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中信建投證券:全球IP保護SaaS龍頭 首次覆蓋並給予阜博集團(3738.HK)買入評級 目標價40.8港元
格隆匯 01-22 16:32
格隆匯1月22日丨中信建投證券發研報指,阜博集團(3738.HK)是國際領先的在線視頻版權保護、變現服務供應商,為頭部版權方提供SaaS解決方案,幫助客户減少因盜版侵權而導致的收入損失,並在線上視頻分銷領域創造新的變現機會。該行認為,DTC催化版權保護投入,傳統IP保護業務迎發展契機。而公司通過收購Rights ID切入YouTube 廣吿變現業務,進一步突破天花板。此外,阜博獲螞蟻集團入股,與螞蟻鏈打開國內市場空間。中信建投證券預計公司SaaS業務有望實現快速增長,預測2020-2022年SaaS收入為4320萬美金、7559萬美金、12095萬美金。考慮到公司仍處於快速發展階段,該行給予阜博集團2022年20x PS,對應目標市值188億港元,目標價40.8港元,首次覆蓋並給予“買入”評級。
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