市值比较 (Unit: USD Billion ) 截止日期 :213 年 9 月 27 日 53.81 1.2 9.32 5.5 2.9 6 5 4 3 2 1 过去一年股价变化对比 市场估值参数对比 市场比率参数 Price/Earnings TTM 47.2 163.9 14.5 NA 29.9 Price/Book 1.5 18.4 3.2 4.8 2.5 Price/Sales TTM 18.9 23.4 6.6 9.9 2.4 18 16 14 12 1 8 6 4 2 Price/Earnings TTM Price/Book Price/Sales TTM
五家公司财务数据对比 人民币与美元汇率 日期 12/31/28 12/31/29 12/31/21 12/3/211 12/31/212 汇率 6.8346 6.8282 6.6227 6.39 6.2855 日期 6/29/212 9/28/212 12/31/212 3/29/213 6/28/213 汇率 6.3249 6.341 6.2855 6.2689 6.1787 数据来源 : 中国人民银行网站 http://www.pbc.gov.cn/publish/main/537/index.html 关于下面数据的说明 1. 下面的财务数据来源为 MorningStar 网站 2. 由于百度和网易在 MorningStar 网站的财务数据货币单位为 CNY, 而其它三家为 USD, 为了便于对比, 这里将百度和网易的数据换算成了 USD, 转换汇率采用报告期末最后一天人民银行官方历史汇率数据, 因此, 换算出来的数据结果与公司报告会有一定误差 3. 对网站数据的准确性未加验证核实 五年销售额变化趋势对比 (Unit: USD Million ) Revenue 28-12 29-12 21-12 211-12 212-12 BIDU 468 651 1195 231 3549 QIHU 32 58 168 329 NTES 451 55 832 1157 135 SINA 37 359 43 483 529 SOHU 429 515 613 852 167 4 3 2 1 28-12 29-12 21-12 211-12 212-12 五季度销售额变化趋势对比 (Unit: USD Million ) Revenue 212-6 212-9 212-12 213-3 213-6 BIDU 863 986 18 952 1224 QIHU 73 84 13 11 152 NTES 31 316 374 343 367 SINA 132 152 139 126 157 SOHU 256 285 299 38 339 14 12 1 8 6 4 2 212-6 212-9 212-12 213-3 213-6
五年毛利润变化趋势对比 (Unit: USD Million ) Gross profit 28-12 29-12 21-12 211-12 212-12 BIDU 299 415 871 1683 2523 QIHU 24 51 149 296 NTES 369 411 56 781 895 SINA 219 2 234 267 281 SOHU 322 392 452 615 698 3 25 2 15 1 5 28-12 29-12 21-12 211-12 212-12 五季度毛利润变化趋势对比 (Unit: USD Million ) Gross profit 212-6 212-9 212-12 213-3 213-6 BIDU 624 718 691 617 797 QIHU 66 76 92 96 134 NTES 29 215 258 247 275 SINA 7 83 79 65 84 SOHU 156 189 26 24 225 9 8 7 6 5 4 3 2 1 212-6 212-9 212-12 213-3 213-6
五年运营利润变化趋势对比 (Unit: USD Million ) Operating income 28-12 29-12 21-12 211-12 212-12 BIDU 161 235 598 123 1758 QIHU 4 9 18 49 NTES 28 296 384 527 591 SINA 75 37 96-34 -9 SOHU 164 24 231 254 223 2 18 16 14 12 1 8 6 4 2-2 28-12 29-12 21-12 211-12 212-12 五季运营利润变化趋势对比 (Unit: USD Million ) Operating income 212-6 212-9 212-12 213-3 213-6 BIDU 445 52 453 353 47 QIHU 1 12 12 7 37 NTES 14 13 164 174 173 SINA 4 6-1 -18 SOHU 43 64 64 71 64 6 5 4 3 2 1 212-6 212-9 212-12 213-3 213-6 -1
五年净利润变化趋势对比 (Unit: USD Million ) Net income 28-12 29-12 21-12 211-12 212-12 BIDU 153 217 532 154 1664 QIHU 4 9 16 47 NTES 234 271 338 513 579 SINA 81 412-19 -32 32 SOHU 159 148 149 163 87 2 15 1 5 28-12 29-12 21-12 211-12 212-12 -5 五季度净利润变化趋势对比 (Unit: USD Million ) Net income 212-6 212-9 212-12 213-3 213-6 BIDU 438 474 445 326 428 QIHU 7 13 13 6 33 NTES 138 128 162 17 177 SINA 33 1 2-13 -12 SOHU 13 26 25 24 22 5 4 3 2 1 212-6 212-9 212-12 213-3 213-6 -1
