事件描述：公司于2023年1月31日公布关于与独家配售代理订立配售协议，拟向不少于六名独立投资者配售约1.14亿股。该配售协议中，配售价为每股4.12港元，较2023年1月30日（配售协议日期前一个交易日）香港联交所所报收市价4.63港元折让约11%。配售股份相当于现有已发行股本总额约5.39%及经配发及发行配售股份扩大后已发行股本总额约5.11%。假设全部配售股份根据配售事项发行，预计配售事项所得款项总额合共约为4.7亿港元，而预计配售事项所得款项净额合共约为4.64亿港元。公司拟将所得款项净额用于偿还计息借款，以便进一步优化资产负债表配置有利于追求战略增长及财务灵活性。
　　观点评论：公司为了把握市场机遇进一步巩固其线上视频内容保护及变现领先地位的黄金机会，于2022年第二季完成了对粒子文化科技集团（杭州）有限公司的收购计划。在这次收购中，阜博集团将以现金偿付的方式，作价8.54亿元收购粒子文化及其附属公司61.18%股权。与此同时，阜博于2022年4月份宣布完成逾1.27亿美元来自汇丰银行的融资用于其并购粒子科技。从运营来看，收购粒子科技大大加速了阜博进军中国市场的进度，母公司的内容保护和子公司的内容分发以及边缘计算业务能产生强大的协同效应。我们认为，从结果来看，当初为把握先机通过银行获得融资来展开收购计划是公司的正确抉择。目前公司的现金流健康，为了优化资产负债表配置以及考虑到未来美元存在加息的可能，我们认为在现阶段通过开展配售计划来偿计息借款有利于公司的长期成长。同时，我们认为本次增发可以为公司引入新的优质长期投资者，优化公司的股权结构。
　　投资建议：我们预期阜博在海外社交平台上的版权变现业务以及中国的版权保护业务有望超预期。在流媒体和社交网络发展的大趋势下，阜博集团的业务在全球范围内扩张迅速。市场普遍认为，国际内容版权保护业务已经发展成熟，市场份额难以提升，而国内版权高度分散，难以聚合，业务增长受限。我们认为，海外市场增长来自其技术服务场景应用多元化，国内的业务可通过和地方权威的平台共同搭建版权保护中心有效聚拢分散的版权持有者，目前已初见成效。目前公司的发展步调和过去提出的战略部署一致，我们对公司的长期成长性充满信心。基于阜博集团巨大的成长空间和在SaaS行业中领先的盈利能力，我们给予公司6.0倍2023年市销率；相对估值法得出目标价5.79港元，维持“买入”投资评级。
　　

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus3February2023TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨Nil无焦Research点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变FlashNotePlacementtoPositionTheBalanceSheetforStrategicVOBILE03738HKGrowthConductivetotheHK573--Buy--NGROUPOptimizationofShareholderStructure快讯配售计划以优化资产负债表配置阜博集团03738HKHK573--买入--否证有利于股权结构优化告券AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports研报后附行业和公司焦点最新报告摘要中文版究究报研HSIPerformanceHSCEIPerformance告券14000EquityResearchReport3100029000证12000270002500010000230002100080001900060001700015000400013000110002000Feb22May22Aug22Nov22Feb23Feb22May22Aug22Nov22Feb23SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2195836-052140051598567恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE750579-072-163043044859国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4696550023953070035672300科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasat01FebSeethelastpagefordisclaimer1of6MorningResearchFocusPleasesubscribetoourGTJAIResearchandStrategyTeamWechatsubscriptionaccountsPleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部和策略团队的微信公众号公众号账号国泰君安国际研究部戴清策略研究研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJTableFocusIndustryandCompanyFocusNil无Seethelastpagefordisclaimer2of6MorningResearchFocusTableLatestLatestReportsFlashNoteVOBILEGROUP03738HKPlacementtoPositionTheBalanceSheetforStrategicGrowthConductivetotheOptimizationofShareholderStructureRatingBuy6-18mTPHK573AnalystTeddyLinReportDate2023-02-02SummaryWhathappenedVobileGroupVobileortheCompanyannouncedon31January2023thatithadenteredintoaplacingagreementwithasoleplacingagentfortheplacementofapproximately114mnsharestonofewerthansixindependentinvestorsTheplacementpriceisHK412persharerepresentsadiscountofapproximately110totheclosingpriceofHK463pershareasquotedontheStockExchangeofHongKongon30January2023Theplacingsharesareequivalenttoapproximately539ofthetotalexistingissuedsharecapitaloftheCompanyasatthedateofthisannouncementandapproximately511ofthetotalissuedsharecapitaloftheCompanyasenlargedbytheallotmentandissueoftheplacementOntheassumptionthattheshareplacementisissuedpursuanttotheplacementtheaggregategrossproceedsfromtheplacementisexpectedtobeapproximatelyHK470mnandtheaggregatenetproceedsfromtheplacementisexpectedtobeapproximatelyHK464mnTheCompanyintendstousethenetproceedsforrepaymentofinterest-bearingborrowingsinordertofurtherpositionthebalancesheetforstrategicgrowthandfinancialflexibilityCommentsandviewsTheCompanycompletedtheplannedacquisitionofParticleCultureTechnologyGroupHangzhouCoLtdParticleTechnologyinthesecondquarterof2022representinganexcellentopportunityfortheCompanytoembracemarketopportunitiestofurtherconsolidateitspositionastheleaderinonlinevideocontentprotectionandmonetizationIntheacquisitionVobilepaidRMB854mncashtoacquire6118ofthesharesofParticleTechnologyanditssubsidiariesMeanwhileinApril2022VobileannouncedthecompletionofoverUS127mninHSBCfinancingforitsacquisitionofParticleTechnologiesFromtheperspectiveofoperationstheacquisitionofParticleTechnologywillgreatlyaccelerateFubosprogressintotheChinesemarketandtheparentcompanyscontentprotectionandsubsidiarysvideodistributionandedgecomputingbusinessescanproducestrongsynergiesInourviewthecurrentresultsconfirmthattheacquisitionplanwastherightchoicefortheCompanyinordertoseizetheopportunitytoobtainfinancingTheCompanyscashflowisshowinghealthystatusbutinordertofurtherpositionthebalancesheetforstrategicgrowthandinviewofthepossibilityoffutureUSdollarinterestrateincreaseswebelievethatatthisstagetocarryoutaplacementofshareplantorepaytheinterest-bearingborrowingswillbenefitthecompanyslong-termgrowthAtthesametimewebelievethatthisplacementplancanintroducenewhigh-qualitylong-terminvestorstotheCompanyandoptimizetheCompanysshareholderstructureInvestmentsuggestionWeexpectVobilescontentmonetizationbusinessonoverseassocialplatformsandcontentprotectionbusinessinChinatoexceedthemarketsexpectationsUnderstreamingmediaandsocialnetworkingtrendsVobilesbusinesshasexpandedrapidlygloballyItisgenerallybelievedthattheglobalcontentprotectionindustryismatureandmarketsharegrowthischallengingwhiledomesticdemandforcontentprotectionishighlyfragmentedanddifficulttoaggregateresultinginlimitedbusinessgrowthWebelievethatgrowthoftheoverseasbusinesswillcomefromthediversificationofVobilestechnologyapplicationandthedomesticfragmentedmarketcanbeeffectivelygatheredbyjointlybuildingaprotectionplatformwithlocalplatformswhichhasbeguntoshowsignificantresultsThecurrentdevelopmentpaceoftheCompanyisconsistentwiththestrategicdeploymentproposedinthepastandweareconfidentinthelong-termgrowthoftheCompanyBasedonVobileshugepotentialforgrowthandleadingprofitabilityintheSaaSindustryweassigna2023PSof60xforitsvaluationWeadoptrelativevaluationtogiveatargetpriceofHK579andmaintainBuyinvestmentratingChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无SeethelasTabletpagefoLatestrdisclaimerchi3of6MorningResearchFocus最新报告快讯阜博集团03738HK配售计划以优化资产负债表配置有利于股权结构优化评级买入6-18m目标价HK573分析员林荣叶报告日期2023-02-02报告摘要事件描述公司于2023年1月31日公布关于与独家配售代理订立配售协议拟向不少于六名独立投资者配售约114亿股该配售协议中配售价为每股412港元较2023年1月30日配售协议日期前一个交易日香港联交所所报收市价463港元折让约11配售股份相当于现有已发行股本总额约539及经配发及发行配售股份扩大后已发行股本总额约511假设全部配售股份根据配售事项发行预计配售事项所得款项总额合共约为47亿港元而预计配售事项所得款项净额合共约为464亿港元公司拟将所得款项净额用于偿还计息借款以便进一步优化资产负债表配置有利于追求战略增长及财务灵活性观点评论公司为了把握市场机遇进一步巩固其线上视频内容保护及变现领先地位的黄金机会于2022年第二季完成了对粒子文化科技集团杭州有限公司的收购计划在这次收购中阜博集团将以现金偿付的方式作价854亿元收购粒子文化及其附属公司6118股权与此同时阜博于2022年4月份宣布完成逾127亿美元来自汇丰银行的融资用于其并购粒子科技从运营来看收购粒子科技大大加速了阜博进军中国市场的进度母公司的内容保护和子公司的内容分发以及边缘计算业务能产生强大的协同效应我们认为从结果来看当初为把握先机通过银行获得融资来展开收购计划是公司的正确抉择目前公司的现金流健康为了优化资产负债表配置以及考虑到未来美元存在加息的可能我们认为在现阶段通过开展配售计划来偿计息借款有利于公司的长期成长同时我们认为本次增发可以为公司引入新的优质长期投资者优化公司的股权结构投资建议我们预期阜博在海外社交平台上的版权变现业务以及中国的版权保护业务有望超预期在流媒体和社交网络发展的大趋势下阜博集团的业务在全球范围内扩张迅速市场普遍认为国际内容版权保护业务已经发展成熟市场份额难以提升而国内版权高度分散难以聚合业务增长受限我们认为海外市场增长来自其技术服务场景应用多元化国内的业务可通过和地方权威的平台共同搭建版权保护中心有效聚拢分散的版权持有者目前已初见成效目前公司的发展步调和过去提出的战略部署一致我们对公司的长期成长性充满信心基于阜博集团巨大的成长空间和在SaaS行业中领先的盈利能力我们给予公司60倍2023年市销率相对估值法得出目标价579港元维持买入投资评级Seethelastpagefordisclaimer4of6MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702JackWu吴狄Strategy策略diwugtjascomhk8675523976718EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870JunZhu朱俊杰NewEnergy新能源junjiezhugtjascomhk85225097592GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer5of6MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKSINOHYTEC02402HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKSENSETIME-W00020HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKCITICSEC-HSHARES06030HKLENOVO00992HKCHINAMOBILE-HSHARES00941HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKAACTECHNOLOGIESHOLDINGS02018HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer6of6