2014 12 9 40% 20% 0% 300-20% Dec-13 Mar-14 Jun-14 Sep-14 2013.10.14 2013.12.9 2014.04.22 2014.5.29 2014.06.19 2014.06.25 S1060513050003 0755-22622625 xuwen007@pingan.com.cn S1060114080032 0755-22628888-101020 wangqing944@pingan.com.cn 14 O2O 15 & PC 1H2014 276.6% 14.5% 30%16 PC LBS B2C & O2O ERP CPI
EPS/ PE 2014-12-5 2012A 2013A 2014E 2015E 2012A 2013A 2014E 2015E 600612.SH 34.05 1.17 1.70 1.60 2.05 29.14 20.02 21.28 16.61 A 000501.SZ 14.60 0.79 0.92 1.04 1.23 18.48 15.87 14.04 11.87 002251.SZ 15.35 1.27 0.73 0.78 0.88 12.10 21.11 19.68 17.44 600694.SH 35.66 3.33 4.01 4.70 5.20 10.71 8.89 7.59 6.86 A 000026.SZ 10.51 0.30 0.33 0.42 0.52 35.63 31.75 25.02 20.21 002345.SZ 8.68 0.72 0.46 0.28 0.37 12.06 18.87 31.00 23.46 002697.SZ 8.30 1.04 0.39 0.21 0.23 7.98 21.28 39.52 36.09 600280.SH 13.14 0.40 0.99 1.25 1.80 32.52 13.23 10.51 7.30 600655.SH 11.83 0.67 0.68 0.64 0.74 17.58 17.35 18.48 15.99 600859.SH 19.35 1.46 1.50 1.37 1.31 13.30 12.90 14.12 14.77 000417.SZ 6.96 0.52 0.56 0.52 0.51 13.27 12.40 13.38 13.65 600729.SH 22.35 1.87 2.16 1.72 1.77 11.95 10.35 12.99 12.63 002277.SZ 13.67 0.67 0.74 0.71 0.74 20.31 18.57 19.25 18.47 600858.SH 8.52 0.67 0.51 0.68 0.78 12.79 16.63 12.53 10.92 601010.SH 8.47 0.85 0.52 0.56 0.61 9.96 16.29 15.13 13.89 601933.SH 8.16 0.65 0.46 0.27 0.33 12.55 17.74 30.22 24.73 002024.SZ 8.37 0.37 0.05-0.15-0.20 22.62 167.40-55.80-41.85 603123.SH 10.79 0.52 0.43 0.40 0.43 20.75 25.09 26.98 25.09 002561.SZ 12.77 0.58 0.59 0.59 0.60 22.02 21.64 21.64 21.28 600785.SH 14.06 1.17 0.97 1.19 0.87 12.02 14.49 11.82 16.16 2/28
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2014 1.1 23.53% 300 17.32 12 5 33.15X 5 1 5 Wind 13 6 14 9 105.410 12% 0 3 1 / 2) 314 3 10 5.1% 2 Wind 6/28
3 4 Wind Wind 1.2 1 2 14.15% O2O 6 30% 55.36%50.72% 41.92% O2O 5 125 666.69 617.96-7.31 12.63 24.92 97.40 232.74 168.90-26.55 13.77 30.78 128.33 216.26 265.56 24.64 14.06 18.58 32.19 188.83 137.88-26.20 14.50 22.51 55.29 170.01 274.91 65.18 14.52 28.70 97.60 159.76 312.71 99.70 15.22 25.41 66.98 142.88 198.54 39.69 19.82 23.54 19.34 121.99 178.12 50.72 20.40 26.27 28.78 111.54 170.04 56.82 21.54 27.40 28.09 88.54 90.86 6.02 21.62 28.49 32.11 Wind 7/28
6 Wind 7 125 Wind 2.1 16 PC PC 2013 18924.9 2740 14.5% 2Q2014 6243.1 1907.6 276.6% 30.6% 14 8000 16 PC 8/28
B2C B2C 3Q 57% 2013 76.4% 23 6.9% 2.0% 8 9 2016PC 10 B2C 11 PC ID 9/28
12 PC VS 40%60% + 10 / O2O 10/28
2.2 O2O O2O 13O2O PC PC LBS / 58 14 2005.8 100% 2010.4 DST 3 10.26% 2006.10 600 100% 2010. 8 2008.5 PHPWind 2010.8 2009.9 5.4 100% 2011.2 3.25 50% 2009.12 2011.5 4.5 2010.1 2011.5 8400 16% 2010.3 7000 40% 2011.5 5000 2010.6 Vendio 100% 2011.6 2010.8 2011.6 3.2 2010.8 Auctiva 100% 2011.6 F 2010.10 1500 10.9% 2011.6 2010.11 100% 2011.7 2011.5 CNZZ 100% 2011.1 Everyme 0 2011.7 5000 10% 2011.1 0 2012.8 2012.5 2012.11 2012.5 2013.1 2012.5 4 2013.4 1.08 2012.7 2013.4 8000 2012.7 5000 2013.4 10.35 30% 2012.8 2013.4 APP 2013.9 4.5 36.5% 11/28
