Company Research Qihoo 360 (QIHU.US) Mar 14 st, 2013 QIHU.US Buy Target price: US$40.8, Upside:+37.8% Solid improving user traffic guarantees continue

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Company Research Qihoo 360 (QIHU.US) Mar 14 st, 2013 QIHU.US Buy Target price: US$40.8, Upside:+37.8% Solid improving user traffic guarantees continue revenue growth Investment Highlights QIHU.

1 Company Research Qihoo 360 (QIHU.US) Mar 14 st, 2013 QIHU.US Buy Target price: US$40.8, Upside:+37.8% Solid improving user traffic guarantees continue revenue growth Investment Highlights QIHU.US achieved record high revenue in 2012Q4, for US$103m, +65.2% yoy, the first quarter to break US$100m. Navigation page ads sales and web game platform revenue increased by 49.3% and 104.7% respectively. Personalized Navigation page and cost per click paying ways attracted advertisers. We see steady growth of user number of Qihoo 360's products in nearly Internetedia and Software Analyst: Qiu Lin (Eric) SFC CE No.:AYI706 (852) Stock performance every dimension, especially for mobile app users. Currently 360 has total user base of 456m people in China, for its Browser, Security Software and Game platform, only second to Tencent(700.hk) and Baidu(BIDU.US). Its mobile apps user base has surpass 207m, which was only 147m a quarter ago. 360 started the monetization through its open mobile game platform. Growth of webgame platform reached % yoy, and another 80% yoy growth be expected in The paying user number increased to 238,000 from 109,000 in 2011 Q4. We expect another 80% yoy growth in revenue in 2013, as 360 is marking efforts to improve the transition ratio from its huge user base to actively paying user, currently the ratio is only 0.05%. Search business is expected to generate US$100 million revenue, which equals to 30% of 360 s whole revenue in now holds 12% of search traffic in China, and it is aiming for 20% by the end of already lunched its own keywords search ads system as well as an cooperation with Google Adwords to share revenue in last quarter. We maintain Buy suggestion and TP of $40.8, for ~40x of its 2013e non-gaap EPS, it is still our top pick in China Internet sector in Exhibit 1: Financial Summary Year to Dec 2011A 2012A 2013E 2014E 2015E Turnover (US m) Turnover Growth (%) 78.5% 191.1% 56.3% 36.8% 26.5% Net Profit (US m) Net Profit Growth (%) 102.7% 76.2% 66.4% 67.5% 31.4% EPS (US) CFO per share(us) P/E (x) P/B (x) Dividend per share(us) Source: Tencent Finance Key Data Price(US$) 29.6 Shares Outstanding(m) Market Cap. (US$ m) 3,472 Free float (%) Week Range 13.8 /34.9 Controlling Shareholder Hongyi Zhou (21.5%) Xiangdong Qi(12.4%) BVPS (HK$) 2.63 Asset-liability ratio (%) 30.7 Related Reports QIHU.US Revenue reaches new high, online searching is about to make money Nov 21, 2012 QIHU.US Launching search engine will better monetize its huge user-traffic Aug 22, 2012 For ratings definitions and other important disclosures, refer to the Information Disclosures at the end of this report. 1

2 公司报告 2013 年 3 月 14 日截至 31/ A 2012A 2013E 2014E 2015E

3 Q1 2013Q1E Q1 2013Q1E 互联网广告收入 ( 单位 : 百万美元 ) 网页游戏平台收入 ( 单位 : 百万美元 ) 60,000 53,127 50,000 40,000 40,162 34,810 30,000 25,808 20,000 16,900 20,200 18,145 10, , Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 3

4 用户数稳固提升, 移动端用户初具规模 180, , , , ,000 80,000 60,000 40,000 20,000 7,859 11,652 14,881 19,398 16,400 26,800 35,100 44,800 45,400 50,800 58,460 66, Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 SINA Tencent SOHU QIHU NetEase FENG 4