五年 EPS(ADS) 变化趋势对比 (Unit: USD) Bais Earnings per ADS 28-12 29-12 21-12 211-12 212-12 BIDU.45.63 1.53 3.2 4.75 QIHU.5.8.15.39 NTES 1.87 2.9 2.6 3.93 4.41 SINA 1.44 7.53 -.31-4.64.48 SOHU 4.16 3.86 3.92 4.26 2.29 1. 8. 6. 4. 2.. -2. 28-12 29-12 21-12 211-12 212-12 -4. -6. 3. 五季度 EPS(ADS) 变化趋势对比 (Unit: USD) Bais Earnings per ADS 212-6 212-9 212-12 213-3 213-6 BIDU 1.24 1.36 1.27.94 1.22 QIHU.6.11.11.5.27 NTES 1.7.99 1.23 1.32 1.38 SINA.5.15.4 -.2 -.17 SOHU.34.68.67.64.57 1.6 1.4 1.2 1..8.6.4.2. -.2 212-6 212-9 212-12 213-3 213-6 -.4
其它参数对比 BIDU 28-12 29-12 21-12 211-12 212-12 Gross Margin % 63.9 63.7 72.8 73.1 71.1 Operating Margin % 34.3 36.1 5 52.2 49.5 EBT Margin 36.4 37.84 51.31 53.85 53.64 Net Margin % 32.77 33.39 44.54 45.78 46.88 Return on Assets % 31.77 29.42 4.98 38.61 3.3 Return on Equity % 41 37.88 53.58 56.3 5.58 Return on Invested Capital % 41 37.88 52.89 5.16 37.15 5 Years Growth Rate 28-12 29-12 21-12 211-12 212-12 Revenue Growth YoY % 83.8 39.7 77.96 83.2 53.83 Operating Income Growth YoY % 1.16 46.34 146.66 91.39 45.86 Net Income Growth YoY % 66.4 41.69 137.37 88.32 57.5 EPS Growth YoY % 66.64 41.44 136.44 88.7 57.9 Cash Flow Ratios 28-12 29-12 21-12 211-12 212-12 Operating Cash Flow Growth % YOY 86.46 3.54 16.21 74 46.67 Free Cash Flow Growth % YOY 254.4 44.11 13.59 56.71 61.57 Free Cash Flow/Sales % 39.69 41.13 47.5 4.25 42.27 Free Cash Flow/Net Income 1.21 1.23 1.6.88.9 QIHU 28-12 29-12 21-12 211-12 212-12 Gross Margin % 74 88.3 88.7 9 Operating Margin % 13.8 15.6 1.8 14.8 EBT Margin 14.24 15.63 15.4 19.5 Net Margin % 6.58 9.48 8.84 14.21 Return on Assets % 4.28 7.96 5.8 8.4 Return on Equity % 17.12 6.69 11.1 Return on Invested Capital % 16.23 6.65 11.1 5 Years Growth Rate 28-12 29-12 21-12 211-12 212-12 Revenue Growth YoY % 78.52 191.8 96.3 Operating Income Growth YoY % 12.22 11.14 168.45 Net Income Growth YoY % 13.1 83.39 199.6 EPS Growth YoY % 66.67 8 177.78 Cash Flow Ratios 28-12 29-12 21-12 211-12 212-12 Operating Cash Flow Growth % YOY 122.62 38.96 43.12 Free Cash Flow Growth % YOY 128.18 3.88-69.5 Free Cash Flow/Sales % 21.84 27.91 38.44 5.98 Free Cash Flow/Net Income 1.68 1.89 4.14.42 NTES 28-12 29-12 21-12 211-12 212-12 Gross Margin % 81.9 74.7 67.3 67.5 68.6 Operating