Logos for Tencent, Alibaba and Baidu, April 21, 2014 [Photo/VCG]

This means "immense online profit opportunity" of around $70 billion in the same period," the investment bank said.

The estimates showed the bank's change of stance on China's internet services market.

"For the first time since 2010, we have a high degree of confidence in the long-term growth and potential (operating) profit pool for China internet," a team of analysts, led by Piyush Mubayi, said in the research note.

The note highlighted internet giants Tencent Holdings Ltd, Baidu Inc and Alibaba Group Holdings Ltd, as well as online services sites such as Ctrip.com, JD.com and vip.com.