麦格理-中国-科技行业（个股-科大讯飞）-智能语音识别

《麦格理-中国-科技行业（个股-科大讯飞）-智能语音识别》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、CHINAMacVisit–iFlytek002230CHNotratedAISpeechRecognitionStockpriceasof12/12/2017RMB61.89GICSsectorInformationTechnologyConclusionMarketcapUS$m13,037AvgValueTraded(3m)US$m557WevisitediFlytek’sheadquartersinHefeiandhostedanAIpanel12mhigh/lowRMB74.76discussionwithmanagement(GCC).Thecompany

2、showsitsambitionPERFY18x95intheAIspaceandourkeyfindingsare:1)iFlytekenjoysmeaningfulP/BVFY18x9.5shareintheChinaspeechrecognitionmarketthankstothestrongbaseofitsiFLYspeech-to-textsolutionandSiri-likeYuDian;2)theadoptionofvariousHistoricalfinancialsunmannedclientsupportservicesfortelecomop

3、erators,financialinstitutions,YEDec(RMBm)2014A2015A2016Aandlawenforcementagencies;3)speechrecognitiondevicesincludingRevenue1,7752,5013,320portableandvehicleuse(Figs3-6);and4)theextensionintohealthcareand%growth41.6%40.9%32.8%drivingwithAI-basedcognitionandpixel-levelimagelabelingabiliti

4、es.EBITDA431499636%growth26.7%15.7%27.4%KeydiscoveriesEPS0.290.320.37SpeechrecognitionisoneofthekeywaystoaccessAI:iFlytekutilizes%growth36.0%12.1%13.9%EBITMargin21.1%17.4%16.8%expertiseinmachineperception(i.e.speechrecognition/synthesis),coveringSource:Companydata,FactSet,Bloomberg,Dec2

5、01722dialectsnationwidewithasuccessrateof98%in2017vs.60%in2010,tolaunchmultiplesmartdevicesandservicesforapplicationsincludingtelecomnetworks(10%of1H17revenue),unmannedclientsupport(5%),Sharepriceperformancevs.SZCOMPeducation(30%),SmartCity(5%),etc.Forexample,iFlytekisintroducinganIndexA

6、I-drivenvoiceassistanttoreplacehumansinareassuchasclientsupportfor180%telecomoperators,financialinstitutionsandlawenforcementagencies,160%achievingbetteruserexperiencewith50%lesstimeand30%moreefficiency.140%120%100%AI+healthcare&drivingtobeenabledbyDeepLearning(DL)extension:80%iFlytekre

7、centlyestablishedaremarkablebreakthroughinAI-drivenhealthcare60%40%anddrivingwithDLcapabilitiesbeyondsimplespeechrecognition(Figs7-8).20%0%Healthcare–iFlytek’smedicalassistantpassedthe‘2017clinicianwritten-20%exam’withascoreof456,wellabovethequalificationrequirementof360,