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科大讯飞首季扣非净利腰斩 两媒体称800亿市值虚高_www.forex21.cn

时间:2018/4/24 20:27:07 点击:

  核心提示: 4月24日讯 科大讯飞(002230)今日发布一季报。公司2018年一季度实现营业收入13.97亿元...
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4月24日讯 科大讯飞(002230)今日发布一季报。公司2018年一季度实现营业收入13.97亿元,比去年同期增长63.25%;归属于上市公司股东的扣除非经常性损益的净利润为2982.92万元,同比减少46.34%;经营活动产生的现金流量净额为-6.31亿元,同比减少30.63%。

 科大讯飞首季扣非净利腰斩 两媒体称800亿市值虚高

  对于经营业绩,科大讯飞表示,上述经营成果主要系公司业务拓展、销售规模扩大,教育、司法、智慧城市、消费者等业务增长所致。同时,面对人工智能的战略机会窗口期,公司持续加大人工智能相关领域的研发投入,持续加大人工智能开放平台生态体系构建的投入,持续加大人工智能在教育、司法、医疗、智慧城市等重点赛道的市场布局投入。

  相应地,2018年一季度科大讯飞员工规模较去年同期增长近3000人,费用成本对应增加,较大程度上影响了当期税后利润增幅,导致公司当期归属于上市公司股东的扣除非经常性损益的净利润较去年同期下降46.34%。

  截至今日午间收盘,科大讯飞报56.59元,跌幅2.90%。而大盘今日整体上攻,上证综指报3131.52点,涨2.07%;深成指报10517.10点,涨1.81%。

  4月4日,第一财经日报发布《800亿市值190倍市盈率 科大讯飞如何证明自己》。文章称,科大讯飞2017年的成绩单并不那么让人满意。业绩增长戛然而止,54.45亿元的营收仅有4.35亿元的净利润,创下上市以来首个负增长。

  收购并表及政府“大礼包”就占了净利润逾六成,让科大讯飞的业绩含金量大打折扣。而2017年花掉的11亿元研发投入,超5亿元被资本化处理,巧妙转入无形资产“寅吃卯粮”,等待未来摊销。

  某外资机构的投资总监在接受采访时,也直言不会布局科大讯飞这类股票,估值和盈利同样是最大的顾虑。在其看来,科大讯飞具有良好的基本面,但结合当前的估值来看,上涨逻辑并不明确。“现在这么贵,成长性已经一定程度透支了。”

  4月23日,投资者报发布《科大讯飞被指“寅吃卯粮”不足5亿利润撑起800亿市值》。文章称,科大讯飞2017年年报数据来看,营业收入约54.45亿元,同比增长63.97%,创下上市以来的最大增幅;归属于上市公司股东的净利润约为4.35亿元,较上年下滑10.27%,这也是科大讯飞上市以来净利润首度出现负增长,增收未增利。

  业界一直认为科大讯飞“利润含金量不足”。而除了并购和政府补贴贡献大半利润以外,科大讯飞的应收账款和存货还都出现不同比例的增长。

  截至4月19日,科大讯飞的总市值为802.66亿元,市盈率为184.66倍。不到5亿元的利润支撑,800多亿的市值还能走多远?这是需要投资者持续关注的问题。

 

In April 24th, Xun Fei (002230) released a quarterly report today. The company achieved 1 billion 397 million yuan in the first quarter of 2018, up 63.25% compared to the same period last year; the net profit of the shareholders of the listed company was 29 million 829 thousand and 200 yuan, and the net profit of the non recurrent profit and loss was 29 million 829 thousand and 200 yuan, and the net amount of cash flow generated by the operating activities was -6.31 billion yuan, which was 30.63% less than that of the same period.

 

As for the performance of the company, the results are mainly due to the expansion of the business, the expansion of the sales scale, and the growth of the business, such as education, judicature, intelligent cities, and consumers. At the same time, facing the strategic opportunity window of artificial intelligence, the company continues to increase the R & D investment in the field of artificial intelligence, and continue to increase the investment in the construction of the artificial intelligence open platform ecosystem, and continue to increase the input of the market layout of artificial intelligence in the key races of education, judicature, medical treatment and intelligent city.

Accordingly, the size of the employees in the first quarter of 2018 increased by nearly 3000 compared with the same period last year, and the cost cost increased correspondingly, which greatly influenced the increase of the profit after tax, which resulted in the net profit of the company belonging to the shareholders of the listed company which was deducted from non recurrent profit and loss by 46.34% compared with the same period in the same period.

As of noon today, the HKUST reported 56.59 yuan, or 2.90%. And the overall market upside today, the Shanghai composite index reported 3131.52 points, up 2.07%; Shenzhen composite index reported 10517.10 points, up 1.81%.

In April 4th, the first financial daily released "80 billion market value 190 times price earnings ratio" how to prove itself. According to the article, the transcript of HKUST's 2017 flight was not so satisfactory. The growth rate has stopped abruptly, and the 5 billion 445 million yuan revenue has only 435 million yuan net profit, the first negative growth since the listing.

The acquisition and the government's "gift package" accounted for more than 60% of net profit, which greatly reduced the performance of IFC's performance. In 2017, $1 billion 100 million spent on R & D investment, over 500 million yuan was capitalized, and transferred to intangible assets "ready to eat", waiting for future amortization.

In an interview with the director of investment of a foreign investment organization, he also said that he would not arrange the stock of the company, and the valuation and profit were also the biggest concerns. In its view, the HKUST has a good fundamentals, but combined with the current valuation, the logic of the rise is not clear.  "Now is so expensive, growth has already been overdrawn to a certain extent."

In April 23rd, the investor newspaper issued a report that the company was accused of "eating less than 500 million of its profits" and supporting 80 billion of its market value. The article said that the annual report data of the 2017 year's report showed that the operating income was about 5 billion 445 million yuan, up 63.97%, the largest increase since the listing, and the net profit attributable to the shareholders of listed companies was about 435 million yuan, down 10.27% from the previous year. Li.

The industry has always believed that IFC's "profit margins are insufficient". In addition to mergers and acquisitions and most of the profits from government subsidies, the accounts receivable and inventories of HKUST's information technology have also increased in different proportions.

As of April 19th, the total market value of HKUST was 80 billion 266 million yuan, and the P / E ratio was 184.66 times. Less than 500 million yuan of profit support, how far can the market value of about 80000000000 go? This is a problem that needs the constant concern of investors.

 

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