20240114_招商证券_计算机行业北交所系列：北交所计算机公司梳理_43页.pdf
|2024 01 14 TMT/22 23 1-9 22 22 23 1-9 23 1-9 PS TTM PE TTM 4 4 2019 2022 3 5 cagr 20%7 cagr 0 20%9 cagr-20%0 4 cagr 20%5 cagr 0 20%2 cagr-20%0 10 cagr-20%2024 AI 1 30%2 3 1 80,000 1,000PFlops 800PB 20 2 cGPT AIGC APP%276 5.4 2493.5 3.4 2095.8 3.2%1m 6m 12m-16.2-19.1 1.4-12.1-4.5 19.6 1 AIGC GPTStore AIGC 2024-01-11 2 2023 2024 20240107 2024-01-07 3 20231231 2024-01-01 S1090518120002 S1090518050001-40-200204060Jan/23 May/23 Aug/23 Dec/23(%)计算机 沪深300 2.7.10 1.10 2.11 3.12 4.14 5.16 6.17 7.19 8.20 9.22 10.24 11.25 12.26 13.27 14.29 15.31 16.32 17.34 18.35 19.37 20.40 21.41 1 2019-2022 cagr.9 2 2019-2022 cagr.9 3.11 4.11 ZXFUxOtOtQnMpRpMtOsNqR9PbP8OoMmMoMrNfQqQnMkPoPnQ6MoPoONZtQoQvPmQoR 3 5.12 6.12 7.13 8.13 9.13 10.14 11.15 12.15 13.16 14.17 15.17 16.19 17.19 18.20 19.20 20.22 21.22 22.24 23.24 24.25 25.25 26.26 27.26 28.27 29.27 30.28 31.29 32.29 33.30 34.30 35.32 36.32 4 37.33 38.34 39.34 40.35 41.35 42.36 43.37 44.37 45.40 46.40 47.41 48.41 49.42 50.42 1.7 2.7 3 2019 2022.8 4.9 3.9 6.10 7.10 8.10 9 SQUARE.11 10.11 11.13 12.14 13.14 14.15 15.16 16.16 17.17 5 18.18 19.18 20.19 21.19 22.21 23.21 24.22 25.23 26 2022.23 27.24 28.24 29.25 30.25 31.26 32.26 33.28 34.28 35.28 36.29 37.30 38.31 39.31 40 2022.31 41.32 42.33 43.33 44.34 45 2019 1 2022 9.34 46.35 47.35 48.36 49.36 6 50.37 51.38 52.38 53.39 54 2022.39 55.40 56.40 57 2022.41 58.41 59.42 7 21 1 1 839493.BJ 26.10 11.20 2 830799.BJ 22.68 7.05 3 835305.BJ 19.59 7.40 4 837092.BJ 13.32 3.63 5 831175.BJ 13.59 4.27 6 872953.BJ 14.75 3.45 7 835670.BJ 13.96 7.31 8 837748.BJ 12.71 2.23 9 839680.BJ 13.39 8.18 10 833030.BJ 12.45 3.02 11 831832.BJ 12.02 6.13 12 837592.BJ 10.61 2.55 13 835207.BJ 9.78 3.60 14 835184.BJ 9.87 4.67 15 832171.BJ 8.92 3.06 16 430564.BJ 9.74 2.73 17 838227.BJ 9.54 2.58 18 430090.BJ 8.79 5.99 19 839790.BJ 7.03 2.00 20 834415.BJ 7.84 4.20 21 835508.BJ 5.38 1.64 wind 22 23 1-9 22 22 23 1-9 23 1-9 PS TTM PE TTM 2 22 23 1-9 22 23 1-9 PSttm PEttm 1 839493.BJ 3.13 3.33-1.14-0.52 5.79-30.73 2 830799.BJ 6.06 4.37 0.52 0.40 3.57 38.04 3 835305.BJ 3.75 1.85-0.15-0.21 6.52-27.68 4 837092.BJ 1.52 3.19-0.12 0.24 3.75 440.77 5 831175.BJ 6.13 3.69 0.60 0.21 2.07 19.35 6 872953.BJ 2.01 1.31 0.52 0.19 6.38 25.27 7 835670.BJ 0.71 0.68-0.04 0.13 12.29 66.17 8 837748.BJ 2.86 1.22 0.37-0.07 4.35 37.55 9 839680.BJ 3.06 2.11 0.63 0.41 4.35 22.17 10 833030.BJ 4.65 0.00 0.41 0.00 2.60 28.85 11 831832.BJ 3.47 2.45 0.57 0.22 2.98 19.21 8 22 23 1-9 22 23 1-9 PSttm PEttm 12 837592.BJ 2.41 0.76 0.36-0.43 4.43 50.09 13 835207.BJ 3.77 2.02 0.20-0.05 3.69-223.91 14 835184.BJ 1.97 1.59-0.83 0.08 4.81-28.42 15 832171.BJ 2.39 0.94-0.20-0.23 3.93-101.77 16 430564.BJ 2.23 0.79 0.43-0.08 5.18 67.75 17 838227.BJ 1.13 0.82 0.42 0.32 8.60 22.49 18 430090.BJ 3.34 1.44-0.45-0.33 3.93-15.51 19 839790.BJ 2.39 1.53 0.19 0.02 2.93 56.79 20 834415.BJ 1.79 1.23 0.07 0.11 4.70 81.24 21 835508.BJ 0.73 0.40 0.06-0.02 