<p><span id="9999" style="display: none !important; font-size:0; line-height:0">开个会也能赚钱？！苏州科达：带来“云端”的机遇</span></p><meta content="text/html; charset=utf-8" http-equiv="Content-Type" />
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<td class="txtall1" height="13" style="color: rgb(204, 204, 204); line-height: 12px; font-size: 10px;">目前，国内云计算的发展可谓“如火如荼”，云手机、云电视、云生活……各种云概念层出不穷，不断涌现——云计算已经成为国内IT行业发展的大趋势。</td>
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苏州科达：带来“云端”的机遇</td>
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<img _attr="src" _v="http://www.gupiaofenxi.com.cn/old/uploads/171124/1-1G1240Q414423.png" align="left" alt="姜伟" src="https://picture-1255826862.cos.ap-beijing.myqcloud.com/tp/JSY/201802/Early/jw.jpg" style="padding: 0px 20px 0px 0px; float: left;" width="120" />目前，国内云计算的发展可谓“如火如荼”，云手机、云电视、云生活……各种云概念层出不穷，不断涌现——云计算已经成为国内IT行业发展的大趋势。<br />
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数据显示，2017年全球云市场规模将达2602亿美元，同比增长18.5%，预计到2020年将达到4114亿美元。<br />
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<span style="color:red;font-weight: bold;">在云技术的运用领域中，云视频会议正成为其中企业需求量最大，发展最快的商业运用。</span><br />
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云视频具有低成本、低投入、方便快捷等优势，可以满足企业，特别是中小企业的视频沟通需求。</td>
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<td align="left" class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;" valign="bottom" width="620">我国约有1100万家中小企业，快速沟通、提高效率正被越来越多的企业所认同，成为企业生存、发展的重要因素。<br />
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<span style="font-weight: bold;">在这样的背景下，中小企业成为拉动视频会议市场增长的新热点。</span><br />
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<span style="font-weight: bold;color:red;">苏州科达 就很有可能受益于这一大趋势，成为其中的佼佼者。</span></td>
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<td align="left" class="txtd"><span class="txti2" style="height : auto; text-align: left; color: rgb(204, 0, 0); line-height: 1.8em; padding-top: 20px; font-family: 微软雅黑; font-size: 26px; font-weight: bold;">精准定位视讯行业 研发、销售投入高</span></td>
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2004年，<span style="font-weight: bold;color:red;">苏州科达</span>开始将主业聚焦于网络视讯，逐渐发展起视频会议系统与视频监控系统两条业务主线。</td>
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<ul>
<li>2005年，公司推出了基于H.264编解码技术，清晰度达到D1级的视频会议系统，同时逐步切入视频监控领域；</li>
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<li>2011年，针对重点行业市场，公司推出了云可视会商、远程视频接访、远程帮教探视、远程医疗等解决方案；</li>
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<li>2012年，针对高端应用，推出基于远程呈现技术的“网呈”系统。针对企业市场，推出“摩云视讯”产品；</li>
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<li>2011-2016年，公司营业收入和归母净利润的五年复合增速分别达21.96%和22.17%，发展势头良好。</li>
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<td align="center" class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;" valign="bottom" width="620"><span class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;"><img border="0" class="ptall" src="https://picture-1255826862.cos.ap-beijing.myqcloud.com/tp/JSY/201802/Early/20180212-FF-2.png" width="375" /></span><br />
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相比同行业的竞争对手，<span style="font-weight: bold;color:red;">苏州科达</span>的研发投入占比与销售费用率一直处于高位。<br />
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<span style="font-weight: bold;color:red;">尽管公司的研发投入占比已逐渐呈下降趋势，但仍在27%以上。而同行业公司的研发投入占比一般仅为10%-15%。</span><br />
