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20182 100 3 iResearch Inc iResearch Inc 1055.3 1441.7 2045.4 2769.6 3974.4 4957.0 6002.9 7047.4 7998.8 39.2%36.6%41.9%35.4%43.5%24.7%21.1%17.4%13.5%2012 2013 2014 2015 2016 2017 2018e 2019e 2020e%56.9 91.9 139.6 206.7 312.8 400.6 490.0 593.4 700.2 54.8%61.5%51.9%48.1%51.3%28.1%22.3%21.1%18.0%2012 2013 2014 2015 2016 2017 2018e 2019e 2020e%5 50%2014 139.6 2017 400.6 4957 2020 700 8000 2018-2020 19.5%15.4%2012-2020 2012-2020 4 iResearch Inc iResearch Inc 13.6%61.7%24.7%8 8-12 12 43.9%33.4%12.7%2.7%7.3%80 81-100 101-150 151-180 181 60100 8 12 2017 2016 5 iResearch Inc iResearch Inc 2020 100 50%1.14 2 100 15-59(60)58%17%5%3%6%8%3%2013-2017 9.4 9.3 9.3 9.2 9.2-0.2%-0.6%-0.4%-0.3%-0.7%2013 2014 2015 2016 2017 2017 6 iResearch Inc 24.6 20.7 18.5 15.7 14.7 13.4 12.7 12.4-15.9%-10.6%-15.1%-6.4%-8.8%-5.2%-2.4%2010 2011 2012 2013 2014 2015 2016 2017%1.2010 2017 24.6/12.4/2.1.01.5 2017 1.32 1.40 3.40.2%1 15%3 2.5/40.2%44.2%15.6%1 1 1-3 3 32016 2010-2017 1.41 1.40 1.39 1.32 1.40 2013 2014 2015 2016 2017 2013-2017 7 iResearch Inc 100 1.2.,3.100 100 89 iResearch Inc 2010 2012 2015 2018 1 2010-2018 1 2010 2017 1 25 A 2012 8 2012 12 2013 11 2017 9 8.1 e 2017 7 50%10%6%2013 7 2015 2 5 2018 1 20.72 10 iResearch Inc 2018 2013 2015+2018 2013 11 2015 5 2015 7+2015 10 2015 11 2016 7+2016 9 2016 2018 2017 1 2017 2 2017 5 2018 1 11 iResearch Inc iResearch Inc 1.5%3.0%3.2%7.0%9.0%12.0%15.0%2014 2015 2016 2017 2018e 2019e 2020e%1.5 6.0 10.0 20.6 32.4 52.3 77.2 300.0%66.7%106.0%57.3%61.4%47.6%2014 2015 2016 2017 2018e 2019e 2020e%2017 20.6 7%2020 75 2017 20.6 2016 7%4 2018 2020 15%2017 77.2 2014-2020 2014-2020 12 iResearch Inc 13 iResearch Inc 2017 EMS/2012 8.4 225 EMS 2015 9 80+2013 26 2013 2+100 CloudBox 2014 2 70+2018 3 2017 14 iResearch Inc 2017 50%34%10%6%2017 500 98 1516 iResearch Inc 2012 2015 70 2016 100 2017 20122017 2017 10 2017 100 201617 iResearch Inc 2012 24 1 100 10 18 iResearch Inc 2012 9 24 2018 5 225 8.4 2017 327.6 220 2018 5 16 24 19 iResearch Inc 2017 6 100 24 100 2 1 2017 50 20 iResearch Inc 24 24 2017 10 21 iResearch Inc 100 10 100 10 2223 iResearch Inc iResearch Inc,32.3%3 59.5%44.8%/67.7%17.6%6.9%6.5%1.4%3 3-6 12-24 6-12 2428.0%34.9%44.8%59.5%2018 B3.N=800 2018 5 iClick24 iResearch Inc 2018 4%1 3064 38.22 2059 25.63 1944 24.24 622 7.85 176 2.26 63 0.87 58 0.78 40 0.52018 4 25 iResearch Inc iResearch Inc B7.N=800 2018 5 iClick 18-22 24 2018 65.2%41.5%20.0%10.3%7.4%18-22 16-18 10-16 7-10 22 30.3%48.4%51.1%55.5%60.2%68.4%24 2018 B6.N=800 2018 5 iClick26 iResearch Inc 24 3.98 3.96 4.03 4.21 3.82 3.95 3.89 4.04 4.25 3.84 3.97 4.06 4.14 4.21 3.92 B4 N=800 2018 5 iClick27 iResearch Inc 1.2.80 120 8 3.18-35 69%28 iResearch Inc 241.2.0.3/6%1.4 110/4620 1.4(0.35/)150/495029 iResearch Inc 30 iResearch Inc 24 3132 iResearch Inc GPS+2018+33 iResearch Inc 10 0 2018 34 iResearch Inc 35 iResearch Inc O2O 36 iResearch Inc 24 24 37 Keep Learning 400-026-2099 38
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