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1、图1：招商证券覆盖公司的20年二季度业绩重点图表20年二季度业绩(百万元人民币)腾讯哔哩哔哩京东金山阿里巴巴网易美团点评阅文创梦天地收入114,8832,618201,0541,420153,75118,18524,7223,2601,592毛利率46%23%14%85%45%54%35%53%43%经调整净利润30,153-4725,91127440,6155,2262,71822204经调整净利润率26%-18%3%19%26%29%11%1%13%收入对比市场共识2%3%5%8%4%7%5%n.a.n.a.经调整净利润对
2、比市场共识3%符合预期49%99%12%23%6690%n.a.n.a.收入对比我们的预测-3%1%5%3%0%9%0%-21%-4%经调整净利润对比我们的预测2%低于预期29%-7%2%26%超出预期-96%-32%资料来源：彭博、公司、（香港）预测；注：阅文和创梦天地的业绩是20年上半年；阿里巴巴的业绩是21财年一季度图2：FAANG的20年二季度业绩20年二季度业绩(百万美元)Facebook亚马逊苹果奈飞谷歌收入18,68788,91259,6856,14831,603毛利率80%41%38%41%62%非GAAP净利
3、润5,1785,24311,2531,1424,456非GAAP净利润率28%6%19%19%14%收入对比市场共识8%9%14%1%4%非GAAP净利润对比市场共识-2%124%24%25%-43%资料来源：彭博、公司、（香港）；注：苹果公司的业绩是20财年三季度估值对比公司名称彭博代码币种CMS评级收市价CMS元)2020E2021E2020E2021E2020E2021E2020E2021E2020E2021EEPSEBITDA平台型腾讯700HK港元买入534.0652.0660.225.021.136.930.71
4、.91.69.67.824.222.419.417.9阿里巴巴BABAUS美元买入296.1288.0801.125.019.830.623.31.20.98.56.918.017.425.823.3美团点评3690HK港元中性262.6229.0199.2n.a.48.8n.a.75.61.90.512.17.81.413.9140.9126.9百度BIDUUS美元未评级124.3n.a.42.810.38.416.413.90.80.72.82.48.39.919.919.8谷歌GOOGLUS美元未评级1,717.4n.a
5、.1,172.017.814.633.426.31.51.28.36.916.118.022.719.1脸书FBUS美元未评级302.5n.a.861.820.416.133.627.21.51.210.88.720.721.122.123.5Naver035420KS韩元未评级339,000.0n.a.46.838.028.372.847.41.91.27.36.511.816.338.827.0中国平均20.124.528.035.91.40.98.26.213.015.951.547.0海外平均25.419.746.63
6、3.61.61.28.87.416.218.527.923.2云计算腾讯700HK港元买入534.0652.0660.225.021.136.930.71.91.69.67.824.222.419.417.9金山软件3888HK港元买入42.852.07.617.614.939.830.81.81.48.67.25.66.321.917.0阿里巴巴BABAUS美元买入296.1288.0801.125.019.830.623.31.20.98.56.918.017.425.823.3金蝶268HK港元未评级20.0n.a.8.
7、9n.a.99.4n.a.n.a.5.71.617.314.10.94.0146.938.4中软国际354HK港元未评级5.5n.a.1.910.89.114.111.90.80.70.90.812.713.518.316.2微软MSFTUS美元未评级231.7n.a.1,753.026.023.140.935.63.02.612.411.240.242.813.712.3亚马逊AMZNUS美元未评级3,531.5n.a.1,768.933.026.574.458.92.72.14.84.122.425.727.724.1谷歌
8、GOOGLUS美元未评级1,717.4n.a.1,172.017.814.633.426.31.51.28.36.916.118.022.719.1SalesforceCRMUS美元未评级276.7n.a.251.850.040.095.474.77.05.514.812.1
