Recently, KU Xunfei was hundreds of institutions piled up research, has become a "group new favorite" momentum. On the other hand, the company "big action" frequently, including personnel changes, management structure adjustment, business layout into the harvest period, the fundamental inflection point has emerged. This may be its recent trend of strong, market value breakthrough 100 billion of the new logic.
February 28 announcement shows that KU Xunfei ushered in nearly 100 institutional research. Since July last year, KU Xunfei research fever increased significantly, more than a hundred institutions piled up research, seems to suggest that the company is expected to become a new favorite of the institutional reporting group.
Previously, due to the artificial intelligence business of KU Xunfei increased revenue does not increase profits, in the capital market has been subject to controversy; coupled with the complexity of its business, the cost-effectiveness of investment and research is relatively low, the agency has not been highly motivated. As a market value of hundreds of billions of giant, KU Xunfei fund shareholding ratio is significantly lower than the industry, can be described as a large company in the "institutional cold stock".
It is worth noting that the recent KU Xunfei action frequently, business structure and performance seem to usher in a fundamental inflection point. With the artificial intelligence industry boom degree, industry unicorns listed one by one, KU Xunfei as A-share artificial intelligence big brother, valuation is also expected to rise.
Institutional research
Since last year, KU Xunfei's institutional research fever has increased significantly. The previous KU Xunfei institutional participation is extremely low, 2020 at the end of the second quarter, the proportion of the company's fund position in the computer plate market value of the top ten companies ranked in the penultimate, far below the average level.
During the year 2020, Tech Data was researched 15 times by institutions, equivalent to the sum of the number of research in the four years of 2016-2019, and disclosed only one investor relations activity in the whole year of 2019, and five times in 2018. Specifically, many of these research activities in which the number of institutions breaks the hundred, making KDDI frequently pick A-share listed companies subject to institutional research list of laurels.
Analytical views that the previous KU Xunfei less important reason for institutional positions is that its business line is too complicated, in-depth tracking is not cost-effective. The company is involved in education, politics and law, consumer, smart city, medical, automotive and many other industries, and part of the business line contains a number of segments, the research cost is too high. Now the company and the marginal change in the industry face has been very certain, so in the research cost and position mismatch, the market funds gradually began to choose to intervene.
But from the recent market point of view, KU Xunfei shock violent, institutions seem to be in a wait-and-see game stage.
The stock price, in February 23, a stop, hit a record high, KU Xunfei quickly ushered in a wave of substantial adjustment, three consecutive trading days fell to 15%. Such a "roller coaster" market is not accidental, just a month ago, KU Xunfei just staged a similar drama. 5 trading days from January 19, the company's shares rose continuously, the cumulative rate of increase of nearly 15%, and then 5 trading days and fell to nearly 10%.
On the financial side, the recent KDDI transaction is quite active. March 1 data show that the main force, 20 days net outflow of 1.75 billion yuan, 5 days net outflow of 890 million yuan; Hong Kong capital, 60 days net inflow of 1.111 billion yuan, the last 3 days net outflow of 1.007 billion yuan. In addition, 10 block trades occurred in the last 60 days, including 5 discount trades and 1 premium trade.
In the last three months, KDDI*** on the LW list four times, all show daily net buying higher than 150 million yuan. Specifically, three of them for the stop, a stop; of which three daily turnover of more than 3.5 billion yuan. January 21, KU Xunfei net buying that day up to 663 million yuan, the turnover of the day up to 6.802 billion yuan, but also shows the trading heat of the high.
It is worth mentioning that on February 3, KU Xunfei's plunge for the afternoon flash crash in stock prices, and ultimately sealed the closing of the downturn, the day's turnover of more than 4 billion yuan, the market value of less than 100 billion. After-hours data show that the Shenzhen Stock Exchange bought 440 million yuan and sold 290 million yuan, two organizations sold a total of 143 million yuan.
For the substantial fluctuations in the share price of the market concerns, the way to respond to the KU Xunfei: adjusted upward the lower limit of the range of the full-year earnings forecast. On the day of the flash crash, KU Xunfei released an announcement stating that, due to the continued improvement in the fourth quarter, based on the progress of the latest financial audit, the range of performance expectations is further clarified to: 2020 annual cumulative net profit of 1.229-1.393 billion yuan, an increase of 50%-70% year-on-year.
And according to the company's three-quarterly report released on October 27, the company's full-year performance guidance is that it expects to achieve a net profit of 1.065-1.393 billion yuan in 2020, a year-on-year increase of 30%-70%. In other words, the updated version raises the lower end of the range by 20 percentage points.
The company "big action" frequently
Since last year, KU Xunfei in the high-level structure and business strategy "action frequently", transformation and reform speed. The company's business is a very important part of the company's success. To improve operational efficiency
Personnel structure, the company within a year **** issued seven personnel change announcement, management structure reform acceleration, and now has advanced to the "autocratic presidential system".
February 7, KU Xunfei released heavy personnel changes, in order to make the chairman of the energy more focused on the company's future development strategy, the company's core mechanism of the construction, while strengthening the cultivation of talent, Chairman and President Liu Qingfeng will resign from the post of President of the company, and appointed Mr. Wu Xiaoru for the President of the company, is responsible for the company's regular business management.
