Three -year Sibi, can you catch up with the AI San Xiaolong?

According to the official website of the Shanghai Stock Exchange on August 3, Sib Chi Technology Co., Ltd. (hereinafter referred to as "Sib Chi") sprinting science and technology board IPO was asked to inquire.

Sibich is a dialogue -type artificial intelligence platform company. This is another listed company of artificial intelligence companies. In China, Yun from Technology, Shangtang Technology, and View Technology are called "China AI Troops". Sibi is killed from the side. Except for medical, real estate and other fields, there are almost customers in other fields. Case, can such AI companies go public as the fourth AI dragon in China? Let's explore it in depth.

01

The market environment is not optimistic

(1) Products belong to small markets

Small market: Sibich's business space with less than 50 billion yuan in various businesses?

According to its official website, Sib Chi's main software and hard -and -hard integrated artificial intelligence products mainly include AI voice chips, AI modules equipped with chips, and AI terminal products.

However, the business volume of AI chips has been declining for three consecutive years. Leifeng.com released related data, and the speed of the AI ​​chip landing is indeed slower than the industry's expectations. In addition, industry sources have revealed that in the past three years, the main landing scenes of AI chips are smart homes, smart cars, smart monitoring, and cloud servers. According to relevant data surveys, the overall AI voice chip market size is expected to be 50.62 billion yuan in 2022, and the market size has not increased. For startups, the story cannot be told.

(2) The market competition is fierce and the downstream bargaining ability is weak

According to the prospectus, Sibich does not have its own production factory. In 2021, the operating cost of hard and hard -and -hard integrated artificial intelligence products reached 63.78%.

Industry sources revealed that the design development cycle of the AI ​​chip is short for one year, and it is two or three years long. During the development period, there is no income. "Burning money" is the commonality of all AI chip companies. Therefore, the threshold of this industry is particularly high. Only large companies can participate, and competitors in the industry include: Baidu, Tencent, Ali, HKUST Xunfei, Yunzhisheng, etc.

According to the data of IDC, China's artificial intelligence voice semantic market share, the top three in the industry, the industry's top three, Alibaba Cloud, and Baidu Smart Cloud add up to nearly 80%of the market, while Sibichi, Little I robot, Takle Si Si The total market share is less than 10%.

The current competitors of Sibich are basically science and technology giants. The competition of customers is fierce. Sibich is difficult to discuss the bargaining power. This is also reflected in the gross profit margin. It was 28.75%, 24.74%, and 19.12%. The profit has been declining, and the bargaining power has become smaller and smaller.

(3) A group of entrants in the gate of the intelligent voice field

According to the latest data of Deloitte, the scale of China's intelligent voice market has continued to grow in the past three years, and the number of enterprises in the industry is increasing. In addition, industry rookie companies have also continued financing.

The capital that originally invested in Internet companies was investing in the artificial intelligence industry, forming a pattern of full flowers in the industry. In addition, Sibich may face potential competition from global technology companies. More and more potential competitors may lead to the risk of product price, profit margin or market share.

02

Poor financial performance

Cash is at the edge of exhaustion

Back to the beginning of the topic, the prospectus showed that in 2019-2021, Sib Chi's net losses were 283 million yuan, 215 million yuan, and 335 million yuan, respectively. Losses generally exist in artificial intelligence companies, and Sibchi is not a big loss.

(1) Analyze with the industry

Comparison of profitability:

At present, the Sibich Company, which is listed on the prospectus, includes a group of star companies, namely: Hongdor Technology, Cambrian, Yuncong Technology, and HKUST Xunfei. In 2021, the revenue of the above four companies reached 573 million yuan, 721 million yuan, 1.076 billion yuan, and 18.314 billion yuan, respectively. In contrast, Sibich's revenue was less than 307 million yuan.

The comparison of the net profit of home is shown in the chart, and Sibi performed slightly better in losses.

However, from the perspective of practitioners in the industry, Sibich’s product research and development investment has continued, which is not helpful to alleviate the problem of losses. Fatal defects.

(2) Company's cash flow analysis:

The impact of Siby's investment in research and development has increased year by year.

As of the end of 2021, Siby's cash flow was only 300 million, and it was not as good as the same period of net loss. According to the current losses, monetary funds only spent one year, and the issue of cash flow will greatly restrict future development.

Losses are the normal state of artificial intelligence companies, making AI burning money is also limited. AI companies want to live. Under the dual dilemma of losses and difficulties, more suitable development directions are needed.

03

Future development prospects

(1) Viewing sales from purchasing:

At the beginning of the establishment of Sibich, the Bidding Science and Technology Daxun Fei (002230) was positioned in the field of education. In recent years, Sibi has gathered the goal of future development direction on smart homes, automobiles and consumer electronics to expand finance and government affairs.

From Siby's prospectus shows that its head customers have changed frequently. During the reporting period, only OPPO Guangdong Mobile Communications Co., Ltd. has always existed among the top five customers, and other customers have only appeared once in three years. Big customers are unstable, which can reflect the instability of procurement demand, unstable procurement demand, and sales will be unstable.

As a chip buyer said, the technical level of domestic AI chips is not much different. More importantly, understanding vertical scenes, understanding the role of AI chips in it, customer stock will not expand, but the possibility of sales continued to decrease.

It seems that Sib Chi made a long way to achieve the efforts to achieve the revenue of 300 million yuan in listing.

(2) Business crossings, whether technology development can achieve relative advantages

In 2016, Zhang Yan, the then product director of Sibich, said in an interview with the media: In the future, Sibi will not compete with HKUST Xunfei in the future. The target market is the Internet of Things.

However, from the current situation, Sib Chi and HKUST Xunfei's business areas are highly crossed. Public information shows: HKUST Xunfei focuses on the customs of office, translation, education, family, car systems and toys, and understand the customer's just need, and continuously achieves breakthroughs at the product level. Basically covered Sibich's main business areas, and at the same time, Yunzhisheng also made a corresponding layout.

The key to winning in the homogeneous market lies in technology. At present, the test performance of Sib Chi and HKUST Xunfei, Yunzhisheng, and Baidu in the noise reduction of the engine is not brilliant. HKUST Xunfei has performed well in terms of noise reduction treatment. The performance of Chi can only be said to be quite satisfactory.

(3) Insufficient development stamina

In summary, Sibich's sales costs are only one -twenty of HKUST Xunfei, and R & D costs are only one -tenth of HKUST Xunfei. How to support the relative victory in the industry.

Artificial intelligence companies can no longer speak with losses, which is also the only way for Sibi. The problem of chip card neck requires domestic companies to practice internal skills in order to give the market more confidence.

Author ｜ Liang Xiao

Produced ｜ Zero -state LT (ID: lingtai_lt)

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