关于马可数字科技估值的激烈辩论

中国/香港股票研究 2023年8月21日 马可数字科技(01942.HK) 关于马可数字科技估值的激烈辩论 近日，马可数字科技（股票代码1942.HK）引起了广泛的关注和讨论，既有投资者视其为下一个金融科技巨头，亦有投资者质疑其业绩，而更多的投资者在这一片讨论声中处于观望态度。在寻找真相的路上，我们常常需要把一只股票和同类型的其他股票进行对比才能得出结论。在此我们结合大数据分析方法，从数据对比的角度，给大家提供一些参考。 马可数字科技的盈利能力引起了市场人士的激烈讨论，类似现象在其他高科技公司的早期发展阶段也出现过 大数据模型发现，市场上关于马可数字科技能否实现营收和利润增长的讨论越来越激烈。类似情况在许多目前全球领先的高科技公司的早期发展阶段也出现过。这些公司包括亚马逊、谷歌、脸书、苹果和特斯拉。模型总结了过去关于各公司的争议话题如下表所示。 Bai Jing Huang首席分析师,科技行业baijing.huang@deepmindcap.com 关于马可数字科技估值的激烈辩论大数据模型发现，市场上关于马可数字科技的激烈辩题，除了基本面外， 还有公司的高估值是否合理。模型研究了长期的历史数据，从统计角度分析这是正常现象。几乎所有高增长的公司都曾经显得十分的昂贵，但是拉长时间轴后会发现，这些曾经的高估值仍然给投资者带来了丰厚的回报。在下表中提供了一些高科技公司在达到市销率(P/S)峰值后成为多倍股的例子。平均而言，这些公司的峰值市销率为29.5倍，而在达到峰值后的平均回报率超过了2057%。 PLEASE REFER TO PAGE 3 OF THIS REPORT FOR IMPORTANT DISCLOSURE AND ANALYST CERTIFICATIONINFORMATION.Deepmind Capital Limiteddoes and seeks to do business with companies covered in its research reports. Asa result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision. 盈喜报告的横向对比 大数据模型还检测到该公司最近的财务盈喜，触发了模型对科技公司超预期特征进行回测。模型发现领先的科技公司具有持续超越市场预期的记录： 与某领先金融科技企业M进行特征对比 此外，马可数字科技推进的数字人民币项目，是中国未来十年金融领域的重中之重。数字人民币有助于通过更丝滑的跨境交易促进人民币的国际化，降低交易成本，增强数字人民币的可用性。数字人民币使中国在国际贸易中拥有更大的控制权，减少对美元的依赖。通过与“一带一路”倡议相结合，数字人民币可以促进全球范围内的人民币使用，其创新的科技属性可吸引更多国际用户。而其透明和安全的交易机制堪称全球最高标准。所有这些特性都将有助于人民币在全球金融系统中逐渐替代美元。 希望以上分析能帮助投资者擦亮眼睛，抓住牛股，避免踩雷。 IMPORTANT DISCLOSURES Receipt of Compensation Deepmind Capital (hereafter Deepmind)or its affiliatesdoes not receive compensation frommarket-making activityin the securitiescovered in thisreport.Thecompensationoftheresearchanalystwritingthisreportisnotdirectlyrelatedto any specific investment banking compensation.Deepmind'sinternal policies and procedures prohibit research analysts from receiving compensation from companies covered in the research reports. Rating DefinitionsDeepmind'sinvestment ratings are based on the following definitions: Anticipated share price change is based on a 12-month time frame. Return expectation is based on the stock’s total return. For disclosure purposes (for purposes of the FINRA requirements), we include the category headingsofStrongBuy,Buy,Neutral, Sell, and Strong Sell. Strong Buy:Stock's total return is expected to appreciateat least 30%above the average total return of the analyst's industry coverage universe, ona risk-adjusted basis, over the next 12 months. Buy: Stock's total return is expected to appreciatebetween 10% and 30%above the average total return of the analyst's industry coverage universe,on a risk-adjusted basis, over the next 12 months. Neutral: Stock's total return isexpected to be within the average total return of the analyst's industry coverage universe, on a risk-adjusted basis, overthe next 12 months. StrongSell: Stock's total return is expected to depreciateat least 30%below the average total return of the analyst's industry coverage universe, ona risk-adjusted basis, over the next 12 months. NR: No Rating-not covered, and therefore not assigned a rating. DisclaimersThisreporthasbeenpreparedbyDeepmind Capital Limited,solelyforthepurposeofsupplying information to the clients ofDeepmindand/or its affiliates to whom it is distributed. This report is not, and should not be construed as a solicitationoroffer to buy or sell anysecurities or relatedfinancial products. This report has been prepared byDeepmindsolely from publicly available information. The information contained herein is believed to be reliablebut has not been independently verified.Deepmindmakes no guarantee, representation,or warranty, andDeepmindand/or their affiliates, directors,employees,oragentsacceptnoresponsibilityorliabilitywhatsoeverastotheaccuracy,completeness,orappropriatenessofsuchinformationorforany loss or damage arising from the use or further communication of this report or any part of it. Information contained herein may not be currentdueto,among other things, changes in the financial markets or economic environment. Opinions reflected in this report are subject to change withoutnotice. Thisreportdoesnotconstitute,andshouldnotbeusedasasubstitutefor,tax,legal,orinvestmentadvice.Thereporthasbeenpreparedwithoutregardto the individual financialcircumstances, needs,or objectives ofthepersons who receive it. The securities and investments related to the securitiesdiscussed in this report may not be suitable for all investors. Readers should independently evaluate particular investmentsand strategies, and seekthe advice of a financial adviser before making any investment or entering into any transaction in relation to the securitiesmentioned in this report. Deepmindhasnolegalresponsibilitytoanyinvestorwhodirectlyorindirectlyreceivesthismaterial.Investmentdecisionsaretobemadebyandremain thesoleresponsibilityoftheinvestor.Investmentinvolvesrisks.Thepriceofsecuritiesmaygodownaswellasup,andundercertaincircumstances,investors may sustainatotal loss