某投资公司做的IT服务的投资分析报告(1)

1Suite4310,JardineHouseOneConnaughtPlace,Central,HongKongTel+85229735311•Fax[phone]LATITUDECAPITALGROUP(10)84477398•Fax[phone]LATITUDECAPITALGROUPLCGMARKETPERSPECTIVESChinaITServicesSectorReview–SpotlightonSystems/NetworkIntegrationNovember2003China–TransformingintoaMajorITServicesMarket&OutsourcingHubOverviewoftheChinaITServicesSectorDrivenbytheboomingChineseeconomy,theChinaITservicessectorisexpectedtogrowsignificantlyoverthenextseveralyearsasthetelecom,financialandmanufacturingsectorscontinuerapidinfrastructurebuild-outanddeploymentofmajorbusinessapplications.Furthermore,ChinaisrapidlybecomingamajoroutsourcingcenterforITservicesascorporationsareattractedtoChina’slow-cost,highly-skilledtechnologyworkforce.TheChinaITservicessectoriscurrentlyhighlyfragmentedduetonumerousplayers,regionalizedbusinessoperationsandthelackofanydominantnationalfirms.Inaddition,foreignplayersareaggressivelyenteringtheChinamarkettosourcealternative,low-costservices.Hence,China’sITservicessectorisripeforconsolidationbybothdomesticaswellasforeignplayers.GlobalITSpendingGlobalITSpendingbyRegion(US$billions)05001,0001,5002,0002,5003,0002000200120022003E2004E2005EUS/CanadaEuropeJapanAPACLatinAmericaROW2000200120022003E2004E2005ECAGRUS/Canada9008848759239851,0453.0%Europe6336456486847217633.8%Japan2502432372472592711.6%APAC2412462492702933185.6%LatinAmerica1371311281361481623.3%ROW73727885921006.4%Total$2,235$2,219$2,215$2,344$2,498$2,6583.5%Growth-1%0%6%7%6%Source:GartnerAlthoughthemajorityofglobalITspendingisstillprimarilyconcentratedinNorthAmericaandEurope,theAsiaPacificregionrepresentsthefastest-growingmarketforITspendingglobally.EstimatedtotalITspendingfortheAsiaPacificregion(ex-Japan)willreachUS$318billionby2005,representinga5.7%CAGRfrom2000–2005.WithaslowdowninglobalITspending,especiallyintheNorthAmericanandEuropeanmarkets,leadingglobalITservicesplayerssuchasAccenture,AtosOrigin,BearingPoint,CapGemini,EDS,HP,IBMandPerotSystemsareaggressivelylookingtocapturetheirshareofChina’sgrowingITspendingandleveragethecountry’slow-costdeliverycapability.ChinaITSpendingChinaITSpendingBreakdown(US$billions)01020304050607020022003E2004E2005E2006E2007EServiceSoftwareHardware20022003E2004E2005E2006E2007ECAGRHardware19.021.024.128.432.837.05.6%Software4.14.85.97.39.010.83.3%Service5.26.17.710.012.515.36.4%Total$28.4$31.8$37.7$45.7$54.2$63.03.5%Source:CCID.AmongstallareasoftotalITspending,ITservicesinChinaisexperiencingthestrongestgrowthandwillaccountforover24%oftotalITspendingby2007,asignificantrisefromjustunder18%oftotalITspendingin2002.TheChinaITservicesmarkethashistoricallybeenatotalsolutionorientedmarketwheresoftwareandservicesaretypicallybundledwithhardware.MostoftheleadingITservicesplayersinChinaareorientedprimarilyaroundaparticularindustry.TheITServicessectorconsistsmainlyofSystems/NetworkIntegrators(“SI/NIs”),value-addedresellers(“VARs”),ITconsultants,IToutsourcingcompanies,andITsupportcompanies.Forthepurposesofthisreport,wehavefocusedprimarilyontheSI/NImarket.ChinaSystems/NetworkIntegrationMarketWithinChina’sITservicesindustry,SI/NIservicesgrewfasterthanallotherITserviceslastyear,increasingby20%from2001andaccountingforapproximately18.4%oftotalITservicerevenueinChina.Buoyedbyitsrapidlydevelopingeconomy,China’sSI/NIservicesexperiencedsignificantgrowthdespiteageneralslowdownintheworldwideSI/NImarket.ComparedtootherITservicesinChina,SI/NIisarelativelymaturemarketafterhavingundergoneadecadeofdevelopment.With2002revenuesofUS$688million,SI/NIservicesarenowthesecondlargestsegmentintheChinaITservicessector.AsChinesebusinessesimplementincreasinglysophisticatedenterpriseapplicationstocompetein,andbeapartof,theglobalsupplychain,SI/NIservicerevenuesareexpectedtoreachUS$2.4billionby2007,witha2Suite4310,JardineHouseOneConnaughtPlace,Central,HongKongTel+85229735311•Fax[phone]LATITUDECAPITALGROUP(10)84477398•Fax[phone]LATITUDECAPITALGROUPLCGMARKETPERSPECTIVESChinaITServicesSectorReview–SpotlightonSystems/NetworkIntegration2002–2007CAGRof28.4%.Asaresult,theproportionofSI/NIservicesrevenueasapercentageofoverallITservicesrevenueisforecastedtoincreaseto20.6%by2007.ChinaSI/NIServicesRevenuebyIndustry(US$millions)14612479634843383225246644936526627217515613010110398288050100150200250300350400450500FinancialServicesCommunications&MediaManufacturingGovernmentUtilitiesTransportationResourceIndustriesWholesale&ResellerHealthcareScience/EducationOthers20022007ESource:IDC.IndustryDriversofGrowthMajorindustrydriversoftheSI/NIsectorinChinaare(i)financialservices,(ii)communications&media,(iii)manufacturing,and(iv)government.!FinancialServicesIndustry–ThefinancialservicesindustryisnowthemostcompetitiveofallSI/NIservicesectors,withgrowthdrivenmainlybycontinualinvestmentfromlocalbanks,whichareinneedofmoreadvancedITapplicationsandcorebankingsolutions.!Communications&MediaIndustr