年轻的云计算公司白山云已于4月24日提交科创板上市申请并获得受理，处于时下热门领域并即将登陆资本市场，白山云对客户的依赖度非常高，此外面对竞争剧烈的云计算领域，白山云胜算多大？
4yue24ri，shangjiaosuowangzhanxianshi，yijiachenglijin4niandenianqinggongsi——guizhoubaishanyunkejigufenyouxiangongsi（yixiajianchengbaishanyun）dekechuangbanshangshishenqingyihuodeshouli，weiliemingdandi35hao。
2015nian4yue23ri，conglanxungaojifuzongcaizhiweichuzoudehuotao，yuhuobanzaiguizhouchenglibaishanyun。gumingsiyi，baishanyunzuodeshiyunfuwu，zheishidangxiaremendexingye。
chayuebaishanyunzhaogushuyijiguanwangkedezhi，qizhuyingyewufenliangdakuai。yishiyunfenfa，jineirongfenfawangluofuwu（cdn）jixiangguanzengzhifuwu。ershiyunanquan，baokuoatdchanpin（shenduweixieshibiexitong）jiyundunanquanfuwu。
jiezhi5yue5ri，bankechuangshouliqiyeyiduoda98jia，qizhongbufamingxingqiyeruhongruankeji，gengyou1998nianjiuchenglidelaopaiqiyeruxiangshengyiliao。zuoweiyige2015niancaichenglide“houqizhixiu”，baishanyunnengfouyouzugoudeshiliyumingxingqiye、laopaiqiyeyijiaogaoxia，zaikechuangbanzhandeyixizhidi？
zaozaijinnian3yue，huotaojiutongguogongkaiqudaobiaoshi，“kechuangbanduichuangxinhechuangyegongsishiyigehenhaode、xinderongziqudao。gongsihuijijixiangyingguojiahaozhao，jijizhunbeidenglukechuangbanshiyi”，kejianjiqipanwangnenghedekechuangban“toucha”。danshi，zhaogushutouluchubaishanyundesandabuquedingxing，kenengzuaitadeshangshizhilu。
主营业务单一，有“骤死”风险
baishanyunyinglilaiyuanyouliangge，yishixiangkehutigongyunfenfafuwuyitishengzhongduanyonghudehulianwangfangwenzhiliangerqudeshouyi；ershiweikehutigongyunanquan、shujuyingyongjichengdengchanpinhefuwuqudeshouyi。
zhaogushuxianshi，2016-2018niandu，yunfenfayewushouruyizhigaojubuxia，zhanbichaoguo98%，eryunanquanheshujuyingyongjichengjiaqilaibudao2%。
白山云招股书
huanyanzhi，gongsishishengshisi，qujueyuyunfenfayewujingyingderuhe。neime，gongsizaizheifangmiandejingzhengliyouchuyushenmediweini？
jinnian2yuefen，quanweiictshichangzixunjigoujishizixun（ccw research）fabu《2018-2019nianzhongguocdnshichangfazhanbaogao》，dangzhongtidao，ali、wangsukeji、tengxunyun、jinshanyunweilieqiansi，baishanyunzepaizaidiwuwei，zhan3.8%shichangfene，yujinshanyunbuxiangshangxia，danyuqiansanmingchajufeichangda。
ccw research
ali、wangsukeji、tengxunyunzheijigedoushidalaojibiededuishou，chenglishijianzhang，gongsitiliangda，yanfashilixionghou，baishanyunxiangyaohandongtamendediweijuefeiyishi。
baishanyunyezaizhaogushulichengrenzheidian，tidao“yutongxingyeqitaqiyexiangbi，jinguangongsichuangjianleshichangdiweijizhimingdu，juyouyidingdejingzhengyoushi，danruoweilaishichangjiagejingzhengjinyibujiaju，huogongsiweinengjingenxingyefazhanqushibingtongguoyouxiaotujingchixuzengqianghexinjingzhengli，zekenengzairihoujiliedeshichangjingzhengzhongsangshijingzhengyoushi。”
“shichangjiagejingzhengjinyibujiaju”，bingfeifashengzaiweilai，ershiyijingzaijinxingzhong——2018nian10yue，aliyunzai2018hangzhou·yunqidahuishangxuanbukaiqixinyilunjiangjia，sheji20yukuanchanpin，zuigaojiangjia90%，zheiwuyiduibaishanyunzaochenglehendadeyali。
chulelaizijingzhengduishoudeweixie，zhengcebuquedingxingyehuichongjigongsideyunyewu。
zuijinjinian，xiangguanjianguanjigouluxujiaqiangduidianshang、hulianwangjinrong、wangluoyouxidengxingyejianguan，daozhibufenkehuxuejianlecaigouxuqiu。
