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本资料是AI在中国的应用：AI领先，半导体正在赶上
8 October 2019 Greater China
EQUITIES
Stock recommendation
Mkt cap 3M ADTO Price
Up-
AI applications in China
Key points?
Key points
? The Chinese government is pouring buckets of money into AI applications; Huawei in semiconductors. China remains far behind in semi, but not AI.
? China’s unique ecosystem of AI gives investors a range of choices. Dependence on US semi is declining, Huawei is leading De-Americanization supply.
? Initiate on iFlytek with N, poor margins cash flow; ‘entity list’ uncertainty, Thunisoft with OP, steady growth and margins, LegalTech leader.
Stock Ticker
(US$m)
(US$m)
(lcy) R TP side
Yonyou 600588 CH 10,743 99 30.89 O 36.60 18%
iFlytek 002230 CH 9,808 147 31.86 N 29.50 -7%
Kingdee 268 HK 3,500 24 8.38 O 9.50 13%
Thunisoft 300271
Thunisoft 300271 CH 2,463 24 21.75 O 31.50 45%
Source: Bloomberg, Macquarie Research, October 2019. Price as of Oct 4, 2019. Yonyou and Kingdee are covered by John Wang.
Comparative valuation
Stock Ticker PE PB ROE
2019E 2020E 2019E 2020E 2019E 2020E
Yonyou 600588 CH 69.8 62.1 9.4 8.9 14% 15%
iFlytek 002230 CH 86.3 70.0 7.7 7.1 9% 11%
Kingdee 268 HK 83.5 59.3 4.3 4.3 5% 7%
Thunisoft 300271 CH 30.0 24.1 3.0 2.7 11% 12%
Source: Bloomberg, Macquarie Research, October 2019. Price as of Oct 4, 2019.
China Software industry PL average: 2018
The Chinese government loves AI automation
China is at the center of AI implementation, at least in terms of government-led projects. Chinese software suppliers’ revenues have been increasing at 20-25% per year for the past five years. We do not think growth will slow down, giving
Revenue CAGR (2014-
18)
Gro ss mar gin
Ope arting ma rgin
23%
18%
71%
public markets investors a unique range of AI investments. The large-scale government projects in China center on the automation of traffic, government processes and the interactions of citizens with government. The internet giants— Baidu, Al
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