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销售费用率的情况类似，2016年公司的销售费用率超过23%，而同行业公司的水平一般仅为8%~15%。</td>
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<td align="center" class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;" valign="bottom" width="620"><span class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;"><img border="0" class="ptall" src="https://picture-1255826862.cos.ap-beijing.myqcloud.com/tp/JSY/201802/Early/20180212-FF-3.png" width="375" /><br />
（资料来自于：中金公司）</span></td>
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高投入的研发和市场开拓，保证了后期<span style="font-weight: bold;color:red;">苏州科达</span>产品竞争力和市场占有率的提升空间，也是其过往高增长的核心竞争力。<br />
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<p><strong><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" >也许只有这个“偏方”才能拯救你的股票账户了~</a></strong></p>
上周，股市上演节前大地震。短短四个交易日，上证指数把大半年的涨幅都还了回去。此刻，如果你的股票账户已经伤痕累累，那么赶紧用这个“偏方”疗伤……<br />
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之所以说它是个“偏方”，因为该方法虽然通过股票账户进行操作，但却与股票毫无关系。在平时最容易被忽视、遗忘，然而却是保卫账户的良好选择。<br />
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简单来说，它的操作与股票类似，但却比股票安全万倍：一旦入手，价格便不会改变；只需选择一定的期限，到期之后坐等收益即可……如今，春节将至，年底收益更将翻倍！ <b><a href="http://etrack04.com/track/click/eyJtYWlsbGlzdF9pZCI6IDQ0MTQyNywgInRhc2tfaWQiOiAiOTQ2NjI2IiwgImVtYWlsX2lkIjogIjE1MTgzODY2MTkwOTNfNzAyOTNfMTM5MDJfODAzMi5zYy0xMF85XzFfNzUtaW5ib3VuZDk1JHBrZy1mb250cy1kZXZlbEBsaXN0cy5hbGlvdGguZGViaWFuLm9yZyIsICJzaWduIjogIjA3MjQxMjQxNWRkMGFlZWI3ZjYxNWViMDdjNmQ4N2M5IiwgInVzZXJfaGVhZGVycyI6IHt9LCAibGFiZWwiOiAiMTM4NDk4IiwgImxpbmsiOiAiaHR0cCUzQS8vd3d3LjNyZHN0b25lLmNvbS5jbi9Qcm9kdWN0XzFfTG9uZ19NYXJrZXRpbmdfUGFnZV9tb3JlLnBocCUzRmVpZCUzRDYxNyUyNm9waWQlM0QzNiUyNnBhcnRuZXJzJTNEaHVvcXVfSklNX0pJTTA4MF9ERWhfMjAxODAyMTJodW9xdSUyNmVtYWlsJTNEcGtnLWZvbnRzLWRldmVsJTQwbGlzdHMuYWxpb3RoLmRlYmlhbi5vcmciLCAidXNlcl9pZCI6IDcwMjkzLCAiY2F0ZWdvcnlfaWQiOiAxNDQyNDF9.html" style="color: rgb(204, 0, 0); " target="_blank" >立即点击此处，获取“偏方”>>></a></b></td>
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从<span style="font-weight: bold;color:red;">苏州科达</span>的双引擎业务来看，视频会议的增长趋势良好、竞争优势较好，而视频监控领域的成长步入缓慢阶段且竞争压力较大。<br />
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<span style="font-weight: bold;font-size: 18px;">视频会议的新机遇：进口替代和渠道下沉</span><br />
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根据亿联网络招股说明书提供的数据，预计2019年市场将达到10亿美元，2015~2019年将保持14.9%的年复合增长率。<br />
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苏州科达、华为、宝利通、思科、中兴同处国内视频会议市场的第一梯队，各家企业之 间的技术和产品大同小异，差异化竞争力主要来自于面向客户的应用和服务，公司在国 产化替代的大背景下具备良好的发展机会。</td>
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随着宝利通、思科逐步退出中国市场，公司逐步向银行、军队、教育等领域渗透，未来 有望将市场占有率提升至25%。<br />
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<span style="font-weight: bold;color:red;">苏州科达</span>开发了“摩云视讯”产品，为广大企业提供应用丰富、成本低廉的视频会议租赁服务，进一步开拓1000多万中小企业的需求，渠道不断下沉。<br />
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<span style="font-weight: bold;font-size: 18px;">视频监控处于寡头垄断格局，竞争难度较大</span><br />
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视频监控行业处于完全竞争状态，海康威视与大华股份是行业双雄。<br />
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根据IHS的最新统计，<span style="font-weight: bold;color:red;">苏州科达</span>在国内视频监控前端设备的市场占有率为1.32%，位列第5名，仅次于海康威视、大华股份、宇视科技与天地伟业。<br />
