深度报告-20230120-华安证券-网络安全行业深度_存量改造+数据安全_商密处于上升期_42页_2mb.pdf

+Table_Summary Table_Summary 16 2025 1500 30%2023 986 39%74%2021 139 32 4.5%6.2 1.5 100 620 144 20 120 30 1.6%7.0%2022 2 KPMG 25 100-200 1 PKI;2;3 1 2 3 Table_StockNameRptType/Table_Rank 2023-01-20 Table_Chart 300 Table_Author S0010520020001 S0010522060002 S0010121090040 1._ _ _ _2023+2022-12-11 2._ _ _ _ 2022-05-16-40%-30%-20%-10%0%10%300 2 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 2/42 证券研究报告.5 1.6 1.1.6 1.2.8 1.3.12 2 PKI.14 2.1.15 2.2.18 2.3.22 2.4.24 2.5.27 2.6 PKI.31 2.7 CA.33 2.8.36 3.40.41 3 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 3/42 证券研究报告 1 2017 2022.6 2 2017-2022.6 3.6 4.6 5.7 6.7 7.8 8.8 9 2016-2023.9 10 2020.9 11.9 12.10 13 2020-2022E.10 14.11 15.11 16 2022.11 17.12 18 2022.13 19 PKI.14 20 PKI.14 21 PKI.15 22.15 23 2019 2022H1.16 24 2019 2022H1.16 25 2019-2022H1.16 26 2019-2022 H1.17 27 2019-2022H1.17 28 2022H1.17 29.18 30.18 31 2019 2022H1.19 32 2019 2022H1.19 33 2019 2022H1.20 34 2019 2022H1.20 35 2019 2022H1.21 36 2022H1.21 37.22 38.22 39 2017-2022H1.23 40 2017-2022H1.23 41 2019-2021.23 4 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 4/42 证券研究报告 42 2017-2022H1.24 43 2017-2021.24 44.24 45 2017 2022Q3.25 46 2017 2022Q3.25 47 2017 2021.25 48 2018 2021.26 49 2017 2021.26 50 2017 2021.26 51.27 52.28 53 2017 2022Q3.28 54 2017 2022Q3.28 55 2017 2022H1.29 56 2017 2022H1.29 57 2019 2022H1.30 58 2021.30 59.30 60.31 61 2019-2022H1.31 62 2019-2022H1.31 63 2019-2021.32 64 2019-2021.32 65 2019-2022H1.33 66 2019-2021.33 67.33 68 2017-2022H1.34 69 2017-2022H1.34 70 2019-2021.34 71 2019-2022 H1.35 72 2019-2022H1.35 73 2017-2021.35 74.36 75 2019 2022H1.36 76 2019 2022H1.36 77 2019 2022H1.37 78 2019 2022H1.38 79 2019 2022H1.38 80 2022H1.38 81.39 5 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 5/42 证券研究报告 16 2025 1500 30%2023 986 39%74%2021 139 32 4.5%6.2 1.5 100 620 144 20 120 30 1.6%7.0%2022 2 KPMG 25 100-200 6 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 6/42 证券研究报告 1 1.1 2023 2017 2.4 3.6 IP+IP IDC 2020-2025 IP 2020 45.3 2025 102.7 CAGR 17.8%IP 2022 799EB 1EB=GB 21%1 2017 2022 2 2017-2022 2022 1049 24%305 30%29%3 4 8.0 5.42.5 2.42.1 2.11.113.49.43.93.63.12.91.402468101214162017 2022 16226037951465879960%46%36%28%21%0%10%20%30%40%50%60%70%01002003004005006007008009002017 2018 2019 2020 2021 2022(EB)YoY52562771384910491289152719%14%19%24%23%18%0%5%10%15%20%25%30%05001000150020002018 2019 2020E 2021E 2022E 2023E 2024E 114146181234305389492 28%24%29%30%28%26%0%5%10%15%20%25%30%35%01002003004005006002018 2019 2020E 2021E 2022E 2023E 2024E 7 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 7/42 证券研究报告 2020 2022 16 2023 1 2025 1500 CAGR 30%5 6 3.0 8 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 8/42 证券研究报告 7 1.2 8 2023 986 39%9 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 9/42 证券研究报告 343.91 73.8%36.35 7.8%85.74 18.4%9 2016-2023 10 2020 11 2010 SM1 SM2 SM3 SM4 SM7 SM9 ZUC 2018 SM2/3/9 ISO/IEC SM1SM7 ISO/IEC SM2SM3SM4 python 15223929335048653970898658%22%19%39%11%31%39%0%20%40%60%80%0200400600800100012002016-2023E YoY 74%18%8%10 