蓝莲花研究机构：2018社区行业发展探究(39页).pdf

1、December 15, 2018 Blue Lotus Company Coverage & Analysts (31 stocks)Blue Lotus Company Coverage & Analysts (31 stocks) CompanyAnalystTickerMarket Cap Share Price Rating Target Price Non-GAAP Operating Income (mn) Revenues (mn) January 18, 2019(USD mn)(Local)(Local)4Q18E*2018E4Q18E*2018E E-commerce (

2、5) Alibaba Group Holding LtdEricBABA US404,302 154.84BUYUS$180 RMB 35,791 RMB 103,522 RMB 116,304 RMB 372,579 JD.com IncEricJD US32,032 22.33BUYUS$30RMB (1,583)RMB 686 RMB 133,524 RMB 460,710 IncEricWUBA US8,814 57.80BUYUS$79 RMB 693 RMB 2,860 RMB 3,487 RMB 13,016 Vipshop Holdings LtdChrisVIPS US4,3

3、49 6.15HOLDUS$7.9 RMB 570 RMB 2,256 RMB 26,544 RMB 84,984 BaozunInc.ChrisBZUN US1,788 30.82 SELLUS$29RMB 329 RMB 514 RMB 2,231 RMB 5,422 Internet Advertising & Media (1) Baidu IncJasonBIDU US58,597 169.75BUYUS$252 RMB 5,673 RMB 23,035 RMB 27,502 RMB 102,584 Express Delivery (5) SF Holding Co Ltd Tri

4、s 002352 CH 21,19732.44HOLDRMB36RMB 1,051 RMB 5,221 RMB 26,285 RMB 91,653 ZTO Express Cayman IncTrisZTO US14,098 17.69 BUYUS$21 RMB1,217 RMB 4,336 RMB 5,370 RMB 17,347 Yunda Holding Co LtdTris002120 CH7,786 30.72SELLRMB21NA RMB 2,741 NA RMB 13,253 YTO Express Group Co LtdTris600233 CH4,509 10.85 SEL

5、LRMB7.3NA RMB 2,355 NA RMB 28,022 BEST IncTrisBSTI US1,921 4.96BUYUS$8 RMB (88)RMB (700)RMB 8,039 RMB 26,964 Online Games (3) Tencent Holdings Ltd Adam 700 HK403,075 331.20BUYHK$372RMB 44,837 RMB 130,638 RMB 113,964 RMB 341,762 NetEase IncAdamNTES US33,119 254.22BUYUS$288 RMB 2,453 RMB 9,968 RMB 19,

6、905 RMB 67,218 Kingsoft Corp LtdAilin3888 HK2,560 14.64 BUYHK$21.8RMB (55)RMB (52)RMB 1,608RMB 5,755 Social (4) Weibo CorpAdamWB US12,968 57.24 HOLDUS$59 US$ 217 US$ 633 US$ 555 US$ 1,797 Momo IncAilinMOMO US5,923 27.76 BUYUS$32 US$ 149 US$ 597 US$ 598 US$ 2,066 Bilibili IncAdamBILI US4,603 16.03 BU