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Tencent - ウェブスケール戦略:米国の制裁を受け、ネットワーク投資を促進する巨大な「新インフラ」計画

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

出版日: | 発行: MTN Consulting, LLC | ページ情報: 英文 15 Pages | 納期: 即納可能 即納可能とは

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Tencent - ウェブスケール戦略:米国の制裁を受け、ネットワーク投資を促進する巨大な「新インフラ」計画
出版日: 2020年08月14日
発行: MTN Consulting, LLC
ページ情報: 英文 15 Pages
納期: 即納可能 即納可能とは
  • 全表示
  • 概要
  • 目次
概要

Tencentが一流のインターネットビジネスに急成長したのは、20世紀の終わりに始まった中国のインターネットブームと一致しています。Tencentの設立から2年後の2000年には、中国の総人口のわずか1.8%がインターネットユーザーでしたが、現在は約64%となり爆発的に増加しています。Tencentの事業は、デスクトップベースのインスタントメッセージング製品から始まり、2011年にモバイルインスタントメッセージングアプリを発売し、オンラインゲーム、広告、オーディオおよびビデオストリーミング、クラウドコンピューティング、フィンテックサービスなどのビジネスを展開する巨大なコングロマリットに発展しました。オンラインゲームとオンライン広告は、中国のインターネットの巨大企業にとって新しい成長エンジンになりつつあります。指数関数的な成長により2017年にTencentの評価額は5,000億米ドルを越えました。ただし、Tencentの飛躍的な成長ストーリーは、国内外の市場におけるマクロリスクが同社のビジネスに影響を与えており、現在、脅威にさらされています。国内では、Tencentはオンラインゲームの規制に直面しており、国際的には米国政府が最近、WeChat関連の取引を禁止しています。

当レポートは、Tencentのウェブスケール戦略について調査しており、収益、設備投資、運用費用、研究開発などを含む最新の四半期ごとの主要業績評価指標、技術関連の主要支出、M&A、提携、市場情勢、ネットワーク関連戦略などの情報を提供しています。

目次

  • 1.要約
  • 2.運用規模
  • 3.最新の決算結果
  • 4.収益分析
  • 5.設備投資と研究開発:支出分析
  • 6.主要な支出の優先事項
  • 7.主要技術関係
  • 8. ベンダー市場分析
  • 9.データセンターの設置面積
  • 10.ネットワーク戦略
  • 11.付録1
  • 12.付録2
目次
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
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