【出版时间及名称】：2010年1月中国网络广告行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：60
        【目录或简介】：
We expect brand advertising revenue to grow 35% YoY in 2010 due to a
recovery in the media sector, higher budget allocation to online media from
the traditional one, new government regulations benefiting online advertising,
and three key events boosting spending. In 2010, we expect Sina (+CRIC),
Tencent and NetEase to gain market share, whereas Sohu’s share would fall.
Separately, we expect online video to become a “must advertised” media in
2010 and is likely to gain more budget from advertisers going forward.
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In the Credit Suisse China consumer survey 2009, Sina was voted the
most frequently visited portal (36%), followed by Sohu (20%), NetEase
(8%) and Tencent (7%). In terms of personal blog usage, Sina was ranked
the no. 1 blog site in 2009 (12%), followed by NetEase (7%) and then Sohu
(3%). Regarding, Social Networking Services (SNS), Kaixin001/Kaixin was
ranked the most popular SNS site in 2009, with 33% vote, followed by
Renren (Xiaonei) (16%) and Tianya (12%). The global SNS leader,
Facebook, only received 1% of votes.
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According to iResearch, the market size of China’s brand advertising
from January to November 2009 was Rmb7,971 mn, up 7% YoY. In 2009,
the Internet service sector became the largest advertising segment (19% of
total spending), followed by auto (16%), IT (11%) and real estate (9%). In
2010, we expect the three fast growing sectors to be Internet services
(50% YoY), personal care (50% YoY) and telecom & handsets (45%).
Among the top-four portals, only Tencent’s market share was up from 10.3%
in 2008 to 11.2% in 2009 due to its market share gain in Internet services,
food & beverage, and automobile.
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Valuation: We maintain our OUTPERFORM rating on Sina and Tencent,
NEUTRAL on Sohu and NetEase and UNDERPERFORM on Baidu.