S1060512070001 0755-22625433 GENGBANGHAO458@pingan.com.cn S1060513050003 0755-22622625 xuwen007@pingan.com.cn O2O O2O PC PC IP ID O2O O2O PC PC PC PC IP ID
O2O O2O O2O
PC PC PC PC B2C B2C PC 40% 60% PC PC
IP PC ID PC 1 PC 2 PC PC PC
O2O B2C O2O 1 20058 100.00% 20104 10.26% 200610 500~600 100.00% 20108 20085 PHPWind 20108 20099 5.4 100.00% 20112 3.25 50% 200912 20115 4.5 20101 20115 16% 20103 7000 40.00% 20115 5000 20106 Vendio 100.00% 20116 20108 20116 3.2 20108 Auctiva 100.00% 20116 F 201010 1500 10.88% 20116 201011 100.00% 20117 20115 CNZZ 100.00% 201110 Everyme 20117 5000 10.00% 201110 20128 20125 201211 20125 20131 20125 4 20134 1.08 20127 20134 8000 20127 5000 20134 10.35 30.00% 20128 20134 APP 20139 20135 14.26 100.00% 20141 20135 UC 11.62 100.00% 20141 20136 Fanatics 20141 15 9.9% 20137 20142 O2O 20% 201310 ShopRunner 2.02 39.00% 20143 2.15 15% 201310 Quixey 5000 20143 1.8 15% 201310 11.8 51.00% 20143 CJ Games 5 28% 201312 28.21 20145 11.7 11.3% 20141 21 9.32 38.10% 20146 58 7.36 19.9% 20143 Tango 2.17 20.00% 20143 62.44 60.00% 20143 53.67 35.90% 20144 20144 10.9 16.50% 20145 2.49 10.35% 20146 12 50.00% 20149 28.1 15.00%
PC PC 10 / O2O O2O O2O O2O O2O O2O O2O O2O PC
PC IP ID 70% 20% 10% O2O O2O 2 O2O / O2O
1234 O2O / BABA.US(0700.HK)JD.US/ VIPS.USJMEI.US (0700.HK) VIPS.US O2O A 3
5 2014E 2015E 2016E 2014E 2015E 2016E 2013-2016E 2013-2016E 2013A 2014E 2015E 2016E 2.4 1.6 1.2 N/A 933 72 49.3% -0.2% 0.2% 1.7% 17.9 13.2 10.0 37 29 21 36.9% 40.5% 44.9% 48.3% 48.7% 48.5% 11.5 9.3 7.6 38 29 23 25.1% 36.8% 25.7% 30.7% 32.2% 33.5% 3.1 1.9 1.3 73 41 26 94.8% 131.3% 3.5% 4.7% 5.1% 5.8% 6.7 4.8 3.6 56 31 21 36.5% 114.4% 5.2% 11.6% 17.5% 20.1% Thomson ReutersThomson Reuters 6 A EPS/ PE 2014-10-9 2013A 2014E 2015E 2013A 2014E 2015E 8.64 0.40 0.20 0.22 21.60 43.20 39.27 18.79 1.50 1.51 1.55 12.53 12.44 12.12 8.53 0.10-0.20-0.31 85.30-42.65-27.52 24.33 1.18 1.38 1.58 20.62 17.63 15.40 13.50 0.98 0.85 0.98 13.78 15.88 13.78 11.06 0.40 0.59 0.72 27.65 18.75 15.36 17.39 0.59 0.62 0.77 29.47 28.05 22.58 11.31 0.63 0.37 0.41 17.95 30.35 27.67 10.95 0.50 0.38 0.44 21.90 28.49 24.84 31.94 1.35 1.62 1.94 23.66 19.66 16.45 10.90 0.22 0.53 0.70 49.55 20.53 15.58 10.67 0.65 0.37 0.42 16.42 28.76 25.30 13.23 0.93 0.77 0.84 14.23 17.14 15.77 Windwind 7 20141H 20% 1.3 15% 6000-7000 70-80% 40% 70% 20% 127% 1.6
300% 100% 5000 Wind
2014