巴克莱-中国-科技行业-中国互联网发展状况

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1、EquityResearchChinaInternetGregoryZhao+12125262268gregory.x.zhao@barclays.comBCI,USRossSandler+14152634470ross.sandler@barclays.comBCI,USChinaInternetJanuary,2018BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinits

2、researchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTD

3、ISCLOSURESBEGINNINGONPAGE53.BarclaysResearchGlobalInternetCoverageRossSandlerDeepakMathivananRyanGeeGregoryZhaoOverweightOverweightOverweightOverweightAmazonAMZNExpediaEXPEElectronicArtsEAAlibabaBABAAlphabetGOOGLGoDaddyGDDYTake-TwoTTWOTencentTCEHYeBayEBA

4、YMercadoLibreMELIWeiboWBFacebookFBPricelinePCLNCtripCTRPInterActiveCorpIACWixWIXSnapSNAPEqualWeightEqualWeightEqualWeightEqualWeightBlueApronAPRNGrubHubGRUBActivisionBlizzardATVIBaiduBIDUMatchGroupMTCHShopifySHOPNetEaseNTESStitchFixSFIXTripadvisorTRIPWeb

5、WEBYelpYELPZillowZGUnderweightUnderweightUnderweightUnderweightTwitterTWTRGrouponGRPNIndustryview:Positive.Forfulldisclosuresoneachcoveredcompany,includingdetailsofourcompany-specificvaluationmethodologyandrisks,pleaserefertohttp://publicresearch.barcap.

6、com.2January4,2018ChinaInternetPerformanceandValuationKeyIndustryThemesCoverageCompanySnapshots3January4,2018ChinaInternet:CoverageandComparableValuationChinaInternet,MediaandGamingSectorValuationP/EEPS-CAGRP/SSales-CAGREV/EBITDAPEGMktcapCompanyTickerRat

7、ingTPLastUpside(US$mm)CY17ECY18ECY19ECY18-19CY17ECY18ECY19ECY18-19CY17ECY18ECY19ECY19ELeadcategoryandBarclayscoverageAlibabaBABAUSOW$220.0$183.720%$470,35643.3x35.1x27.1x29%14.7x10.6x8.3x27%31.8x24.0x18.6x0.9xBaiduBIDUUSEW$240.0$242.4-1%$83,84027.3x26.2x

8、21.7x21%6.7x5.4x4.5x20%23.1x18.4x15.1x1.0xCtripCTRPUSOW$57.0$46.124%$23,64549.2x35.6x24.4x46%5.9x4.7x3.9x23%32.5x24.5x17.6x0.5xNetEaseNTESUSEW$315.0$348.4-10%$45,34424.4x24.3x22.2x10%5.6x4.6x3.8x22%19.5x19.6x17.8x2.2xTence