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艾媒咨询iiMediaResearch字节跳动核心观点：1、公司概况：（1）组织架构：为APP工厂而设的流水作业架构。字节跳动主要包括技术部、商业化部和用户增长部（Usergrowth）这三个核心职能部门。（2）AILab专注人工智能研发。字节跳动于2016年成立人工智能实验（AILab）室，由曾任微软亚洲研究院常务副院长马维英任负责人并担任公司副总裁。（3）融资状况：Pre-IPO轮估值超750亿美元，阿里系首参股。2、产品矩阵：（1）资讯产品矩阵：算法编辑+智能分发，打开互联网流量新入口。今日头条APP，2018年日活和月活用户仅次于腾讯新闻，2018年12月月活跃用户达到1.65亿。（2）差异化定位+智能算法+精细化运作，成就短视频赛道霸主地位。2018年12月抖音月活跃用户达2.3亿，反超快手的月活用户数。（3）其它业务布局：多元化发展，推动流量变现。上线多闪，试水视频社交。教育、游戏、金融多元化布局。（4）海外布局：以技术为内核，从0到1，把握海外互联网红利。“自产+收购+投资”三路齐驱，成功复制国内产品矩阵，初尝海外佳绩。在资讯分发和短视频领域，国内互联网红利基本见顶，智能手机渗透率也将近饱和，而海外市场移动互联网市场存在诸多机遇。3、盈利模式：两大核心产品盈利模式成熟，但海外盈利面临挑战。2016及2017年，字节跳动产品广告收入分别约为60亿元和150亿元。据悉，2019年的广告营收目标为1000亿元。4、投资布局：注重文娱投资，快速布局教育行业。字节跳动投资领域横跨文娱、社交、企业服务、教育培训、金融、电子商务，自2015年起，投资/并购事件超过50次。通过投资，公司提升了在文娱领域的话语权，并在成功进入教育行业。5、挑战与机遇：挑战篇（1）资讯分发和短视频行业增速放缓，增量或成难题；（2）版权和监管问题成隐患（3）内容靠补贴聚集，无法形成孵化和培育内容的平台；（4）算法和团队优势，在BAT面前不能构成壁垒;（5）头条系广告效果存疑。机遇篇（1）5G和AI等新技术落地，视频社交可期；（2）海外移动互联网蓝海待开发；（3）“AI+”行业应用前景广阔。公公司研究报告1CorepointofviewCompanyProfile:(1)Thebytedancemainlyincludesthreecorefunctions:thetechnicaldepartment,thecommercializationdepartment,andtheusergrowthdepartment(Usergrowth).(2)AILabfocusesonartificialintelligenceresearchanddevelopment.Inbytedance,anartificialintelligenceexperiment(AILab)roomwasestablishedin2016.Mr.MaWeiying,formervicepresidentofMicrosoftResearchAsia,wasappointedasthecompany'svicepresident.(3)ThePre-IPOroundhasavaluationofoverUS$75billion,andAliisthefirsttoparticipate.Productmatrix:(1)Informationproductmatrix:algorithmediting+intelligentdistribution,openanewentryforInternettraffic.Today'sheadlineAPP,in2018,thedailyandmonthlyusersaresecondonlytoTencentNews,andinDecember2018,themonthlyactiveusersreached165million.(2)Differentiatedpositioning+intelligentalgorithm+refinedoperation,achievingthedominanceofshortvideotrack.InDecember2018,thenumberofactiveusersofthevibratingmonthreached230million,andthenumberofmonthlyuserswhosurpassedthefasthand.(3)Otherbusinesslayout:Diversifieddevelopment,promotingtherealizationoftraffic.Flashingontheline,testthewatervideosocial.Diversifiedlayoutofeducation,gamesandfinance.(4)Overseaslayout:The“self-production+acquisition+investment”three-waydrive,successfullyreplicatedthedomesticproductmatrix,andfirsttastedoverseassuccess.Inthefieldofinformationdistributionandshortvideo,thedomesticInternetdividendhasbasicallypeaked,andthepenetrationrateofsmartphonesisalsonearsaturation.TherearemanyopportunitiesinthemobileInternetmarketinoverseasmarkets.Profitmodel:Theprofitmodelsofthetwocoreproductsaremature,butoverseasearningsarefacingchallenges.In2016and2017,theadvertisingrevenueofbyte-beatingproductswasapproximatelyRMB6billionandRMB15billion,respectively.Itisreportedthattheadvertisingrevenuetargetfor2019is100billionyuan.Investmentlayout:focusonculturalandentertainmentinvestmentandquicklylayouttheeducationindustry.Thebyte-hoppinginvestmentsectorspansentertainment,social,corporateservices,educationandtraining,finance,ande-commerce.Since2015,investment/mergershaveoccurredmorethan50times.Throughinvestment,thecompanyhasimproveditsvoiceinthefieldofentertainmentandhassuccessfullyenteredtheeducationindustry.Challenges:(1)Informationdistributionandshortvideoindustrygrowthslowdown,incrementalordifficultproblems;(2)copyrightandregulatoryissuesbecomehiddendangers(3)contentdependsonsubsidies,cannotformaplatformtoincubateandcultivatecontent;(4)Algorithmsandteamadvantages,cannotconstituteabarrierinfrontofBAT;(5)headlinesaresuspiciousofadvertisingeffects.Opportunities:(1)5GandAIandothernewtechnologieswillbelaunched,andvideosocializationwillbepossible;(2)OverseasmobileInternetBlueOceanwillbedeveloped;(3)“AI+”industryhasbroadapplicationprospects.2...........................................................................................................................5...........................................................................................................................5...........................................................................................................................6...........................................................................................................................6APP...........................................................81.1APP.....................................................81.2AILab..................................................................91.3Pre-IPO750..............................10+...............................112.1+.............................112.1.1................................................................112.1.2............................................122.1.2....................................................................152.2++.....................................................................................................................................172.2.13....................................172.2.2....................................................182.2.3....................................................222.3...................................................232.3.1.....................