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Tencent (700 HK) - Weixin’s increasingly comprehensive ecosystem

作者: Leo LIU,Matt MA,Calvin NG
时间: 2020年09月16日
重要性: 一般报告
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摘要: Report title:Tencent (700 HK) - Weixin’s increasingly comprehensive ecosystem
Analyst:Leo LIU,Matt MA,Calvin NG
Report type:Company
Date:20200916
[Summary]

■ Tencent Global Digital Ecosystem Summit was held on Sep 9 to11
■ Weixin released updates that empower both merchants and users
■ Social ads and fintech rev should be boosted in the LT
Weixin bridges Tencent’s consumer Internet biz with industrial Internet biz
On Sep 9 to11, Tencent Global Digital Ecosystem Summit 2020 was held online. The conference aimed to gain insights on the development trend of digital economy, share technological innovations, explore the integrated development paths of digital economy and traditional economy, as well as strive to reach collaborations between Tencent and its global digital ecological partners. As a crucial component of Co.’s C2B strategy, Weixin was the very first product that took the spotlight of the conference.
Weixin introduced upgrades that empower both merchants and users
In the Weixin session, Co. painted a rosy picture on the increasingly enriched Weixin commercial ecosystem through empowering both merchants and users. As an important participant of Weixin commercial ecosystem, Weixin mini-program has induced over RMB800bn in GMV in 2019 (+160% yoy), and is estimated to double its GMV in 2020E. To further support merchants, mini-program will mainly focus on: 1) upgrading digital marketing tools such as mini-program live broadcasting, Weixin mini-shop, and open solutions for eC; and 2) providing a more open ecology, such as allowing traffic redirection to mini-programs from other apps, H5 products and mini-programs, as well as allowing users to directly share mini-programs in Moments. In addition, Weixin Pay also promoted faster digitalization for merchants by empowering them on marketing, traffic and data levels. Meanwhile, Weixin Work also brought upgraded refined operation tools to merchants throughout the entire biz process including customer acquisition, services, transaction and management. In a sense, Weixin Work aims to strive for more efficient information flow internally, and better connection with Weixin’s ~1.2bn users externally. Besides empowering merchants with greater commercialization capabilities, Weixin also offers end-users with better product experiences including: 1) Weixin Search, which has transformed from an internal search engine to a more comprehensive search engine that connect users with contents, brands and services in Tencent’s entire ecosystem; and 2) Weixin intelligent speech interaction to help users to better connect with Tencent’s AIoT ecology as well as various other contents and services.
Weixin’s accelerating iteration should bring in incremental revenue in the LT
Given Co. is still in the early stage encouraging merchants and users to try out new features and tools, many of Weixin’s updates have not started to monetize yet. However, as consumption scenarios further enrich, and more abundant marketing channels are introduced in Weixin’s ecosystem to help merchants on better user acquisition and monetization, Tencent’s social ad, online payment, and non-payment financial biz’ growth potentials should all be improved. These along with recently tested feed ads in Official Account, should bring in more incremental rev in the LT. We maintain BUY for Tencent with TP at HKD652 unchanged.

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