千方科技：兼具高清視頻、邊緣計算、智能駕駛等概念于一身
日期(qi)：2019-03-07 16:20:06 來源：凡帝朗
兼具高(gao)(gao)清(qing)(qing)視頻(pin)(pin)、邊(bian)緣計算(suan)、智能(neng)駕駛(shi)等(deng)概念(nian)(nian)，最近，高(gao)(gao)清(qing)(qing)視頻(pin)(pin)、邊(bian)緣計算(suan)等(deng)概念(nian)(nian)大(da)漲(zhang)，公(gong)(gong)司(si)(si)兼具高(gao)(gao)清(qing)(qing)視頻(pin)(pin)、邊(bian)緣計算(suan)、智能(neng)駕駛(shi)等(deng)概念(nian)(nian)于(yu)一身，股(gu)(gu)價大(da)漲(zhang)，后續與(yu)資(zi)金關系更(geng)(geng)大(da)。關于(yu)公(gong)(gong)司(si)(si)能(neng)會(hui)否被收購(gou)或(huo)投(tou)資(zi)的(de)探討(tao)，從(cong)(cong)公(gong)(gong)司(si)(si)控(kong)股(gu)(gu)權角(jiao)度，大(da)股(gu)(gu)東(dong)持(chi)有(you)(you)(you)(you)公(gong)(gong)司(si)(si)38.23%股(gu)(gu)份，質押比例(li)為(wei)57.98%。實(shi)控(kong)制人今年(nian)47歲(sui)，同時擔任(ren)公(gong)(gong)司(si)(si)董事長(chang)和總經理，經營實(shi)權也(ye)一直(zhi)在大(da)股(gu)(gu)東(dong)手上(shang)，從(cong)(cong)大(da)股(gu)(gu)東(dong)角(jiao)度看，沒有(you)(you)(you)(you)股(gu)(gu)權轉(zhuan)讓(rang)賣盤的(de)動機。但其持(chi)股(gu)(gu)比例(li)不低，自13年(nian)就沒有(you)(you)(you)(you)減持(chi)過(guo)股(gu)(gu)份，也(ye)存在減持(chi)引(yin)入(ru)戰投(tou)的(de)可能(neng)從(cong)(cong)產業(ye)角(jiao)度，公(gong)(gong)司(si)(si)從(cong)(cong)事智慧(hui)交通(tong)(tong)和視頻(pin)(pin)監控(kong)業(ye)務(wu)，主要客戶(hu)都是(shi)地(di)方(fang)(fang)政府。地(di)方(fang)(fang)政府資(zi)源是(shi)公(gong)(gong)司(si)(si)核(he)心競爭(zheng)力之一。在智慧(hui)交通(tong)(tong)基數升級V2X的(de)背(bei)景(jing)下，公(gong)(gong)司(si)(si)這(zhe)類解決方(fang)(fang)案(an)(an)提供商(shang)(shang)與(yu)設備(bei)商(shang)(shang)如(ru)(ru)華為(wei)有(you)(you)(you)(you)更(geng)(geng)緊密的(de)合(he)作(zuo)，研發(fa)新(xin)的(de)技(ji)術(shu)方(fang)(fang)案(an)(an)。目(mu)前公(gong)(gong)司(si)(si)與(yu)華為(wei)已經建立這(zhe)種關系。如(ru)(ru)果產業(ye)鏈上(shang)有(you)(you)(you)(you)愿(yuan)意投(tou)資(zi)公(gong)(gong)司(si)(si)的(de)，可能(neng)就是(shi)華為(wei)這(zhe)類設備(bei)廠(chang)商(shang)(shang)，可以更(geng)(geng)直(zhi)接(jie)面(mian)對(dui)客戶(hu)需求。華為(wei)投(tou)資(zi)比較保守(shou)，投(tou)資(zi)技(ji)術(shu)多，與(yu)A股(gu)(gu)交集有(you)(you)(you)(you)兩個暴風影音和昆侖萬維，都是(shi)IPO前進入(ru)，解禁后就推出。
