1、1 10 23 IPO 2010 2 2018 2010 2016 2017 2018 2012 9 VIE 2013 3 BAI 113 845 2022 2960 2017-2022 19.0 2022 1030 2022 12285 2017-2022 49 2020 2022 1610 2017-2022 7.3 0.3 2022 24220 29150 11440 + + + + 1 2 2018H1 2.69 194.91% 2018H1 63.15% EBITDA 654.1 70%-85% 2018H1 -7.89% 2018H1 315 150751 29 121 100 1
2、0000 2018H1 340 2017 22.1% 45.7 Tabl e_Ti t l e 2018 10 28 - -2018 IPO Tabl e_B aseI nf o SAC S145051 1020005 021-35082086 Tabl e_R eport 2018-10-26 A 34 2018-10-26 2018-10-25 20 A IPO 39 2018-10-25 AH 2018-10-24 每日免费获取报告 1 、每日微信群内分享5+ 最新重磅报告； 2 、每日分享当日 华尔街日报、金融时报； 3 、每周分享 经济学人 4 、每月汇总500+ 份当月重磅报告
3、（增值服务） 关注公号 回复： 加入“起点财经”微信群。 2 a) 1.90% 37.33% 2.12% 26.03% 300 1.23% 52.30% 0.36% 29.13% 1.06% 19.20% 0.29% 0.87% 0.54 % 59.74% 3D -2.63%/-9.64%/-4.92%/ -8.48%/-1.24%/-4.23% 5G 2.02%/0.91% TMT 1 5 2 IPO IPO 1 3 TMT TMT 4 26 19 21 3 1. . 5 1.1. IPO . 5 1.1.1. . 5 1.1.2. . 6 1.1.3. + 8 1.1.4. 10 2. .
4、 12 3. TMT 16 3.1. . 16 3.2. IPO IPO . 16 3.3. TMT . 17 3.4. TMT . 17 4. . 20 5. . 21 6. . 21 7. . 21 1 2013-2022E 6 2 2015-2022E 7 3 2015-2022E 7 4 2013-2022E 7 5 2013-2022E 8 6 2013-2022E 8 7 8 8 9 9 EBITDA 9 10 . 9 11 . 9 12 . 9 13 . 10 14 . 10 15 10 16 10 17 11 18 .11 19 .11 20 .11 21 . 12 22 .
5、12 23 8 12 24 % . 12 25 14 4 1 5 2 VIE 5 3 . 6 4 12 5 A 13 6 2016 1 4 14 7 TMT TOP15 . 14 8 2018 10 19 -10 26 . 16 9 2018 10 19 -10 26 IPO . 16 10 IPO 20181026 16 11 20 5 1. 1.1. IPO 10 24 10 23 SEC IPO 2010 2 Non-GAAP 2018 654.1 1.1.1. 2010 2013 2014 2016 2017 2018 1 2010 2011 11 2012 50 2013 2014
6、40 2015 20 300 32 2016 2017 2018 2012 9 VIE 2013 3 2 VIE 2012 9 2012 10 2013 1 2013 3 BAI 14.1% 10.6% 9.9% 6 3 A 2013 3 70 B 2013 9 BAI 556 C 2014 8 BAI 2366 2015 12 3000 C+ 2017 6 BAI 868 2017 8 Hongtao InvestmentI Ltd 630 D1 2018 6 ACEE Capital Ltd. Honour Depot Limited 2335 D-2 2018 9 Beijing ZPa
7、rk Fund Investment Center 5000 2018 10 Beijing Shengjing Fengtai Innovation Investment Center 230 1.1.2. 2017 12 31 1.85 1000 133 1000 845 2013-2017 8.9 2017-2022 9.8 2022 2970 2017-2022 3.8 2.2 2022 2960 2017-2022 19.0 1 2013-2022E 2017-2022 49% 2017 140 2022 1030 2017-2022 49.7 2017 1660 2022 1228
8、5 2017-2022 49.2 0 10 20 30 40 50 60 70 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E 二手车 新车 7 2 2015-2022E 3 2015-2022E 2020 2022 1610 2017 43.0 45.7 11.3 2017 1000 220 96 2020 2022 1610 18.4% 2017-2022 7.3 0.3 4 2013-2022E + + + 2017 10600 2022 24220 2017-2022 18.0 2017 10000 2590 2022 26050 3100 2017-2022 21.1 3.7 2017
