and solutions, human-computer interaction products and solutions, IT hardware products, smart city operation, etc. of ITC's customer service industry directly and literally can be seen from the literal and artificial intelligence-related businesses accounted for 5.87% , 4.82%, 1.06% and 4.63% respectively, accounting for less than 20% of the total revenue. However, IETF emphasized that it is based on speech recognition technology and has made breakthroughs in various artificial intelligence technology sub-fields and is now empowering all walks of life.
In a reply to reporters, IETF stakeholders said that artificial intelligence is divided into three levels: computing intelligence, perceiving intelligence, cognitive intelligence, computing intelligence is to allow the machine to store accounting, the perception of intelligence is to allow the machine to hear that can Seeing to recognize that cognitive intelligence is the solution to the problem that machines can understand and think, IFT mainly focuses on perceptive intelligence + cognitive intelligence. Therefore, it focuses on human-computer interaction products, intelligent customer service, smart car, smart city, education, Medical, Judicial and other fields, can be used as the main business of iFLYTEK.
In November of this year, IFTFI released 10 AI + products and 4 consumer products in a breath, including 5 AI + educational products, 2 AI + customer service products and 3 AI + medical products. Product application scenarios include AIUI2.0 system, XFX translator 1.0+, FEIYU2.0, XFX and other flying microphone system.
However, Xue Yunkui that 'technology is yours, the business may not be yours.' Xue Yunkui said in an interview with this reporter, 'No matter what the valuation model, the company's share price determined by the performance of the company, rather than the concept of decision .High-tech companies The reason why the stock market has been thriving because of the rapid growth of high-tech companies rather than high-tech concept.No rapid growth of high-tech companies can not create wealth for the shareholders of high-tech companies, it is just a concept rather than have Investment value.
BAT 'encirclement and suppression'
Recently, among the first batch of national artificial intelligence open and innovative platform lists released by the Ministry of Science and Technology, BAT (Baidu, Aliyun and Tencent), the three giants of the Internet, was also short-listed in addition to IETF.
BAT and other platforms free strategy is 'grab food' market, which also let the outside world on the future of iFLYTEK expressed concern.But iFly responded that baidu and other platforms free iftek will not have a significant impact, free The general strategy of mobile Internet.Baidu voice platform is free before the open.IndustryInfo open platform for developers to provide intelligent voice interactive capabilities, universal capabilities are free.And from the technology licensing model accounted for the proportion of operating income of 3 % ~ 4%.
A car networking field told reporters that the company started last year replaced all the voice engine Baidu Department. In its view, Baidu and Qualcomm, the engine directly to the chip level, has ecologically won the upper hand. Industry, who first formed ecology who won.
The concern of the outside world is that in the long run, ItexamTech is ecologically short on BAT, and in response to this reporter, ISTAC responds to this reporter that ISTC sticks to the strategy of "platform plus racetrack." Through open Platform, Itexam provide the industry with artificial intelligence technology capabilities, integration of background content and services, building a continuous closed-loop iteration of the ecological system. As of November 2017, Itex format of the total number of open terminals has reached 1.5 billion terminals, the development The number of teams has reached 460,000.It is also verified by the business model of ITC's Open Platform: HKUST's big data advertising business of Open Platform has seen revenue growth of 241% in the first three quarters of 2017.
IETF said it has a strong 'moat' in education, health care, justice, automotive, customer service and other areas, and its competitors are hard to beat in the short term. For example, in the field of education, S & T Ionics has covered 13,000 The school, there are already two-thirds of the top 100 schools in use, we consider more 'application is the last word' to activate the market. "HKUST Reply to this reporter said.
Liu (a pseudonym), a domestic intelligence education company, told the reporter that after the deep learning of related applications, the current technical threshold has been gradually reduced, and the competition of 'people with me, excellent quality' has come from the stage of 'people without me' Stage.From the early layout of TekBOS in terms of the more forward-looking layout, and in the technology after more than 10 years of accumulation also has some advantages, but also faces not only the challenge of such a company BAT, such as Si Bi Chi newborn The challenges of some vertical domain segmentation companies are beginning to emerge.
Liu believes that in the vertical field of education industry, IETF fly relatively long, but also more advanced, from early to do all subjects of examination-oriented education training and intelligent voice-related Putonghua evaluation, assessment of the English test business, these Business really does not overlap BAT, so in this area IFT has a certain partition, more advantages over time, but in some other vertical areas will be bundled with some challenges.
In fact, in the field of education, health care, justice, automotive, customer service and other fields have made hair fly.Liu think, ISTF at these points if you can hold three or four, the future development is imaginative, The challenge, however, is that there are more players at these points and it is not easy to keep a single point. There are a bunch of players involved in autopilot, and startups and companies like BAT are doing it.
A field of industry IOT told reporters that IETF voice technology is indeed higher in dialect recognition degree compared to other platforms, but for now there is no substitute for several products, Baidu offers more comprehensive technology is a complete set Solutions, in addition to voice technology, including visual and audio technology, etc. 'AI tools Baidu can provide include visual and audible technologies to detect non-audible signals such as ultrasound and noise, along with voice, Scenarios for Scene Monitoring and Analysis Products Some young companies like us, as well as the younger team of start-up companies, have a limited staffing and hopefully a single brand will deliver a complete solution.