6.80 58.59 wind 2019 2022 3 5 cagr 20%7 cagr 0 20%9 cagr-20%0 4 cagr 20%5 cagr 0 20%2 cagr-20%0 10 cagr-20%3 2019 2022 2019 2022 cagr 2019 2022 cagr 1 839493.BJ 37.62%-214.32%2 830799.BJ 41.64%5.85%3 835305.BJ 11.30%-156.82%4 837092.BJ-14.07%-165.70%5 831175.BJ 26.67%60.93%6 872953.BJ 14.60%39.78%7 835670.BJ-13.92%-149.41%8 837748.BJ-8.31%16.44%9 839680.BJ 15.03%14.15%10 833030.BJ 5.45%-2.70%11 831832.BJ 21.34%21.76%12 837592.BJ 3.32%12.44%13 835207.BJ 9.93%-11.14%14 835184.BJ-15.12%-221.84%15 832171.BJ-12.24%-172.99%16 430564.BJ 21.27%41.24%17 838227.BJ 17.57%10.27%18 430090.BJ-16.51%-203.02%19 839790.BJ-1.37%-26.62%20 834415.BJ-13.73%-34.32%21 835508.BJ-5.57%-31.49%wind 9 1 2019-2022 cagr 2 2019-2022 cagr wind wind 4 SaaS IaaS IT IT 2023 2024 AI 3 2010 2020 DCMM()30%5 7 9 0 2 4 6 8 10=20%0 至20%-20%至0452100 2 4 6 8 10 12=20%0 至20%-20%至0=-20%10 GPU A GPU/80,000 1,000PFlops 800PB 20 AI cGPT AIGC 2023 893 APP 2023 wind 1 AI 6 2023H1 2022 2021 2020 15,770.12 26,714.98 17,212.55 9,825.37 3,626.67 2,082.70 1,578.78 37.64 846.12 1,612.63 2,230.79 1,853.01 8.35 867.40 987.87 544.32 20,251.25 31,277.70 22,009.99 12,260.33 7 CPU PaaS CPU GPU AI GPU 0.10 21.44%8 1 34,114.77 29,000.00 2 25,204.22 3 SaaS 2,107.02 61,426.01 29,000.00 11 2020 59.72%2020 2020 2020 3 4 wind wind 2 IT 9 SQUARE SQUARE FSP(Finance Service Platform)SQUARE SQUARE 10 2023H1 2022 2021 2020 28,593.03 52,716.49 36,111.53 26,151.25 678.73 6,909.52 5,114.04 1,098.19 522.55 977.42 919.32 711.12 29,794.30 60,603.42 42,144.89 27,960.56 12,260.3322,009.9931,277.7033,272.77-3,195.78-8,168.21-11,448.74-5,196.67-20,000.00-10,000.000.0010,000.0020,000.0030,000.0040,000.00营业收入 归母净利润42.99%34.02%28.26%25.41%36.66%37.02%34.95%20.96%16.42%14.13%13.00%8.66%18.65%20.31%13.27%8.18%0.00%10.00%20.00%30.00%40.00%50.00%2020 2021 20222023年1-9 月毛利率 销售费用 管理费用 研发费用 12 wind 1.06 50.29%2020 2020 2022 47.22%2020 2020 5 6 wind wind 3 27,960.5642,144.8960,603.4243,726.684,862.30 5,038.03 5,151.503,959.780.0010,000.0020,000.0030,000.0040,000.0050,000.0060,000.0070,000.002020 2021 20222023 1-9 月营业总收入 归母净利润41.84%34.09%31.26%33.09%1.92%2.82%2.64%2.43%7.69%8.23%7.95%6.64%13.64%11.75%12.17%13.03%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 13 7 2022 11 2023H1 2022 2021 2020 5,452.21 24,288.30 32,149.73 26,848.95 5,471.85 13,207.52 15,512.01 9,483.86 10,924.06 37,495.83 47,661.74 36,332.81 wind 0.68 51.65%2022 Q1 Q4 2020 2020 8 9 wind wind 36,332.8147,661.7437,495.8318,543.177,173.78 6,578.06-1,482.41-2,055.68-10,000.000.0010,000.0020,000.0030,000.0040,000.0050,000.0060,000.00营业收入 归母净利润43.97%39.37%28.35%24.77%3.82%3.45%4.54%4.86%5.35%5.38%7.78%13.40%8.97%10.99%18.31%27.03%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 14 4 12 ZW LZ 10 13 2023H1 2022 2021 2020 20,651.82 7,747.47 AI 2,314.13 7,451.71 AI 32.02 1.02 2,792.64 19,540.91 4,829.60 16,948.36 5,742.84 15 2023H1 2022 2021 2020 2,692.73 22,998.99 15,199.18 27,163.15 25,383.94 wind 2022 14“+”“A I+”“A I+”“A I+”“A I+X”“A I+X”“”V2X/20 2022 0.33 68.04%2022 2023 2020 2022 2023 11 12 wind wind 25,383.9427,163.1515,203.0631,940.213,899.864,841.02-1,168.092,363.47-5,000.000.