綜上(shang)，大(da)股(gu)東掌控公(gong)(gong)司(si)經營，沒有(you)退出的(de)意思，但有(you)減持套現可(ke)能。從產業角(jiao)度，華為這類核心設備廠商(shang)基于深入合作，獲得地方(fang)政府客戶資源有(you)投資公(gong)(gong)司(si)的(de)可(ke)能，但按華為的(de)投資風格，可(ke)能性較小。
布局車(che)(che)聯(lian)網V2X業(ye)(ye)(ye)務(wu)(wu)，市(shi)場空間(jian)巨大(da)，公(gong)(gong)(gong)司(si)從事(shi)(shi)智(zhi)慧交(jiao)(jiao)通(tong)業(ye)(ye)(ye)務(wu)(wu)，規模交(jiao)(jiao)大(da)，2018年(nian)完(wan)成視(shi)(shi)頻(pin)(pin)(pin)(pin)監(jian)控(kong)公(gong)(gong)(gong)司(si)宇(yu)視(shi)(shi)科(ke)技的(de)(de)(de)并購，智(zhi)慧交(jiao)(jiao)通(tong)業(ye)(ye)(ye)務(wu)(wu)再擴大(da)，且拓展公(gong)(gong)(gong)共安(an)防業(ye)(ye)(ye)務(wu)(wu)。2018年(nian)營業(ye)(ye)(ye)總收入為72.44億(yi)元(yuan)，比(bi)(bi)上年(nian)同期(qi)增(zeng)(zeng)長(chang)35.22%；凈利潤為7.67億(yi)元(yuan)，比(bi)(bi)上年(nian)同期(qi)增(zeng)(zeng)長(chang)64.74%，且預計還要保持平(ping)穩增(zeng)(zeng)長(chang)。公(gong)(gong)(gong)司(si)布局車(che)(che)聯(lian)網V2X業(ye)(ye)(ye)務(wu)(wu)，為C-V2X的(de)(de)(de)標準制定方(fang)(fang)之一，目前已經布局基礎(chu)設施RSU,解決方(fang)(fang)案等產品。預期(qi)V2X將在(zai)(zai)2019年(nian)起(qi)來(lai)啟動建設，公(gong)(gong)(gong)司(si)V2X業(ye)(ye)(ye)務(wu)(wu)逐步落地，后續V2X帶動的(de)(de)(de)智(zhi)能交(jiao)(jiao)通(tong)升級，市(shi)場空間(jian)巨大(da)。并購視(shi)(shi)頻(pin)(pin)(pin)(pin)監(jian)控(kong)業(ye)(ye)(ye)務(wu)(wu)后業(ye)(ye)(ye)績(ji)增(zeng)(zeng)厚明顯，預期(qi)未來(lai)幾年(nian)業(ye)(ye)(ye)績(ji)穩固(gu)。公(gong)(gong)(gong)司(si)在(zai)(zai)2018年(nian)3月完(wan)成對視(shi)(shi)頻(pin)(pin)(pin)(pin)監(jian)控(kong)公(gong)(gong)(gong)司(si)宇(yu)視(shi)(shi)科(ke)技的(de)(de)(de)收購，交(jiao)(jiao)易價格(ge)46億(yi)。宇(yu)視(shi)(shi)科(ke)技主(zhu)要從事(shi)(shi)公(gong)(gong)(gong)共安(an)全和(he)智(zhi)能交(jiao)(jiao)通(tong)的(de)(de)(de)視(shi)(shi)頻(pin)(pin)(pin)(pin)監(jian)控(kong)業(ye)(ye)(ye)務(wu)(wu)，業(ye)(ye)(ye)務(wu)(wu)類似海康威視(shi)(shi)，大(da)華股份。宇(yu)視(shi)(shi)科(ke)技最早源自(zi)于華為與3COM合資的(de)(de)(de)華三公(gong)(gong)(gong)司(si)。其后視(shi)(shi)頻(pin)(pin)(pin)(pin)監(jian)控(kong)業(ye)(ye)(ye)務(wu)(wu)剝離給貝因資本，之后再注入公(gong)(gong)(gong)司(si)，技術優勢比(bi)(bi)較明顯。