laizijingzhengduishoudeweixieyijijianguandeyingxiang，fanyingzaimaolilvshangjiushichixuxiajiang：2016-2018nian，gongsimaolilvfenbiewei26.28%、23.28%he20.53%。
guofenyilaidanyiyewudeeguojiushiyejirongyidaqidaluo，yiyoufengchuicaodong，gongsirongyizhousi。
客户过于集中，唯头条、腾讯马首是瞻
guanwangxianshi，baishanyunyihuodelebaokuozijietiaodong、tengxun、xiaomidengguoneiwaizhimingqiyedeqinglai。danshi，zheixiezhimingqiyeyezaiqianzhizhegongsi。
zhaogushuxianshi，2016-2018nian，gongsilaiziqianwudakehudeyingyeshourufenbiewei11,631.71wan、39,430.31wanhe68,304.53wan，fenbiezhantongqiyingyeshourudebiliwei57.50%、63.60%he64.95%。
qizhong，laizibeijingzijietiaodong（jinritoutiao）yutengxunliangjiagongsideyingshoubijiuzhanjuleyiban。zijietiaodongzai2018nianweigongsidailai3.76yishouru，zhantongqiyingyeshourudebiligengshigaoda35.71%。
ertongweiyunfuwushangdeshangshigongsi——wangsukeji，2018niancaibaozhongdeqianwudakehuyingshouzhanbijinwei34.12%。
白山云招股书
keyishuo，zijietiaodongyutengxunzheiliangjiagongsizhong，wulunnayijiayubaishanyundehezuoguanxifashengbianhuahuoweizhengchanglvyue，doujiangduigongsideyingshouchanshengjiaodabuliyingxiang。
科研底子薄，赶超有点难
《guanyuzaishanghaizhengquanjiaoyisuoshelikechuangbanbingshidianzhucezhideshishiyijian》tidao，kechuangbandingweishizhuyaofuwuyufuheguojiazhanlve、tupoguanjianhexinjishu、shichangrenkedugaodekejichuangxinqiye，feichangqiangdiaokejichuangxinnengli。
zhaogushuxianshi，muqianbaishanyunyiyongyou19xianghexinjishu，qude40xiangfamingzhuanli、3xiangshiyongxinxingzhuanlihe61xiangjisuanjiruanjianzhuzuoquan，bingyou100duoxiangyigongkaifamingzhuanlishenqinghechaoguo35xiangyigongkaipctzhuanlishenqing。
zheiyishuipingzaiyeneibingbumaojian。
yiwangsukejiweili。jucaibao，jiezhi2018nian12yue31ri，wangsukejigongsijizigongsiyishouquandezhuanli195jian、yishouquanderuanjianzhuzuoquanshuliang229jian。liangzhexiangbi，baishanyunzhuanlishuyueweiwangsukejiwufenzhiyi，ruanjianzhuzuoquanbudaowangsukejisanfenzhiyi。
duibiziliaofaxian，2016-2018nian，liangzheyanfatouruzhanyingyeshourubilixiangchabuda（yue1%-2%），danwangsukeji2018nianyanfatouru6.7yi，erbaishanyuntouru7927wan，zhiyouduifangdeshifenzhiyiduodian。
baishanyunyuwangsukejiyanfatourubi
bingqie，kexueyanjiubushizhiyaozaqianjiunenglimachuchengguo，keyanshilishiyixiangyushijiansaipaodegongzuo。wangsukejichengliyu2000nian，lingpaobaishanyun15nian，baishanyunyaoxiangzhuishangbujinxuyaozijin，haixuyaoshijian。
yibaishanyunxianzaidekeyanshili，yaoxiangzaikechuangbanshangshi，kenengyaofeiyifanliqile。
chanyehulianwangrutongdajizhan，zai“xinzhengce，xinjishu，xinlinian”sanxinzhanlvedechangdaoxiaziyanggengduoxinxingxiangmuluodiyingyong，zaichuantongxingye、hulianwangxingyedezhuanxingzhilushangbanyanlezhutuiqijiaose，zhengzhiyiou2019quanqiuxinjingjinianhuiqijian，tecishelichanyehulianwangfenghui，liqiucongquanqiushijiaojiexiitfuwuzhinengfazhan，yaoqingguoneiwaiyixianqiyefenxiangxingyefazhanlichengjiweilaiqushi。
ninzaibenchangluntankeyilejiedaoruanjian、yingjian、wulianwang、5g、abcdefuwujinhuashi，lejiedaoxinzibenxinshichangdezouxiang。dangwomendeshenghuolibukaijishu，huoxuzhenggequanqiushichang、fuwushang、yonghudouyinggaiduizhiyougengshendesikao。
峰会报名链接：
//www.iyiou.com/post/ad/id/802