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.00营业收入 归母净利润35.26%32.61%34.97%23.60%1.57%2.50%6.15%2.86%4.04%6.05%11.85%4.35%4.41%5.17%11.36%4.52%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%2020 2021 20222023年1-9 月毛利率 销售费用 管理费用 研发费用 16 5 13 15 2023H1 2022 2021 2020 11,215.50 31,461.14 23,238.68 12,587.84 7,416.77 14,401.16 10,524.76 6,193.40 5,609.38 13,633.16 14,373.15 14,427.54 922.51 1,834.04 1,015.53 583.78 25,164.16 61,329.50 49,152.12 33,792.56 wind 0.32 46.40%16 1 22,356.09 17,500.00 2 7,436.31 4,000.00 17 3 6,000.00 6,000.00 35,792.40 27,500.00 2020 2020 2020 14 15 wind wind 6 17 33,822.5249,232.4061,342.1036,877.532,956.666,225.93 6,036.582,107.270.0010,000.0020,000.0030,000.0040,000.0050,000.0060,000.0070,000.00营业收入 归母净利润47.00%42.21%38.09%40.09%21.95%16.07%14.69%18.19%7.00%6.99%5.80%8.10%10.68%7.68%7.89%9.98%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 18 SaaS RFID RFID 18 2023H1 2022 2021 2020 2,756.95 8,835.11 8,107.03 6,034.91 4,292.56 9,690.33 9,092.16 6,565.98 6,009.90 5,654.02 3,623.20 3,680.42 3,438.14 2,942.78 821.18 1,528.41 1,565.07 1,202.00 7,870.69 20,053.85 18,764.26 13,802.89 0.66 71.76%19 1 19,400.00 12,980.00 2 5,600.00 2,840.00 3 4,180.00 4,180.00 29,180.00 20,000.00 2020 738 19 2020 97 2020 2020 16 17 wind wind 7 20 2022 21/2023H1 2022 2021 2020 1,729.54 29.16 32.92-4,453.64 2,897.72 3,839.61 14,108.9018,803.7220,053.8413,127.301,868.375,660.325,185.481,863.110.005,000.0010,000.0015,000.0020,000.0025,000.00营业收入 归母净利润63.72%72.71%70.90%58.34%30.04%22.07%20.82%22.25%9.15%6.03%8.06%8.18%12.64%10.41%10.92%12.60%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 20/2023H1 2022 2021 2020-1,274.36 2,638.22 3,592.25-557.43 1,988.60 1,192.92-734.82 663.63 973.76 61.26 58.70 269.82 10.90 94.25 1,819.89 7,092.41 8,246.86 9,962.61 wind 43,378,037 40.85%2020 2022 2020 2020 18 19 wind wind 8 BRT 10,058.318,371.757,142.736,786.552,907.011,593.98-424.461,302.20-2,000.000.002,000.004,000.006,000.008,000.0010,000.0012,000.00营业收入 归母净利润64.90%60.82%67.48%68.61%11.24%16.50%21.30%21.29%8.08%11.58%15.90%16.60%17.30%24.87%35.31%23.75%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%2020 2021 20222023年1-9 月毛利率 销售费用 管理费用 研发费用 21 22 i 23 2023H1 2022 2021 2020 2,869.65 7,008.82 5,497.57 6,254.91 2,805.13 7,931.01 6,275.63 4,051.58 1,754.13 4,169.43 2,256.68 1,413.66 1,636.77 9,514.18 5,208.89 9,000.88 9,065.68 28,623.44 19,238.77 20,721.03 wind 0.20 25.92%2020 2020 2020 22 20 21 wind wind 9 24 MAC IMEI IMSI 20,721.0319,238.7728,623.4412,192.022,393.87 2,595.393,666.12-744.33-5,000.000.