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ͼƬԴ
˷жΪÿ2.8~3.5Ԫļ10.6ڸԪʽ
˵˵̲̣Źƽ̨ʽ̤7ꡣÿξĸı䶼Ͷʻᣬƽ̨ΪҵҴ˴ʼ˼CEOºĻؿ˵еĶοг
ǣ20134¹ͬˣƳSaaSƷΪŹںŵ֮һ
5ٷչ̬вϽʹ£ḻŹģԽԽԱ2,000ˣע̻ͻ270ҡ
ſ̷չΪйСҵƶҵӪṩ̣ͬʱҲйѶ罻ƽ̨СҵӪṩ̡
ѡ2017긣˹30ܳ˴ʼ˼CEO˵30겻ȥһӣĿ꽫ڽжɡ
һſ̵ͷ
˳֮ĶλҪΪС͵ĴͳṩӪƹʵ»ͨͿͻƶи˿罻ƽ̨ķƷ֪ȡ
2013깫˾ƳSaaSƷ˳ɹӵһŵչSaaSPaaSӪȶ
ڶʱܷչѸ٣Ҫ㣺
ڿץ
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˵SaaSƷΪҵơӪơƷƷͨͬĶع̻ضӶǶȰ˴ͳСҵ˷ʱսйʾʮҵƽӪƽһƽ
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1. ҵƲƷʹ̻ܹۺֻӪʹ˵߹˿͵IJȡתʡ漰ҳ϶ȣ
2. ӪƲƷΪ̻ṩֹԾȺ岢ŻӪԤ䣻
3. ƲƷ̻Чȡøҵ
SaaSƷĸ̻201523,8952018ϰ56,313ң˳ԪչIJƷͻڲ䷭
֮⣬˲ԣ2018630գӵг1,500鲼йͨӴĴ粼ȫͻ˸ػĽܹϵ
йʾSaaSƷʧʴ2015 8.1%2018ϰ 3.7%ʧʴ½˫Ѵһ˫ӮĹϵԽȹ̵ζܸ߳ɱЧ̻ƷԼȷ̻ṩʷ
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ȵѶ̬ϵͳݻĹϵѶΪ˵ĺͶߣĿǰѶֹɱΪ3.431%
IPOУһЩذΪ˹˾ĻʯͶߡ
Ϻ˫ȫʿعɵϺġعɵıɿƼͻ㸶(01806.HK)Ͷʹ4,200ԪϹɷݡʾ
Ϻ˫ϺһרעսĻĿͶʵĴͶƽ̨Ϻ˫ͨȫʿعɵϺIJ˵ĻʯͶʡ
ܲλϺϺ͵¾ôҵޣܹҶӻϺʱϺͶҲλ˵ͶʹɶӪ
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㸶һйȵĵ֧ṩ̣Ϊ̻ṩ֧ͽڿƼ˫֧ͽڿƼչȫ
ѶҶӻ㸶µͶԵΪͶԼһƱ
ҵ;Ӫ״
ĿǰӪҪҵ SaaSƷ;Ӫ2015ꡢ2016ꡢ2017ӪշֱΪ1.14Ԫ1.89Ԫ5.34Ԫ긴ʴﵽ116%
Դ˾й
2015ꡢ2016꼰2017ëֱΪ9,820Ԫҡ1.669Ԫҡ3.442Ԫҡ2018ϰ꣬ëΪ2.31Ԫҡ
˾Ӫ5꣬2017ʵӯEBITDA(˰Ϣ۾ɼ̯ǰ)Ϊ2,320Ԫң260Ԫңһҵ˵¡
Ȼ۵ĻڷŴղĽڸծƽֵ䶯6Ԫ(ҪCDϵͶ߷еĽڹߵĹƽֵ䶯ĹȨڸծ֮ת)2018ϰƱʾ6.22ԪңⲿַǾӪأ2018ϰ꾭EBITDAΪ3,810Ԫңͬ460%Ϊ2,840Ԫңͬ7200%ѳ2017ȫˮƽ
Դ˾й
۲ϣƽֵ䶯ΪҪϣʵκʵʵľӪϿÿҵʱձĻ⡣
ӾӪҵڱŸ
SaaSƷĸ̻201523,8952018ϰ56,313ңеʧʸĿǰ13.3%֤ûڸŹ˾Ʒתߡ
ھӪ20163,217ҷ2018ϰ14,189ңͶʸ48.7%֤Ӫҵûϡ
Դ˾й
2016Ƴһվʽƶ罻ӪʹȦŹںšQQ˺罻ƽ̨ϽӪŻӪ˱һݹƽ̨רɫDZڿͻ
Ŀǰƶ罻ı£ҵʹúЩƽ̨ѾӪõĵһ̣Ӫ̻Ӧ˶
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ͼƬԴ˾й
УСҵӪгĹģԤ20171,090Ԫ20223,267ԪѶ罻ƽ̨гݶཫӡ
ͼƬԴ˾й
ĿǰѶ罻ƽ̨ϣǷСҵӪṩ̣гݶ201611.2%201717%
Щδǵ˵һչDZ PaaS
ԱSalesforcePaaS
ĿҪչһȫҵ̣ԵһSaaS沢һ㣬չҵDZȻҪǵ¡
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Salesforce19993£һ罫뵽SaaSʱĿͻϵ(CRM)ṩ̡
˾ڷչвͻңSaaSPaaS³û˵ĺͻ졣ڵSalesforceѲһSaaS˾ѳΪSaaSPaaSݡ˹һۺӪ۷ƽ̨
Salesforce2019Q3ҵ33.9Ԫͬ26%ÿɾӯΪ61ԪʦһԤڡʹڽɴSalesforceĿǰɼԱ40%ֵﵽǧԪ
⣬Salesforceڡ˹ȫߴҵаǰλ
ͼƬԴ;SalesforceĹɼͼ
˵ݱУɿ˾ҵģʽʹ¶ֱӶԱSalesforceչҵIJƷPaaS˵һ֡
201710£Ƴһƽ̨(PaaS)ƽ̨Ϲ˾ĺķƷͬһƽ̨ϣõ̿ƺͷҵԶӦóṩ컯ĴӦãܻڹۻľΪּ֧Ӫϵ֧֡
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һ棬ͨPaaSƽ̨йͷŸߣΪԽԽϸĿͻṩȫ̬ϵڵIJƷ빫˾еSaaSƷ
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ζţ˵̬ҪΧSaaS(ҵơӪơ)PaaS(ƽ̨)չ
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˴ĿǰSaaSPaaSṩķٵһҵڲߣռ䲻Զ
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Ƽչ죬ҵ̬θı˭Ҳ˵ܹδҵҵһٲǰհһؼء
ҪΪйSalesforceĿ꣬˲תķչսԣһжֵڴġ
Źںţ¸۹Ȧ߸˹۵㣬ѶͶ߾ݴ˲Ե
α༭ HN666