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 10/42 证券研究报告 JavaScript 12 GB/T39786-2021 vpn 2022 2 13 2020-2022E 0.320.902.00185%122%0%50%100%150%200%0.000.501.001.502.002.502020 2021 2022E2020-2022E YoY 11 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 11/42 证券研究报告 2021Q4 2022 Q4 51.8%30 50 8407 383 4.6%14 15 16 2022 111010461555301216850500100015002000250030003500 11034276027020406080 170.0%48.0%40.0%27.0%22.0%14.0%9.0%9.0%7.0%4.0%4.0%3.0%2.0%1.0%0%20%40%60%80%100%120%0%20%40%60%80%100%120%140%160%180%2022 12 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 12/42 证券研究报告 2021 139 32 4.5%6.21.4 100 620144 20 12029 1.6%7.0%2022 2 1.3 2022 1 6 2023 1 17 2021 17%18%KPMG 25 100-200 13 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 13/42 证券研究报告 18 2022 53.0%17.0%13.0%9.0%5.0%3.0%14 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 14/42 证券研究报告 2 PKI PKI PKI 70 90 SSL TCPIP PKI SSL PKI PKI PKI CA PKI RA CA CA CRL PKI CRL 2022 3 302 87 PKI 19 PKI 20 PKI PKI 15 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 15/42 证券研究报告 21 PKI 2.1 2008 2008 2009 2009 SJJ0930 2013 SJJ1327 2015 FPGA PCI-E 2019 SJK1926 PCI-E 2020 2022 11 22 2019 2021 1.33 2.70 2019 2021 0.20 0.75 2022 1-6 16 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 16/42 证券研究报告 23 2019 2022H1 24 2019 2022H1 WIND WIND 1 2019/2020/2021/2022H1 42.4%/44.2%/44.2%/50.9%2020 2019 2021 2020 2 3 4 25 2019-2022H1 WIND 2019-2021 70%2019-2021 1.332.022.700.9452%34%-65%-80%-60%-40%-20%0%20%40%60%0.00.51.01.52.02.53.02019 2020 2021 2022H1 YOY(%)0.200.520.750.14160%44%-81%-100%-50%0%50%100%150%200%0.00.20.40.60.82019 2020 2021 2022H1 YOY%40.5%31.6%28.6%13.2%42.4%44.2%44.2%50.9%8.2%17.7%21.8%33.0%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022H1 17 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 17/42 证券研究报告 26 2019-2022 H1 WIND 2019-2021 2022 1-6 2022 6 159 45.7%27 2019-2022H1 28 2022H1 WIND WIND 1 FPCA PCB PCI-B PCI-E 2 3 4 XS100 63%64%60%61%74%76%76%75%90%86%87%85%71%65%80%77%71%73%74%76%50%60%70%80%90%100%2019 2020 2021 2022H1 3,0095,0463,7083,29132%19%18%25%0%5%10%15%20%25%30%35%01000200030004000500060002019 2020 2021 2022H1 45.7%4.9%35.3%14.1%18 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 18/42 证券研究报告 29 2.2 12 30 4()30 19 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 19/42 证券研究报告 2019 2 976.32 2021 10 699.69 89.60%2019 346.05 2021 3 778.05 230.42%2022 1-6 3 087.77 497.03 2019-2021 89.72%1 2 3)4 5 31 2019 2022H1 32 2019 2022H1 WIND WIND 88.28%92.26%85.13%84.78%2971.61 5704.15 10695.94 3074.32 2020 2019 478.81 31.63%2021 45.69%1 2 2022 1-6 2021 89.63%0.290.571.063.080%97%86%191%0%50%100%150%200%250%0.00.51.01.52.02.53.03.52019 2020 2021 2022Q3 YOY(%)0.050.590.390.050%1080%-87%-200%0%200%400%600%800%1000%1200%0.00.10.20.30.40.50.60.72019 2020 2021 2022Q3 YOY%20 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 20/42 证券研究报告 33 2019 2022H1 WIND 68.38%72.40%70.57%69.88%1 88.73%95.06%95.22%93.34%2 78.05%73.43%75.21%78.22%2020 2019 4.62 2022 1-6 2021 3.01 3 99.27%97.43%94.80%94.28%4 96.99%97.67%98.02%50.85%2022 1-6 34 2019 2022H1 WIND 