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.00营业收入 归母净利润42.44%46.44%36.95%31.29%8.01%9.94%6.87%13.02%7.69%8.42%6.02%10.97%16.17%14.59%11.70%20.71%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00%2020 2021 20222023年1-9 月毛利率 销售费用 管理费用 研发费用 23 25/2023H1 2022 2021 2020 8,683.15 28,115.79 23,129.25 785.00 2,292.76 1,893.56 2.38 36.70 3,840.10 150.41 136.62 164.76 128.83 7,171.59 2,768.07 2,605.38 2,101.33 168.14 7,595.69 4,961.89 39.97 9,620.94 30,581.86 29,027.67 22,579.00 wind 0.24 35.60%2022 29,308.19 95.84%26 2022 1 10,106.68 33.05%2 9,800.47 32.05%3 8,980.16 29.36%4 278.18 0.91%5 142.72 0.47%29,308.19 95.84%2022 2020 2020 24 22 23 wind wind 10 REFORMER DELOUL 27 2023H1 2022 2021 2020 9,216.25 26,937.41 24,981.33 23,929.04 5,364.72 13,548.60 15,627.16 13,635.08 607.88 1,119.52 1,926.86 2,434.26 2,199.34 3,623.57 3,125.41 2,189.29 17,388.19 45,229.10 45,660.76 42,187.67 wind 0.24 35.60%28 1 39,697.27 14,500.00 2 9,833.00 5,000.00 3 12,000.00 7,000.00 61,530.27 26,500.00 2020 22,579.0029,027.6730,581.8621,110.524,739.525,386.456,291.164,091.000.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.00营业收入 归母净利润47.18%44.96%46.39%45.97%8.29%6.54%6.65%6.57%7.63%8.80%7.08%8.78%9.05%8.75%10.13%9.74%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 25 2020 24 25 wind wind 11 365 29 CPS+365()365+2022 30 2023H1 2022 2021 2020 12,658.30 27,937.83 20,969.78 14,321.81 1,457.31 897.29 3,984.14 2,617.64 2,246.69 365()755.29 2,125.00 2,420.23 2,849.47 49.58 105.02 328.85 719.43 503.90 15,817.77 34,655.89 26,336.50 20,137.40 wind 43,116.7246,836.49 46,532.3418,359.665,794.93 6,173.144,137.32972.000.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.0040,000.0045,000.0050,000.002020 2021 2022 2023H1营业收入 归母净利润55.39%54.89%53.63%54.73%22.07%22.28%21.21%27.49%5.45%5.60%5.67%6.42%11.63%12.07%16.29%18.12%0.00%10.00%20.00%30.00%40.00%50.00%60.00%2020 2021 2022 2023H1毛利率 销售费用 管理费用 研发费用 26 0.15 19.39%2020 2020 26 27 wind wind 12 100 24 15 5,000 31 2023H1 2022 2021 2020 2,686.97 17,307.70 16,111.13 11,043.63 1,974.32 4,206.99 3,956.94 3,393.33 92.33 1,292.93 1,935.86 2,175.95 730.13 1,341.77 1,312.69 1,244.16 5,483.75 24,149.39 23,316.62 17,857.07 0.14 21.87%32 1 9,045.40 9,045.40 24 2 3,872.32 3,872.32 24 12,917.72 12,917.72 20,137.4026,336.4934,655.8724,539.942,906.093,964.145,663.102,186.750.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.0040,000.00营业收入 归母净利润40.15%44.78%41.74%41.02%11.17%9.74%8.59%10.97%6.30%7.03%6.27%8.39%9.73%11.05%11.25%12.24%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 27 2021 2020 2022 2020/2021/2022 19.41%50.78%52.31%2020 2020 2020 2020 2023 28 29 wind wind 13 17,857.0723,316.6224,149.397,600.40-2,939.143,517.05 3,607.63-4,289.60-10,000.00-5,000.000.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.00营业收入 归母净利润24.88%46.72%47.96%24.56%11.86%8.66%8.56%23.50%17.44%12.23%13.35%33.76%9.90%7.54%7.06%31.19%0.00%10.00%20.00%30.00%40.00%50.00%60.