You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
新股解讀 | 港股“元宇宙第一股”飛天雲動,率先實現盈利,同創偉業、商湯等入股

招股書321次提及“元宇宙”,港股終於迎來了“元宇宙第一股”。

國家隊、商湯現身基石,招股首日認購火熱

飛天雲動(6610)9月29日至10月7日招股,預計10月18日上市,發行2.715億股,發行價2.21-2.88港元,集資6-7.8億,市值40-52億,每手1000股,入場費2909.02港元,保薦人爲申萬宏源香港。元宇宙行業景氣度持續上行吸引了多家基石投資者,包括地方國資杭州安吉國資平臺、AI巨頭商湯科技等,認購比例約27%。

據相關投資人透露,大量投資者在交易性路演後就表達了意向性投資訂單,開簿前意向訂單就已足額覆蓋募資規模,意味着屆時國配認購倍數將比較可觀。散戶熱情也比較高,據不完全統計,招股首日融資認購資金達到2.2億,是公開認購集資額的近3倍,這在近期的港股IPO市況下是一個不錯的數據。

此外飛天雲動在2021年完成了1.5億元融資,同創偉業、賽富、南京文投、泰豪投資等機構參與投資,其中賽富是軟銀進軍中國的基金。

殺入元宇宙賽道,市佔率做到第一

飛天雲動於2017年4月由遊戲業務轉向AR/VR內容及服務業務,於2019年5月完成轉型。儘管轉型時間不長,但憑藉豐富的經驗及專業知識,該公司已經形成完整的AR/VR服務網,涵蓋AR/VR營銷服務、AR/VR內容、AR/VRSaaS等業務,並且還在國內元宇宙場景應用層中建立了較高的知名度。根據艾瑞諮詢,按2021年中國AR/VR內容及服務市場的收入計,飛天雲動排名第一,市場份額達到2.6%。

客戶壁壘強大,業績節節攀升

飛天雲動的業務可以簡單理解爲三個層面,一是從品牌建設到流量建設的一站式服務,即生產出AR/VR內容後再進行渠道銷售,這是公司目前的主營業務,二是僅提供內容,客戶自行應用,三是提供SaaS平臺。

目前飛天雲動的業務應用場景不僅擴寬到了娛樂、互聯網、電商、文旅、教育、金融、房地產等超10個行業,而且還積累了十分豐富的客戶資源,百度、京東、阿裏巴巴、騰訊、華爲等衆多知名產業企業均爲飛天雲動合作客戶。例如,飛天雲動是百度元宇宙平臺“希壤“的內容開發商、騰訊“千帆計劃”的合作夥伴。

2019年至2021年,該公司分別實現營收分別爲2.51億元、3.39億元、5.95億元,逐年增長,2022年Q1爲2.29億元,同比增長65%。扣非調整後淨利潤分別爲4188萬元、6161萬元、1.05億元,Q1為4020萬元,同比增長高達125%。

率先實現盈利,估值低於同行

飛天雲動可類比的同行包括美股上市的Roblox(RBLX)、Unity Software(U),Roblox是第一家把元宇宙寫進招股書的公司,雖然兩家公司的業績都在快速增長,但是目前仍然處於虧損狀態,而飛天雲動早已實現盈利。同創偉業合夥人曾說,看中飛天雲動的一大原因是其商業化做的很好,兼顧了研發的同時還能夠實現盈利,在漫長的行業發展週期中給投資者足夠信心。

從PS估值的角度看,Roblox的PS(TTM)在11倍左右,Unity的PS(TTM)爲10倍,飛天雲動2021年PS爲6-8倍,今年前7個月營收達到5.57億,接近去年全年,以此增速推算,2022年PS將不足5倍。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account