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凭借部分高端特色产品以及出众的集成能力，快速拓展行业应用，<span style="font-weight: bold;color:red;">苏州科达</span>将作为行业第一梯队企业，获得更高的市场份额。尽管行业趋势向好，但市场竞争日趋白热化，行业逐渐 进入到第三次洗牌阶段。</td>
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<td align="left" class="txtd"><span class="txti2" style="height : auto; text-align: left; color: rgb(204, 0, 0); line-height: 1.8em; padding-top: 20px; font-family: 微软雅黑; font-size: 26px; font-weight: bold;">差异化竞争 “护城河”优势明显</span></td>
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在可持续竞争优势上，<span style="font-weight: bold;color:red;">苏州科达</span>在视频会议领域具备“护城河”优势，而视频监控领域的“护城河”优势不明显。<br />
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视频会议是一个差异化竞争十分明显的领域，各大主流厂商在不同的细分市场占据相对垄断的地位，形成良性的竞争格局。<br />
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2015年，<span style="font-weight: bold;color:red;">苏州科达</span>在国内视频会议系统的市场占有率约为15.4%。行业内，宝利通和华为市场占有率相对较大，均为30%左右。然而这两家企业的客户集中在央企和企业级市场，与公司主要客户存在差异性。</td>
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华为是国内市场的龙头企业，主抓政府领域（环保、税务、电力等），整体市场占有率高达25%~30%。而，<span style="font-weight: bold;color:red;">苏州科达</span>主打公检法市场，公检法领域的收入占公司视频会议全部收入约80%，处于寡头行列。<br />
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未来，随着国产替换的进一步深入，同时基于，<span style="font-weight: bold;color:red;">苏州科达</span>在公检法行业较好的品牌及口碑，有望切入到更多行业客户领域。<br />
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而在视频监控领域，行业则呈现双寡头的垄断格局，海康和大华的品牌、技术、成本优势较大，构建了较高的门槛，客户的可转换成本和品牌忠诚度较高。<br />
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由于不具备成本优势，<span style="font-weight: bold;color:red;">苏州科达</span>在通用产品领域处于劣势。视频监控设备主要由芯片、机芯及其它零组件组成。其中，芯片在高端产品中的成本占比近50%，在低端产品中的成本占比为10%~30%。<br />
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由于<span style="font-weight: bold;color:red;">苏州科达</span>每年前端设备的出货量不及海康、大华，导致采购海思、高通等厂商的芯片时价格较高。</td>
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<span style="font-weight: bold;color:red;">苏州科达</span>在视讯领域具备一定的护城河，而且行业前景处于稳定增长阶段，天花板远远没有到来。<br />
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从估值角度看，<span style="font-weight: bold;color:red;">苏州科达</span>发布2017年业绩预增公告：预计2017年度实现归母净利润2.62~2.88亿元，同比增长50%~65%。以业绩中值2.75亿元，2018年增长25%来推算，2018年市盈率=85/（2.75*1.25）=24.73（市值以85亿测算）。<br />
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<span style="font-weight: bold;color:red;">是否值得参与，投资者的风险偏好差异万千，还是需要您自己的斟酌和评估。</span><br />
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<p><strong><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" >别急着上火车！临走前，我还有一事相告</a></strong></p>
要上火车了？快快留步！有一些话我还没来得及告诉你……<br />
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我知道，此时的你恨不得马上回到父母身边，与家人团聚，我也由衷地为你感到高兴。但是一想到，那样欢乐的时光却只有短短一周的时间，又不免替你感到悲伤……<br />
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我多么想让你能有更多的自由时间，可以永远陪伴家人，孩子；多么想让你不必为了奖金，一个月出差8个城市；多么想让你不那么拼命，也可以为父母买下那套海边小楼……<b>所以，在你临走前，我必须要告诉你如何拥有1000万，一次性实现上面所有梦想~~ </b><br />
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怎么样？是不是比春节放假更令人激动99倍呢…… <b><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" >立即点击此处，获取详情>>></a></b></td>
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<span class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;"><img alt="姜伟" src="https://picture-1255826862.cos.ap-beijing.myqcloud.com/tp/JSY/201802/Early/jw.png" /></span><br />
姜伟<br />
《财务自由人》</td>
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