计算机行业科创板传媒专题之一：木瓜移动

规范、专业、创新 请阅读最后一页重要免责声明1 华鑫证券·科创板报告 证券研究报告·传媒系列 主要财务指标（单位：百万元） 截止4月8日，科创板已受理企业达50家，其中传媒公司占1席，即木瓜移动。本期我们主要介绍该公司。木瓜移动是一家依靠自主研发技术进行大数据处理分析的公司，主要利用全球大数据资源和大数据处理分析技术为国内企业提供海外营销服务，具体包括搜索展示类服务和效果类服务。公司将客户资料及商品信息通过技术手段推送到全球媒体，向全球用户进行展示和推广。公司的营销服务网络遍布北美、东南亚、南亚、中东、东欧等地区，在全球布置了14个大数据中心，业务覆盖一带一路沿线65个国家和地区。  近年来我国高度重视大数据产业发展，我国大数据产业发展迅猛。大数据核心产业规模2017年为234亿元，同比增长39%，预计2018年为329亿。中国大数据市场虽起步晚于美国，但受BAT等大型互联网企业的推动，国内互联网巨头大数据应用也处于国际先进水平，受益于国内电商行业的跨越式发展，大数据精准营销依旧是大数据商业化的主要变现方式之一。程序化购买作为大数据营销主要依赖模式支出不断提升。  公司具有覆盖全媒体资源，形成了多领域的客户资源优势，拥有较强的数据积累和技术优势。公司是中国首批涉足全球程序化投放的企业之一，已经形成了全套拥有自主知识产权的大数据业务系统。公司进入行业较早、覆盖媒体广泛，在互联网科技出海的业务领域建立起了良好的口碑和客户关系，培育了一批高质量的客户。目前已经积累了超5000多家企业客户，形成了多领域的客户资源优势。  对标公司估值。公司主营业务是大数据营销。我们选取了主营业务同类的上市公司，分别是：华扬联众、利欧股份、蓝色光标、中昌数据、佳云科技、美股SRAX，其中，SRAX股价、总市值以及EPS是按照当日汇率折算成的RMB价格。截止2019年4月9日，公司同行业上市公司（剔除亏损和市值小于10亿）的平均PE（TTM）为43.8倍，由于大数据营销行业整体增速较快、需求旺盛，市场给予了较高的估值溢价。  风险提示：人才流失风险、市场竞争风险风险、经济增长不及预期风险等。 2016A 2017A 2018A 营业收入 565 2279 4328 （+/-） - 303.51% 89.89% 营业利润 42 66 95 （+/-） - 55.42% 44.59% 归属母公司净利润 34 62 83 （+/-） - 79.85% 35.11% EPS（元） 0.51 0.91 1.23 分析师：于芳 执业证书编号：S1050515070001 电话：021-54967582 邮箱：yufang@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路750号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.cn 2019年4月10日 计算机 科创板传媒系列之一：木瓜移动 规范、专业、创新 请阅读最后一页重要免责声明2 华鑫证券·科创板专题 目录 一、公司概况 ···································································································································································· 3 1.公司简介 ··············································································································································································· 3 2.行业市场快速发展 ································································································································································ 3 3.主要客户 ··············································································································································································· 5 二、财务数据分析 ···························································································································································· 5 三、股权结构及募资情况 ················································································································································· 6 四、公司竞争优势及可比公司估值分析 ·························································································································· 7 1.公司竞争优势 ········································································································································································ 7 2.可比公司估值 ········································································································································································ 8 五、风险提示 ···································································································································································· 8 图表1公司商业模式 ............................................................................................................................ 3 图表2全球大数据核心产业规模(亿美元) ........................................................................................ 4 图表3中国大数据核心产业规模（亿元） ........................................................................................ 4 图表4 2014-2019年全球移动广告支出图 ........................................................................................ 4 图表5 2012-2018年中国广告市场规模 ............................................................................................ 4 图表6 2015-2019年美国程序化购买广告支出图 ............................................................................ 5 图表7 2015-2019年中国程序化购买广告支出 ................................................................................ 5 图表8 2018公司前五大客户 ............................................................................................................... 5 图表9 2018年公司营收划分（按产品） ........................................................................................... 6 图表10公司营收、净利润及扣非净利润 .......................................................................................... 6 图表11 公司毛利率和ROE ................................................................................................................ 6 图表12公司研发投入 .......................................................................................................................... 6 图表13公司股权结构 .......................................................................................................................... 7 图表14募集资金用途 .......................................................................................................................... 7 图表15 主要竞争对手及部分重要同行业公司估值（截止2019年4月8日） ........................... 8 规范、专业、创新 请阅读最后一页重要免责声明3 华鑫证券·科创板专题 一、公司概况 1.公司简介 木瓜移动是一家依靠自主研发技术进行大数据处理分析的公司，