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騰訊網絡規模戰略:美國製裁龐大的「新基礎設施」計劃以推動網絡投資

Webscale Playbook - Tencent: Mega 'new infrastructure' Plan to Drive Network Spending amid U.S. Sanctions

出版商 MTN Consulting, LLC 商品編碼 953765
出版日期 內容資訊 英文 15 Pages
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騰訊網絡規模戰略:美國製裁龐大的「新基礎設施」計劃以推動網絡投資 Webscale Playbook - Tencent: Mega 'new infrastructure' Plan to Drive Network Spending amid U.S. Sanctions
出版日期: 2020年08月14日內容資訊: 英文 15 Pages
簡介

騰訊迅速發展為享有盛譽的互聯網業務,恰逢20世紀末開始的中國互聯網繁榮。騰訊在2000年成立兩年後,僅佔中國總人口的1.8%,但現在大約是64%,並且這一數字已經激增。騰訊的業務始於基於桌面的即時消息產品,於2011年推出了移動即時消息應用,並發展了在線遊戲,廣告,音頻和視頻流,雲計算以及金融科技服務等業務。發展為集團公司。在線遊戲和在線廣告正成為中國互聯網巨頭的新增長引擎。 2017年,由於指數級增長,騰訊的估值超過5,000億美元。但是,騰訊的突破性增長故事目前正受到威脅,國內外市場的宏觀風險都在影響其業務。在國內,騰訊面臨在線遊戲法規,在國際上,美國政府最近禁止與微信相關的交易。

該報告調查了騰訊的網絡規模戰略,並包括了最新的季度關鍵績效指標,包括收入,資本投資,運營支出,研發,關鍵技術支出,併購和合作夥伴關係。市場狀況,與網絡相關的策略等。

目錄

  • 1.摘要
  • 2.操作規模
  • 3.最新財務業績
  • 4.收入分析
  • 5.商業投資與研發:支出分析
  • 6.主要支出重點
  • 7.主要技術關係
  • 8.供應商市場分析
  • 9.數據中心佔地面積
  • 10.網絡策略
  • 11.附錄1
  • 12.附錄2
目錄
Product Code: GNI-14082020-1-1

Tencent's meteoric rise into one of the leading internet businesses coincides with China's internet boom that started at the end of 20th century. According to the ITU estimates , just ~1.8% of China's total population were internet users in the year 2000 - two years after Tencent was founded - that has now exploded to about 64% . Tencent's initial journey began with the desktop-based instant messaging offering, QQ (initially QICQ), which slowly gained popularity and provided the company with a strong footprint in the domestic market. The start of the new decade saw more users going mobile with the increased cellphone penetration in the country, which led Tencent to launch its popular mobile instant messaging app, WeChat (Weixin in China) in 2011.

Since then, there has been no looking back for the company, which has now evolved into a sprawling conglomerate with businesses such as online gaming, advertising, audio and video streaming, cloud computing, and fintech services. Indeed, online gaming and advertising are turning into new growth engines for the Chinese internet behemoth. The exponential growth aided Tencent to top U.S.$500 billion in valuation in 2017, becoming the first Asian tech firm to achieve the feat. In addition, Tencent has become a major global investor in startups and unicorns - the tech giant even has stakes in Tesla and Snap . However, Tencent's breakneck growth story is now under threat, with macro risks in both domestic and international markets impacting its businesses. Back home, Tencent faces regulatory curbs on online gaming, while internationally, the U.S. government recently imposed a ban on WeChat-related transactions.

Tencent would be hoping these macro risks would just turn out to be minor hiccups in its future growth path. To ensure it remains on the growth trajectory, Tencent recently announced a massive U.S. $70 billion "new infrastructure" investment plan over the next five years that includes building next-generation data centers, self-designed servers, IoT operating systems, etc. Also, the company could potentially foray into chip development for gaining self-sufficiency and possibly end reliance on foreign chip vendors in due course - a stretch in the current scheme of things given that China currently lacks industry experience to manufacture high-end chips that could rival the ones produced by the likes of TSMC and Qualcomm. However, like Huawei, Tencent could rope in China's largest contract chipmaker, Semiconductor Manufacturing International Corporation (SMIC), which gained traction recently with U.S. $2.2 billion investment from the state but is still supposedly years behind peers such as TSMC.

Below are a few highlights from the report:

  • Tencent's capex soared in the recent few quarters with the infrastructure boost that witnessed in-house server development (called "Star Lake" servers) for the new and upcoming large-scale data centers
  • Self-developed data center servers and custom chip development plans remain critical for Tencent as its network-hungry internet-based businesses continue to grow impressively
  • Top vendor Intel is staring at an uncertain future with Tencent amid recent U.S. sanctions

This report is the last in MTN Consulting's Webscale Playbook series, which analyze the "Super 8" webscale network operators (WNOs), i.e. Alibaba, Alphabet, Amazon, Apple, Baidu, Facebook, Microsoft, and Tencent. The objective of this report is to assess Tencent's:

  • latest quarterly key performance indicators including revenues, capex, opex, R&D, etc.
  • key tech-related spending priorities
  • network vendor relationships, M&A, and partnerships across different network product categories
  • vendor market landscape
  • network-related strategy

Table of Contents

  • 1. Abstract
  • 2. Operational scale
  • 3. Latest earnings results
  • 4. Revenue analysis
  • 5. Capex & R&D: Spend analysis
  • 6. Key spending priorities
  • 7. Key technology relationships
  • 8. Vendor market analysis
  • 9. Data center footprint
  • 10. Network strategy
  • 11. Appendix 1
  • 12. Appendix 2

FIGURES AND CHARTS

  • 1. Tencent Revenues: 1Q19 - 2Q20
  • 2. YoY Growth Rate (CAPEX vs. OPEX): 1Q19 - 2Q20
  • 3. Profitability Margins: 1Q19 - 2Q20
  • 4. Revenues (Annualized & Single Quarter), & YoY Growth
  • 5. FY2019 Revenue Split (MTN Consulting estimates*)
  • 6. Annualized Capex and R&D, % Revenues
  • 7. Tencent's annualized share of WNO network & IT capex (MTN Consulting estimates*)
  • 8. Top vendors, all years: Tencent
  • 9. Contracts by product, Tencent: all years