5 360(QIHU.US) 人人网 (RENN.US) Q4 游戏平台收入 3520 万美元 2590 万美元同比增速 104.7% 116.5% Q4 游戏平台收入 / 总收入 34.2% 53.1% 活跃用户数浏览器月度访问用户数 3.1 亿网站月度访问用户数 5600 万累计活跃用户数 4.56 亿 1.78 亿上市日期 2011/3/ /5/4 当前市值 37.5 亿美元 11.4 亿美元 5

6 2013 6

7 7

8 2011A 2012A 2013F 2014F 2015F 167, , , , ,858 18,918 32,802 66, , , , , , , , % 90.0% 87.0% 84.0% 80.0% 151 2, ,836 58,178 87, , ,902 19,054 34,295 46,280 56,281 71,189 65, , , , ,450 2,585 6,715 6, ,125 3, ,855 60,628 88, , ,345 (10,874) (11,379) (13,241) (22,180) (29,152) (437) (4,165) ,544 45,084 75, , ,194 (24) ,568 45,084 75, , ,

9 2008A 2009A 2010A 2011A 2012A - 28,144 60, , ,664-38,764 72, , , ,306 16, , ,645-4,777 5,546 7,854 12,310-3,788 3,918 4,580 4, ,981 15,561 27, ,415 9, ,589 87, , ,529-8,489 13,924 46, , , ,935 14,886 52, ,552-19,292 20, ,943 29, , , ,096-3, ,011 12, ,692 3, (18,991) (13,606) ,654 72, , ,

10 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 12 months. Sell: A negative return of 10% or more relative to overall market within 6 12 months. Sector Ratings: Buy: The sector will outperform the overall market by 10% or higher within 6 12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 12 months. Sell: The sector will underperform the overall market by 10% or lower within 6 12 months. Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively Guosen Securities (HK) ) has no disclosable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen Securities (HK) has no investment banking relationship within the past 12 months, to the listed companies. Guosen Securities (HK) has no individual employed by the listed companies. Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the particular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advised to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK) s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such information and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guosen Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction. 10

11 信息披露公司评级行业评级及相关定义公司评级买入 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅在 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅介于 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 个股相对大盘跌幅大于 10% 行业评级买入 : 我们预计未来 6-12 个月内, 行业整体回报高于市场整体水平 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 行业整体回报介于市场整体水平 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 行业整体回报低于市场整体水平 10% 以上利益披露声明报告作者为香港证监会持牌人士, 分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员, 也未持有其任何财务权益本报告中, 经纪有限公司及其所属关联机构 ( 合称) 并无持有该公司须作出披露的财务权益 ( 包括持股 ), 在过去 12 个月内与该公司并无投资银行关系, 亦无进行该公司有关股份的庄家活动本公司员工均非该上市公司的雇员免责条款证券价格有时可能非常波动证券价格可升可跌, 甚至变成毫无价值买卖证券未必一定能够赚取利润, 反而可能会招致损失本研究报告内容既不代表的推荐意见, 也并不构成所涉及的个别股票的买卖或交易要约或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务 ( 例如配售代理牵头经办人保荐人包销商或从事自营投资于该股票 ) 不排除其员工有个人投资于本报告内所提及的上市法团报告中的资料均来自公开信息, 我们力求准确可靠, 但对这些信息的正确性公正性及完整性不做任何保证本报告没有考虑到个别客户特殊的投资目标财务状况或需要, 并不构成个人投资建议, 客户据此投资, 责任自负客户在阅读本研究报告时应考虑报告中的任何意见或建议是否符合其个人特定状况本报告并不存在招揽或邀约购买或出售任何证券的企图本报告仅向特定客户传送, 未经国信证券香港书面授权许可, 任何人不得引用转载以及向第三方传播, 否则可能将承担法律责任研究报告所载的资料及意见, 如有任何更改, 本司将不作另行通知在一些管辖区域内, 针对或意图向该等区域内的市民居民个人或实体发布公布供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令受制于任何注册或领牌规定, 则本研究报告不适用于该等管辖区域内的市民居民或身处该范围内的任何人或实体 11

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February 21, 2012 Company Report Haier Electronics(1169.HK) 3 rd /4 th -tier channels the key BUY Price Target:HK$ 11.2 Upside:+13% Key Data Price(HK$) 9.89 Shares Outstanding 2,351 Market Cap. (HK$ m)