Margin % 62.1 53.9 46.2 45.6 45.3 61.51 57.24 46.78 49.59 52.17 Net Margin % 51.76 49.25 4.59 44.36 44.35 Return on Assets % 28.93 24.43 21.93 23.93 2.95 Return on Equity % 35.8 28.57 26.3 28.29 25.25 Return on Invested Capital % 33.39 28.57 26.3 28.29 25.25 5 Years Growth Rate 28-12 29-12 21-12 211-12 212-12 Revenue Growth YoY % 39.17 21.8 46.6 32.37 12.49 Operating Income Growth YoY % 58.58 5.69 25.74 3.62 11.68 Net Income Growth YoY % 26.13 15.89 2.82 44.66 12.47 EPS Growth YoY % 28.93 16.33 21.5 43.48 12.12 Cash Flow Ratios 28-12 29-12 21-12 211-12 212-12 Operating Cash Flow Growth % YOY 46.2 3.8 36.31 42.66 3.72 Free Cash Flow Growth % YOY 4.62-19.57 72.54 41.67 11.68 Free Cash Flow/Sales % 59.73 39.45 46.43 49.69 49.33 Free Cash Flow/Net Income 1.15.8 1.14 1.12 1.11
SINA 28-12 29-12 21-12 211-12 212-12 Gross Margin % 59.3 55.9 58.2 55.4 53.2 Operating Margin % 2.2 1.4 23.9-7 -1.6 EBT Margin 25.76 117.31-2.71-61.6 6.53 Net Margin % 21.82 114.87-4.74-62.57 6 Return on Assets % 1.86 33.81-1.18-19.96 2.21 Return on Equity % 14.46 44.72-1.55-26.33 2.9 Return on Invested Capital % 12.28 4.38-1.44-25.21 2.89 5 Years Growth Rate 28-12 29-12 21-12 211-12 212-12 Revenue Growth YoY % 5.16-2.98 12.29 19.92 9.63 Operating Income Growth YoY % 46.2-5.12 158.7 Net Income Growth YoY % 39.68 41.8 EPS Growth YoY % 37.11 422.56 Cash Flow Ratios 28-12 29-12 21-12 211-12 212-12 Operating Cash Flow Growth % YOY 28-13.96 18.87-42.94-5.97 Free Cash Flow Growth % YOY 23.8-2.79 3.41-87.87 Free Cash Flow/Sales % 25.76 25.81 23.77 2.4-3.9 Free Cash Flow/Net Income 1.18.22-5.1 -.4 -.65 SOHU 28-12 29-12 21-12 211-12 212-12 Gross Margin % 75 76.1 73.8 72.2 65.4 Operating Margin % 38.2 39.7 37.6 29.8 2.9 EBT Margin 39.6 4.71 38.22 32.26 23.74 Net Margin % 36.97 28.69 24.26 19.1 8.17 Return on Assets % 39.5 21.9 14.75 11.54 4.7 Return on Equity % 52.46 29.69 21.14 18.4 8.33 Return on Invested Capital % 52.46 29.69 21.14 18.4 6.78 5 Years Growth Rate 28-12 29-12 21-12 211-12 212-12 Revenue Growth YoY % 127.9 2.9 18.93 39.5 25.25 Operating Income Growth YoY % 4.88 24.75 12.79 1.31-12.19 Net Income Growth YoY % 354.14-6.81.54 9.49-46.44 EPS Growth YoY % 351.11-12.7 1.4 Cash Flow Ratios 28-12 29-12 21-12 211-12 212-12 Operating Cash Flow Growth % YOY 138.84 7.63 21.2 3.25 8.67 Free Cash Flow Growth % YOY 432.54-19.5-6.8-4.22 8.56 Free Cash Flow/Sales % 44.21 29.64 23.4 16.12 23.24 Free Cash Flow/Net Income 1.2 1.3.96.84 2.85