202022020.6 iResearch I 2019 3858 31.1%2018 1026.3 58.6%2020 2020 161.5 2023218.9 24.8%9.3%IT+SaaS 2C 2B 1 2 TV 3 1 2 3 44 iResearch Inc Teambition 52020.6 iResearch I 2020.6 iResearch I2020 2 App 180.6%168.2%3 UserTracker UserTracker mUserTracker-2019 7-2020 4 App mUserTracker-2019 7-2020 4 App 6,965 6,852 7,652 7,605 7,793 7,984 7,400 20,768 29,634 30,814-2.8%-1.6%11.7%-0.6%2.5%2.5%-7.3%180.6%42.7%4.0%19.07 19.08 19.09 19.10 19.11 19.12 20.01 20.02 20.03 20.04%11.0 11.9 12.6 12.4 12.0 12.4 12.1 32.3 56.7 59.2-0.9%8.5%5.8%-1.1%-3.9%3.8%-2.8%168.2%75.5%4.3%19.07 19.08 19.09 19.10 19.11 19.12 20.01 20.02 20.03 20.04%62020.6 iResearch I Zoom WeLink App 2 47%WeLink 2 2020 1 2020 1-5 App 1 26 2%262.2%WeLink 1192.2%Zoom 47.0%10474.7%110 400 184 241 413 21 274 261 453 374 260 382 406 799 718 56 5890 10905 5836 4199 2020.01 2020.02 2020.03 2020.04 2020.05 WeLink zoom 72020.6 iResearch I 2020.6 iResearch I 2020 3 mUserTracker 5 Zoom 543.1 20.7 2 3-2 9 294.1%223.4%5 70.4 2 9 37.9 Zoom 2 9 4 UserTracker UserTracker 6.4 10.0 11.9 18.9 25.2 27.0 22.7 20.7 137.8412.2526.0616.8583.9651.4773.0629.5543.12.9 2.23 3.8 3.22 4.5 4.19 5.3 5.17 5.31Zoom mUserTracker-2020 2-5 Zoom App mUserTracker-2020 2-5 Zoom App 22.8 19.5 22.7 22.1 21.6 20.0 20.8 18.9 18.4 37.9 64.2 68.4 66.2 65.6 64.7 65.0 64.8 70.4 2.9 2.23 3.8 3.22 4.5 4.19 5.3 5.17 5.31 Zoom Zoom 82020.6 iResearch I 2020.6 iResearch I520.5693.11026.31612.42315.43107.84100.75381.432.1%33.2%48.1%57.1%43.6%34.2%31.9%31.2%2016 2017 2018 2019 2020e 2021e 2022e 2023e%2016-2023 2019 1.2 3858 2016 30%31.1%2023 4831 35.0%2018 1026.3 48.1%58.6%2020 2019 2016-2023 58.6%41.4%2018 2596 3034 3474 3858 4215 4509 4719 4831 5930 6579 7329 8261 8212 8567 8734 8655 8705 9815 11020 12400 12705 13369 13757 13794 29.8%30.9%31.5%31.1%33.2%33.7%34.3%35.0%2016 2017 2018 2019 2020e 2021e 2022e 2023e(%92020.6 iResearch I MCU AVC SVC SVC 1 MCU MCU+PC 2 AVC SVC H.264 AVC H.264 SVC AVC AVC SIP H.322 AVC 3 SWS research SVC AVC/WebRTCPC 102020.6 iResearch I MCU IaaS SaaS API SDK MCU MCU MCU MCU TMT/ISV PaaS SaaS IDCCDN 112020.6 iResearch I SaaS/ISV/MCU IaaS&SaaS PaaS12 iResearch Inc 1 2 3 C C 13 iResearch Inc 2013 2017 130.5 17.4%2018 2019 2020 2020 2023 219 2016-2023 2020e-2023e CAGR 9.3%2020e-2023e CAGR 24.8%11.1%6.8%88.9%93.2%2023e2019%2016-2019 CAGR 