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 28 30 33 34 2023H1 2022 2021 2020 8,050.50 24,358.62 39,871.30 35,160.30 2,001.96 7,815.69 8,920.86 8,524.06 2,519.16 5,519.52 2,664.11 2,082.85 12,571.62 37,693.83 51,456.27 45,767.21 0.54 56.10%35 1 21,390.60 13,000.00 36 29 2 8,345.82 0 18 3 5,048.50 0 24 4 6,000.00 0-40,784.92 13,000.00 2022 2020 2021 2022 2020 31 32 wind wind 14 3S 36 3S 45,767.2151,456.2737,693.8320,196.384,032.36 4,284.541,991.90-543.11-10,000.000.0010,000.0020,000.0030,000.0040,000.0050,000.0060,000.00营业收入 归母净利润21.56%24.22%27.54%26.56%3.47%4.33%7.31%9.99%2.70%3.52%4.61%7.39%3.89%5.81%6.51%10.28%0.00%5.00%10.00%15.00%20.00%25.00%30.00%2020 2021 20222023年1-9 月毛利率 销售费用 管理费用 研发费用 30 2022 37/2023H1 2022 2021 2020 4,498.69 11,815.28 20,055.79 23,879.41 3,063.02 3,361.58 3,679.36 3,576.48 2,195.42 4,501.15 5,400.82 3,924.60 8.59 23.98 9,757.13 19,686.60 29,159.94 31,380.49 wind 0.56 41.75%2020 2023 2022 2020/2021 2020 33 34 wind wind 31,380.4929,159.9419,686.6015,903.334,164.76538.50-8,267.44841.31-15,000.00-10,000.00-5,000.000.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.002020 2021 20222023年1-9 月营业收入 归母净利润42.72%44.81%22.45%45.57%6.81%7.48%12.81%10.45%5.11%6.23%9.81%8.07%10.96%22.45%24.92%11.86%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 31 15 GIS 38“”2022 39 2023H1 2022 2021 2020 4,157.14 20,324.54 23,888.91 26,215.23 6,079.70 20,135.53 1,227.07 2,112.61 2,549.75 2,393.77 487.03 1,368.75 1,559.12 1,464.47 36.65 80.91 62.20 5,907.89 23,886.82 28,059.97 30,073.47 wind 0.60 59.38%2022 63.93%40 2022%1 8,855.20 37.07%2 2,918.44 12.22%3 1,375.51 5.76%4 1,117.56 4.68%5 1,003.14 4.20%15,269.85 63.93%2022 2020 32 2020 2022 35 36 wind wind 16 RS GNSS 41 CIM 30,122.0128,059.9723,886.829,366.244,283.30 3,986.69-1,950.09-2,268.44-5,000.000.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.00营业收入 归母净利润37.30%36.80%25.32%34.44%5.36%6.02%6.78%15.25%6.53%9.32%9.90%18.76%8.18%7.64%8.97%21.81%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%2020 2021 20222023 年1-9 月毛利率 销售费用 管理费用 研发费用 33 37 42 2023H1 2022 2021 2020 4,527.09 15,736.69 17,670.97 10,340.32 1,496.81 6,603.01 2,074.79 6,977.92 6,023.90 22,339.70 19,745.76 17,318.24 0.51 69.67%43 1 6,875.30 6,875.30 3 2 3,504.24 3,504.24 3 10,379.54 10,379.54 2020 2022 2023 2020 2022 2020 2022 2023 34 38 39 wind wind 17 SaaS SaaS SaaS 44 SaaS SaaS 2019 1 2022 9 45 2019 1 2022 9 2019 1 1 2019 12 31 2020 12 31 2021 12 31 2022 6 30 2022 9 30 17,318.2419,745.7622,339.707,875.202,931.763,377.254,349.98-829.52-5,000.000.005,000.0010,000.0015,000.0020,000.0025,000.00营业收入 归母净利润36.53%35.05%33.49%20.37%2.05%1.85%1.56%4.88%7.10%7.34%6.69%20.50%6.60%5.51%5.48%14.53%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%2020 2021 20222023年1-9 月毛利率 销售费用 管理费用 研发费用 35 46 2023H1 2022 2021 2020 SaaS 5,139.00 231.40 10,578.42 10,934.95 8,715.37 497.25 640.86 519.34 227.45 8.40 17.36 288.17 275.31 5,370.40 11,311.52 11,881.34 9,510.02 wind 0.14 36.26%47 1 18,625.00 36 2 7,958.00 36 26,583.00 2020 2021 2022 2020 SaaS 2020 40 41 wind wind 18 9,510.0211,881.3411,311.528,192.313,506.664,835.954,189.
报告吧