2013.5 14.26 100% 2014.1 2013.5 UC 11.62 100% 2014.1 15 9.90% 2013.6 Fanatics 2014.1 2013.7 2014.2 O2O 20% 2013.10 ShopRunner 2.02 39% 2014.3 15% 2013.10 Quixey 5000 2014.3 1.8 15% 2013.10 11.8 51% 2014.3 CJ Games 5 28% 2013.12 28.21 2014.5 11.7 13% 2014.1 21 9.32 38.1% 2014.6 58 7.36 19.9% 2014.3 Tango 2.17 20% 2014.9 7000 2014.3 62.4 60% 2014.1 1 0 2014.3 53.7 35.9% 2014.4 2014.4 10.9 16.5% 2014.5 2.49 10.4% 2014.6 12 50.0% 2014.9 28.1 15.0% PC 15 12/28
O2O /NFC/ O2O 13/28
O2O 10 29 O2O APP PC O2O / O2O 16 17 18 14/28
3.1 2013 4700 2006-2013 16% 55%2013 1021 K 20%-50% 19 20 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2006 2007 2008 2009 2010 2011 2012 2013 60% 50% 40% 30% 20% 10% 0% 500-3000 3000-20000 20000 5 & 21% 15/28
24% 34% 45% 42%Euromonitor 1500-5000 CAGR=19% 21 500-3000 20%-30% 22 23 100 90 80 70 60 50 40 30 20 10 0 YoY 60% 50% 40% 30% 20% 10% 0% 10% 20% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 20141H 3.2 / 50%70% 20-30% 1000-2000 3 10-20% 16/28
24 3,000 2,500 2624 2,000 1792 1689 1,500 1072 1075 1,000 600 500 296 0 25 1000 5-10% 2000 2000-5000 17/28
26 3.3 1 2 33C 50% 2013 3.5% 2011 1.8% B2C 7-10% 20% + 3000-4000 400-500 11 14 11 4731 113% 57% 18/28
27 28 180 160 140 120 100 80 60 40 20 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 160 140 120 100 80 60 40 20 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0 2011 2012 2013 0.0% 0 0.0% 29 201411 10 30 20131411 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% 1 20-30 2 O2O ++ 3 19/28
500 1000 (VERUS) 4.1 B2C 31 B2C 32 B2C 16% 14% 12% 10% 8% 6% 4% 2% 0% 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 160 140 120 100 80 60 40 20 0 2011 2012 2013 1400 1200 1000 800 600 400 200 0 33 20/28
4.2 14 31 600 95 1700 10 48% 10% 21/28
34 2014 6 97 180 1808 715 1780 211 111 622 35 2007.7 5 2009.1 2009.12 2010.1 2010.3 2100 70%2000 9 26 2009 12 8 260 26 2.5 5 2011 15-18 8 2010 1 1.5 2010 10 4 15~20 50 2010 3 2 2011 6 3 96 2012 3 400 20 2010.9 2010.12 2010 12 14 250 5 22/28
19.7 10 2014 2011.3 2011.4 2011 3 28 258 17.2 8 2011 4 15 C 2011 7 3 50-60 2009 2100 B 70% 2012 2012.11 60% 2012.12 2013.8 2014.1 2014.4.28 2014.6.10 2014.11 2014.11.27 2012 12 14 2012 36 2012 12 40 120 5 2016 200 2019 800 120 10 10-12 20 50% O2O + - 36 9.0 5.0 3.4 8.6 3.1 2.1 23/28
2.1 1.9 2.1 20.3 +10 2 1 68.6 37 0.2 8.6 8.8 5.9 8.1 8+72 6.7 53.3 38 4.0 0.8 1.2 1.9 8.0 3Q2014 23 13 24 47.24 320 10 11 40.11 45 11 24/28
39 2011-14 6.4 4.5 7.7 6.0 8.7 11.4 4.7 5.0 6.7 5.0 6.4 5.7 9.6 19.0 4.4 4.6 6.4 9.2 10.0 7.7 8.6 3.5 7.6 80% 6.3 80% 5.5 3.0 80% 5.7 80% 4.5 80% 16.9 80% 7.1 7.0 80% 6.1 5.4 80% 5.4 80% 5.3 80% 3.4 4.1 80% 7.2 80% 7.6 4.3 & I & O2O 40 2013 5580 2123 7-eleven 7-eleven // 1925 // 1905 1703 1700 25/28
1491 1460 1250 1191 1155 1064 698 660 C-store 599 350 1+ 2013 11 O2O 600-18 25 41 42 O2O 2+ ++ 2013 7 2000 18 & 24 26/28
& 10% II ERP ERP O2O SAPIBM ERP ERP & ERP A 1 2 3 4CPI 27/28
股票投资评级 : 6 300 20% 6 300 10% 20% 6 300 ±10% 6 300 10% 行业投资评级 : 6 300 5% 6 300 ±5% 6 300 5% 公司声明及风险提示 : 免责条款 : 2014 4008866338 4036 16 518048 075582449257 1333 25 200120 02133830395 23 6 601 100031