The Investment Value Analysis Report Of Qihoo360

After entering the new century, Chinese Internet industry has ushered in new opportunities for development, especially after the crisis, the Internet industry development speed is not only fast, providing power and strong support for the development of China’s economy, but also with the people’s life increasingly close ties. At the same time, the development of Internet also brings great changes, instant messaging, its role from before the news browsing, search engines such as pure tools role gradually become part of communication, search, shopping, leisure and entertainment, finance, payment and other role in one of the people, and its status is on the rise.The rapid development of Internet industry led a group of excellent enterprises, such as Tencent, Alibaba, Baidu, Sina, Sohu, NetEase etc, many enterprises began to visit the capital market, attracting the attention of domestic and international investors; at the same time, research on this field in our country academia gradually rich rise, however, refer to these articles, will find that most of the research is the status of the whole industry or a few well-known enterprises (a part of the study is to Baidu, Tencent, Alibaba). In this research paper, many from the pure financial or financial aspects, they either pay attention to financial status and the valuation of an enterprise, merger or equity structure or on the company, their analysis is based on the company already has a mature business model, and can support the company future development strategy on, many scholars ignore the in-depth study of a company’s business model, and combined with the financial situation of the company to demonstrate the effective business model is less.This paper selects shares over Qihoo360as research object, is to take a fancy to its business model, and that the use of this business model, mature, copy it to a new area, open up a new market, so as to find a new profit growth point for the company.Qihoo360was founded in2005, after its establishment, unusually rapid pace, in2009in American NYSE listed, the current market value of more than﹩12000millon. A short span of ten years, from a pure security enterprises, growth for the multi domain range covers safety, search, games, browser, such as hardware, market prise exceeds tens of billions of dollars, the domestic Internet industry forefront of large enterprises. It is how to do? Where the company’s future development potential and profit growth point? The company’s future development challenges which to have? Whether the company has investment value?This paper will use the basic analysis method of qualitative analysis and quantitative analysis of financial analysis report to Qihoo360do value. Start from the domestic Internet industry analysis, the research Qihoo360the future development of the external environment, and then gradually thinning, followed by the analysis of face Qihoo360business model, the future development of the financial situation, the potential and development challenges, at the same time with the valuation model to quantify Qihoo360, the final analysis of the multi angle, the company it is equipped with the investment value.This paper is divided into six parts:the first part, introduction. Research meaning and purpose, research review, research methods and the logic structure of this article introduces the; second part, analysis of Internet industry in china. Mainly introduced the character, the industry’s current situation and prospects for the future of this industry; the third part, analysis Qihoo360strategy. This part is the Qihoo360business model for in-depth analysis, on this basis, will also be on the Qihoo future strategic layout360forecast; the fourth part, analysis Qihoo360financial, to Qihoo3602009-2013annual report as the basis, the financial data combined with the industry competitors, analysis Qihoo360major financial data the company operating conditions, evaluation; the fifth part, analysis Qihoo360investment value. Combined with the general layout of the company, the future development of the potential of the company, at the same time, by using the annual report data in recent years, the absolute and relative valuation method to comprehensively assess the Qihoo360investment value, at the same time, the company’s future challenges are analyzed; the sixth part, conclusion. After comprehensive front several parts in detail, the conclusion to summarize.The innovation of this paper:(1) selects shares over Qihoo360as research object, vividly reveals the Qihoo360business model--free+value-added services;(2) a large number of data put forward "to lead the future development Qihoo360, promising aspects--to security for camp, vigorously develop the search market and the game market" point of view;(3) the discounted cash flow model and PEG evaluation model to evaluate the investment value Qihoo360;(4) analyses will face the challenges of the future development of the company.