It is reported that since April 2009, the president of the company's production and management work has been chaired by the chairman of the board of directors of the company, in the state of centralized management. In order to achieve better hierarchical management, the company has been exploring the implementation of the "rotating president system" since 2014, initially in the internal management of the division of labor; now evolved to the "special president system", the division of labor and decentralization, the company is expected to further enhance the efficiency of the operation.
In terms of business operations, with the acceleration of intelligent applications in various industries, the company's productization continues to promote the scale effect and profitability is expected to be further enhanced.
In the education business, since last year, KU Xunfei continuously won the regional education project large single. 2020 first half of the year, the company in the field of education, the amount of winning the bid year-on-year growth of 175%. Among them, Bengbu City smart school construction project bid amounted to 1.586 billion yuan, Qingdao West Coast New District "according to the material teaching" artificial intelligence + education innovation application demonstration area project bid amounted to 859 million yuan. At present, the above two projects have basically completed the year delivery plan, the product has entered the normal use.
In the medical business, KU Xunfei is also expected to enter the harvest period. The company has been laying out its medical business since 2015, and will achieve break-even in 2019. At present, Xunfei Smart Medical Assistant has been put into use in nearly 100 counties and districts, more than 2,000 townships and medical institutions, and more than 20,000 village-level medical institutions in 11 provinces, such as Tibet, Inner Mongolia, Qinghai, Zhejiang, Beijing, Guangdong, Fujian, and other ****.
It is worth mentioning that the recent KU Xunfei real controller strong "bag" more than 2 billion yuan of large rated increase, but also highlights the future development of the company's confidence.
January 19, KU Xunfei announced that it intends to one of the real controllers Liu Qingfeng and his control of the enterprise speech knowledge technology fixed capital raising 2.0-2.6 billion yuan, after deducting the issuance costs will be used to supplement working capital. The issue price is 33.58 yuan / share, the number of shares issued 59.56-77.43 million shares.
KU Xunfei said that the company's real controller, Mr. Liu Qingfeng, and the company's long-term interests and ****, the fixed increase will strengthen the stability of the company's control after completion. Before the fixed increase, the company's real controller Liu Qingfeng and KU Holdings combined control of the company's voting rights of 16.17% of the shares, at a low level. Measured according to the issuance of the upper limit, after the completion of the fixed-income increase, the proportion of voting rights controlled by the company's real controllers became 18.99%, consolidating the control position.
On the other hand, after this issue, the company will obtain sufficient liquidity, which is conducive to optimizing the company's capital structure, improve risk resistance, and further meet the needs of the core business growth and business strategy layout; it is also conducive to the company's rapid development of the artificial intelligence industry to seize the strategic opportunity to lead the industry development.
AI stock year, pushing up the valuation
From the industry level, the AI industry accelerates the development of boom degree continues to push up, is conducive to the harvest of KU Xunfei higher valuation.
First is the growth of the demand side. Catalyzed by the 2020 new crown epidemic, AI applications accelerated the popularity, and now has been widely used in robotic screening, image-assisted diagnosis, distance learning, unmanned distribution and other fields. After the epidemic era, in education, health care, logistics and other key tracks of AI applications, or can soon see the inflection point of the outbreak of external demand.
Secondly, the policy side of the support. 2021, as the opening year of the 14th Five-Year Plan, will also play a booster role for the development of the AI industry. Some experts point out that, combined with a new generation of artificial intelligence development plan in China years ago, it is expected that by 2030, the scale of the core industry of artificial intelligence is more than 1 trillion yuan, driven by the scale of the relevant industries more than 10 trillion yuan, to cultivate high-end and efficient smart economy, which is a sign of the deep cultivation of artificial intelligence track players will usher in a greater opportunity.
What's more, with the AI unicorns intensively landing on the KCSE with high valuations in the primary market, KU Xunfei, as the AI leader in the A-share market, as well as one of the few companies in the industry to achieve profitability, is expected to be valued at a much higher level.
The data shows that with the opening of the Science and Innovation Board in 2019, the listing process of AI companies has accelerated significantly. 2019 HongSoft Technology (machine vision algorithms) landed on the Science and Innovation Board; in 2020, Stone Technology (intelligent sweeping robots), Cambrian (AI chips), and Nine Company (intelligent electric scooters) are also close behind.
At present, there are Haitian Ruixing, Yi Tu technology, cloud sound, cloud from the technology, cloud sky Reed Fei and many other AI companies have disclosed the prospectus, in addition, the same as the AI four dragons of the Shangtang science and technology, Kuangwei science and technology, etc. have also reported plans to go public, industry insiders expect that 2021 will be the year of the IPO of artificial intelligence enterprises.
For 2020 performance high growth, and in 2021 AI and new energy vehicles under the double wind mouth, the medium and long term opportunities of KU Xunfei may have just begun, and even market participants will be the long-term valuation to see nearly two hundred billion.
Some analysts estimate that, taking into account the accelerating trend of the AI industry, the company's leading premium, as well as performance/productization rate to improve the trend, to be KU Xunfei "buy" rating, 12 times PS in 2021, the target market value of 1,986.5 billion.