互联网广告向核心媒体集中，广告中间商尽享变革红利.docxVIP

第 PAGE 1 页 共 NUMPAGES 3 页 Overweight（Maintained Overweight （Maintained） TMT Advertising agencies benefit from the trend that Internet Ad is concentrated in core media 06/27/2019 ContactAn YifuSAC: S0190517090002 anyf@ Analyst Zhang Yidong zhangyd@ SAC: S0190510110012SFC: BIS749The Internet advertising budget is concentrated in the core leading media. In 2018, the advertising revenue of 20 medium and large Internet companies increased by 135 billion yuan (YoY 43%), among which the 75% increase (101.3 billion yuan, YoY 53%) was contributed by the top 5 companies, named Tencent, Byte Dance, Alibaba, Pinduoduo, Jingdong, while the remaining 15 companies only grew by 28%. The increasing of the advertising industry tends to centralized within a small number of leading companies, resulting in the poor growth of most companies, which makes the market feel more pessimistic about the opinion that the growth of Internet advertising has slowed down, than the real facts. We believe that this cognitive gap has caused the market to underestimate the Contact An Yifu SAC: S0190517090002 anyf@ Analyst Zhang Yidong zhangyd@ SAC: S0190510110012 SFC: BIS749 The core media has two features: “more traffic” and “close to sales”. 1) Cheap traffic: Tencent and mobile phones still has large potentialities to increase Ad income. Except for the media with rapid increase in traffic such as Douyin, the opportunity that “the high-quality traffic of leading media hasn’t been fully monetized” should not be ignored--Tencent’s shares of advertising and traffic still hanged upside down, and we expected that “the return of traffic value” will continue to drive Tencent’s advertising revenue up; In the post-traffic era, the slowdown of the overall App traffic growth and the concentration of App traffic have significantly increased the value of mobile phone hardware entrances. 2) Close to sales: The generalized e-commerce advertising is the most effective interactive advertising.