传媒行业：科创板大数据系列之博拉网络

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·大数据系列 主要财务指标（单位：百万元） 截止 5 月 20 日，科创板已受理企业中大数据公司占 2席，即博拉网络和罗克佳华。本期我们主要介绍博拉网络。公司是行业知名的企业大数据服务提供商，基于自主研发的 E2C（E-service to Company）数字商业大数据云平台，通过“大数据+技术产品+应用服务”的业务模式，为企业客户提供技术开发服务和大数据应用服务（主要包括数据分析咨询、数据采集和管理、增值运营服务，以及大数据在数字营销、电子商务、客户关系管理等应用场景的行业解决方案），帮助实体企业构建大数据资产和智能应用平台，推动实体企业逐步实现以数据为驱动力的数字化转型升级。  目前中国网络广告市场正在经历高速发展阶段，数字营销向移动端发展的趋势较为明显。十九大提出“推动互联网、大数据、人工智能和实体经济深度融合”。大数据在我国政策、技术、产业、应用等多个层面都取得了显著进展。据统计和预计，我国移动营销市场将继续保持一定增长水平，在 2020 年市场规模将超过 4,000 亿元。中国大数据市场预计未来五年将保持持续增长的趋势，年复合增长率将达到 17.3%，到 2023 年市场规模将突破 800 亿元。  对标公司估值。公司为企业提供的大数据服务也主要应用于数字营销领域。可比上市公司主要从事广告代理业务，广告代理投放体现较大的营收体量，而公司的核心优势是技术产品体系，而非媒体资源。同行业公司大多由传统广告、公关公司转型而来，其数字营销收入主要由广告代理业务构成，因此其研发的技术产品主要是针对广告方面的，如广告数据的监测、统计和数据分析等，主要的研发方向也是面对精准客户。公司的技术定位并不单纯针对广告或营销需求，是通过大数据技术和应用帮助企业实现数字化、智能化，具备大数据运营能力，形成企业自有的数据资产。公司经营模式是以技术驱动营销，收入构成中技术开发收入占有一定比重，传统数字营销公司业务是以互联网广告代理为主，技术开发收入较少，涉及技术开发或数字资源的需求时往往还需要外包给类似公司这样的专业性公司。因此公司与行业内数字营销公司是既竞争又合作的关系。截止 2019 年 5 月 20 日，公司同行业上市公司（剔除亏损）的平均 PE（TTM）为 28.6 倍。 2016A 2017A 2018A 营业收入 160 180 307 （+/-） - 12.62% 70.77% 营业利润 42 47 49 （+/-） - 11.77% 5.04% 归属母公司净利润 39 41 43 （+/-） - 4.97% 5.89% EPS（元） 0.42 0.45 0.47 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 5 月 22 日 传媒 科创板大数据系列之博拉网络 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  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。 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 目录 一、公司概况 ···································································································································································· 4 1.公司简介 ··············································································································································································· 4 2.行业市场快速发展 ································································································································································ 6 3.主要客户 ··············································································································································································· 7 二、财务数据分析 ···························································································································································· 8 三、股权结构及募资情况 ················································································································································· 8 四、可比公司估值分析····················································································································································· 9 五、风险提示 ·································································································································································· 11 图表 1 大数据服务类型和内容 ..................................................................