Well, it's seems to me that the AI has a decent number of ships (Hard, low bonue).  Those ships are just not very good (not enough refit maybe...by I am heavy on research...)
The main point, I think, is that the AI does not used them properly.  Precisely, it does not :
-  Attack with massive fleet (Concept of Schwerpunkt for the wargamers among you)
-  Follow on on attack (maybe it is just honorable and graciously wait for an opponent to recover before delivering another blow  

)
-  Build enough fighters for its carriers
-  Escape obvious attack by human player (Human player would withdraw to keep its force intact and wait for reinforcement)
Sorry if I seems like I am complaining, I am not !  I think it is still a very good game.
First time with Space Empire, hope Malfador will stand by its reputation.