奇虎_360(QIHU)于安全服务互联网平台新星20130122.pptVIP

* CompanyResearch/MediaInternetSector 12-01 12-03 12-05 12-07 12-09 12-11 29.00 27.00 25.00 23.00 21.00 19.00 17.00 15.00 Qihoo 500(可比) 31.44 0.67 18 NC 11.50 ? Qihoo 360 (QIHU) An emerging internet platform based on free security service 22 Jan 2013 Investment Highlights An internet platform focusing on free security service. Qihoo 360 is the largest internet security service provider in China, and is also the 3rd largest internet company in China by user base. The Company provides internet security and platform services, and realizes its business value through introduction of open platforms. It reported revenue and net profit of US$168mn and US$15.6mn for 2011, up 191.1% and 83.4% YoY, respectively. We forecast that its revenue will increase 90% YoY to US$319.5mn in 2012E. Attracting users with free services, enhancing value through diversified applications, investing for the future by establishing open platforms. Qihoo 360 has a unique business model. It attracts users with free services, and generates profit from data traffic on the numerous BUY (Initiation) ADS price: US$31.93 Target price: US$42.24 CSI Research Department Hao Wen Tel: (8610) 6083 6709 E-mail: wenhao@ Yi Guo Tel: (8610) 6083 6739 E-mail: guoyi@ Chunbo Li Tel: (8610) 6083 8203 E-mail: lcb@ Price Chart value-added services and applications. History reminds us that user base is Turnover (US$ mn) (US$) an internet company’s core competency. In terms of user market share, the Companys 360 anti-virus, 360 Mobile Safe and 360 Safe Browser are ranked number 1 in China, and its web games and 360 Mobile Browser are ranked 5th and 6th, respectively. 13.00 By launching its search engine, Qihoo 360 will likely break the monopoly in search engine market, and thus benefit significantly from large user traffic. In the search engine market, higher market share adds a 奇虎360 SP (Comparables) Source: Bloomberg, CSI premium to re