11.3%2016-2019 CAGR 17.0%111.2 130.5 144.0 154.8 161.5 179.9 199.3 218.9 17.4%10.4%7.5%4.4%11.4%10.8%9.8%2016 2017 2018 2019 2020e 2021e 2022e 2023e%14 1 2 3 415 iResearch Inc 2 15 PC C 1.21-1.31 1.21-1.24 2.10 222.10 2.1-2.10 2.15 2.3 2020 1 24-2 15 012341/241/301/312/12/32/52/62/72/82/15 20162020.6 iResearch I IT IT IT 1%99.8%IT IT SaaS IT 6K-1W IT 2018 1807 99.8%80%77%68%172020.6 iResearch I SaaS IT/K12 SDK ARAI 182020.6 iResearch I AI+AI AI/.Web/PC AI AI AI AI 19 iResearch Inc IT 1 ITSaaS 2 IT SaaS 3 IT SaaS IT&SaaS SaaS/SaaS IT+IT SaaS IT SaaS SaaS 202020.6 iResearch I SaaS C SaaS SaaS SDK SaaS C SDK AR/AI/IoT+21 1 2 3 422 iResearch Inc+SI/ISV B C CDN C SaaS SaaS+SaaS 232020.6 iResearch I C C C A B B C 242020.6 iResearch I SaaS+25 iResearch Inc 2B 2B+2B SaaS Maxhub SaaS+1 2 3+4 5.262020.6 iResearch I 2C 2B WeLink 2C C 2B2C C AI C B SaaS SaaS API SaaS B B C C2B C AI SaaS B API 272020.6 iResearch ISaaS 1 SaaS SaaS SaaS SaaS SaaS 2 SaaS SaaS API SaaS API SaaS+2 1 28 iResearch Inc 2012 API&SDK MCU 1,500 140 Zoom 5s 99.99%SVC H.265 99%292020.6 iResearch I 1000 1 API 2 3 1300+80ms 70%80%AI+100T 100+AI SIP SaaS Tapd OA CRM RestAPI CVM CDN SDK RestAPI/Rest API PSTN SaaS302020.6 iResearch I aPaaS TCL 500 PaaS Webex Meetings Webex Meetings AI PaaS aPaaS Webex Meetings AI BI SDK aPaaS Webex Meetings PaaS 31 1 2 3 432332020.6 iResearch I TV SaaS TV SaaS/342020.6 iResearch I 1/2 TV SaaS+1.0 2.0 1 AI TV 4K/8K TV TCL B C 2 Maxhub Maxhub&1.0 2.0 4K/8K 12 AI352020.6 iResearch I 2/2 Maxhub Maxhub.36372020.6 iResearch I 2020 76.4 2020 2 6 3122 30%2020 4(SMEDI)3000 SMEDI 0-200 1 100 2 100-200 200 3 0-100 0 2020 4 17 5.30%11.70%13.50%15.70%22.80%31.0%5G%2018-2020 4 93.2 93.1 93 92.9 93 92.8 92.6 92.5 92.6 92.7 92.5 92.6 92.7 92.5 92.6 92.7 92.676.482.5 83.186.618Q1 18Q3 19M1 19M3 19M5 19M7 19M9 19M11 20M1 20M3 20M5 12019&2020 2 1-6 1 237031222019 20202019 2020 382020.6 iResearch I 2020.6 iResearch I 2014 2600 2019 4000 10.2%22.4%27.6%2019 5%10%GTBA 2019-2020 2019-2020 2014-2020 29.9%37.0%36.1%31.5%35.4%36.8%20.3%18.1%17.2%11.3%5.4%7.0%7.0%4.0%3.0%0-5%5%-10%10%-20%20%-30%30%2019 5%10%0.26 0.29 0.32 0.35 0.38 0.40 1.171.211.261.331.411.4516.6%11.4%9.2%8.7%9.5%5.9%3.4%4.1%5.6%6.0%2.8%22.4%24.1%25.2%26.0%26.8%27.6%2014 2015 2016 2017 2018 2019%39 Keep Learning 400-026-2099 40