汇丰银行-中国-软件行业-中国软件业：所有都在云的列车之上-2019.8-67页.pdfVIP免费

www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.EquityResearchReportSoftwareAugust2019By:SijieMa(S1700517120003)ChinaSoftwareAllaboardthecloudtrainWhileChinahasbeenalatestarterinsomecornersofthecloud,weseethecountry’sITsectornowcatchingupfast……withtheleadersinvarioussub-sectorsofthecloud,likeenterprisemanagementsoftware,retainingtheircrownInitiatecoveragewithaBuyratingonYonyou,ShijiandWeaver,andmaintainaBuyratingonGlodonWhileChinahasbeenalatestarterinsomecornersofthecloud,weseethecountry’sITsectornowcatchingupfast……withtheleadersinvarioussub-sectorsofthecloud,likeenterprisemanagementsoftware,retainingtheircrownInitiatecoveragewithaBuyratingonYonyou,ShijiandWeaver,andmaintainaBuyratingonGlodonWhileChinahasbeenalatestarterinsomecornersofthecloud,weseethecountry’sITsectornowcatchingupfast……withtheleadersinvarioussub-sectorsofthecloud,likeenterprisemanagementsoftware,retainingtheircrownInitiatecoveragewithaBuyratingonYonyou,ShijiandWeaver,andmaintainaBuyratingonGlodonSPOTLIGHT1Equities●SoftwareAugust2019Justlikemuchoftherestoftheworld,Chinesecompaniesareturningtothecloudforeverythingfromstoringdataremotelytopoweringtheirsoftware.However,unliketheUS,wheremuchofthattransitionhasalreadytakenplace,Chinaissome5-10yearsbehind,providingasignificantopportunityforhigh-techcloudservicesproviderstohelpasthecountrycatchesup.Inthisreportwemainlyfocusontwoofthemainareasofthecloud:SoftwareasaService(SaaS)andPlatformasaService(PaaS),whichprovideserviceslikeweb-basedapplicationsandplatforms.WealsolookbrieflyatInfrastructureasaService(IaaS),whereinternetgiantslikeAlibabaandTencentdominate.Howarewedifferent?WeemphasisethatChina’scloudmarketisdifferentfromthecloudmarketintheUS,since:1)theadoptionbysmallercompaniesisstillrelativelylow,withChina’sgovernmentleadingmostoftheinvestmentinthecloudsofar,and,2)currently,themostprofitablecloudbusinessforourcov...