This report is read as follows:
Steering artificial intelligence is imperative, set up an industrial fund to accelerate resource integration, participate in Turing, Fengshi interactive start the prelude to the transformation strategy of artificial intelligence, maintain the target price of 12.1 yuan.
Main points of investment:
Maintain the "overweight" rating, with a target price of 12.1 yuan. The market believes that the company's transformation is only limited to taking shares in a number of companies, but we believe that the move of transformation is imperative, and it is expected to speed up resource integration through the establishment of an industrial fund with the help of professional teams. Turing and Fengshi interaction is only the tip of the iceberg, and the follow-up emerging industry strategy with artificial intelligence as the core will be firmly implemented. Regardless of the thickening of the performance brought about by the extension, it is estimated that the EPS in 16-17 will be 0.06max 0.07 yuan (down 50% by 50%). With reference to comparable artificial intelligence listed companies (iFLYTEK, Oriental Netpower, Citrix, etc.) with a market capitalization of more than 10 billion yuan and the company's follow-up positioning, we will maintain the target price of 12.1 yuan and "increase" the rating.
Steering artificial intelligence, layout Turing front in order to seek the third generation of human-computer interaction core. Since taking a stake in Turing Robot in September, the company has been making a non-stop transition to artificial intelligence. As a leader in semantic analysis of intelligent robots in China, Turing Robot holds the world's leading Chinese semantics (recognition rate > 90%) and the core technology of cognitive computing. AI-level operating system TuringOS enables robots to form multi-modal interaction with people, giving them recognition and expression of human emotions. The company's 10% stake in Fengshi Interactive focuses on visual interaction, and some products have realized gesture interaction in areas such as VR/AR and intelligent cars. Visual interaction and voice interaction will form the third generation of human-computer interaction, providing a three-dimensional means of human-computer interaction for the new generation of intelligent hardware.
Set up industrial funds to speed up the integration of resources. 2016, as the first year of artificial intelligence, ushered in milestones such as AlphaGo's victory over Lee Shishi, and the company is more determined to take this transformation to the extreme. Through cooperation with brother companies such as Rushan Capital and the establishment of emerging industry funds (accounting for 30%), with the help of professionals and high-quality project libraries to accelerate the layout of emerging industries with artificial intelligence as the core, the company is now actively expanding into areas such as intelligent driving and pattern recognition.
Catalyst: the epitaxial layout around artificial intelligence; the launch of popular Turing robot products.
Core risk: weak demand in the downstream of the civil explosion industry.