58%37%29%29%30%55%56%56%3%3%9%8%1%3%2%4%8%1%4%4%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022H1 62%67%59%57%78%73%75%78%99%97%95%94%97%98%98%51%60%62%15%12%68%72%71%70%0%20%40%60%80%100%120%2019 2020 2021 2022H1 21 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 21/42 证券研究报告 2019-2022 6 744.57 890.36 1128.30 536.89 25.02%15.53%10.55%17.39%2022 6 30 52 28.11%35 2019 2022H1 36 2022H1 WIND WIND+1 2 3.4 5 7458901,12853725%16%11%17%0%5%10%15%20%25%30%0200400600800100012002019 2020 2021 2022H1 78415214 22 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 22/42 证券研究报告 37 2.3 1998 4 23 SJL05 2000 2003 2010 2013 38 23 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 23/42 证券研究报告 2019 2021 21.04 28.79 1 2 2019 2021 1.56 2.38 2021 48%39 2017-2022H1 40 2017-2022H1 WIND WIND 1 2019/2020/2021 58.9%/55.4%/55.9%2 2019 41 2019-2021 WIND 10%2021 1847 72%21.0423.8427.8913.1113%17%0%5%10%15%20%0.05.010.015.020.025.030.02019 2020 2021 2022H1 YOY(%)1.561.612.380.103%48%0%10%20%30%40%50%60%0.00.51.01.52.02.52019 2020 2021 2022H1 YOY%58.9%55.4%55.9%41.1%24.9%26.1%19.7%18.1%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 24 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 24/42 证券研究报告 42 2017-2022H1 43 2017-2021 WIND WIND 2.4 2001 8 20 150+44 2017-2021 CAGR 24.20%2021 5.25 26.02%2022 Q3 3.11 2017-2021 22329%10%10%11%0%2%4%6%8%10%12%14%00.511.522.532019 2020 2021 2022H1(%1,3931,6791,84768%70%72%65%66%67%68%69%70%71%72%73%05001000150020002019 2020 2021 25 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 25/42 证券研究报告 CAGR 24.69%20%2021 1.43 40.54%45 2017 2022Q3 46 2017 2022Q3 WIND WIND 2017 CAGR 22.36%2018 2021 4.45 21.53%V2x-NetCVM 2017-2021 2021 57%47 2017 2021 2.202.693.184.165.253.1122%18%31%26%0%5%10%15%20%25%30%35%0.01.02.03.04.05.06.02017 2018 2019 2020 2021 2022Q3 YOY(%)0.470.780.901.071.540.5466%15%19%44%0%10%20%30%40%50%60%70%0.00.51.01.52.02017 2018 2019 2020 2021 2022Q3 YOY%91.1%91.1%90.1%87.3%8.6%8.5%9.9%11.4%0.3%0.4%0.1%1.3%0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 26 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 26/42 证券研究报告 WIND 2017 63%2020 70.75%70%2021 72.12%2021 73.45%80%48 2018 2021 WIND 2017 2021 2021 1.00 19.15%2019 40%2021 308 41.79%120 100)146 49 2017 2021 50 2017 2021 WIND WIND 66%66%70%73%77%74%81%79%66%88%61%34%67%66%71%72%30%40%50%60%70%80%90%2018 2019 2020 2021 2,6182,9404,4978,15910,04812%11%14%20%19%0%5%10%15%20%25%0200040006000800010000120002017 2018 2019 2020 2021 110 11025225830833%29%41%39%42%0%10%20%30%40%50%01002003004002017 2018 2019 2020 2021 27 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 27/42 证券研究报告 51 2.5 1999.28 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 28/42 证券研究报告 52 2017 2021 4.19 8.16 CAGR 26.09%2017 2021 0.55 1.45 27%2022 3Q 2.91,26.46%0.65 9 53 2017 2022Q3 54 2017 2022Q3 WIND WIND 2022 H1 70%1 50%2 3+4.194.006.00 6.108.162.91-5%50%2%34%-64%-80%-60%-40%-20%0%20%40%60%0.02.04.06.08.010.0 YOY(%)0.550.87 0.891.071.46-0.6458%2%20%36%-144%-200%-150%-100%-50%0%50%100%-1.0-0.50.00.51.01.52.0 YOY%29 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 29/42 证券研究报告 55 2017 2022H1 WIND 2019-2021 60%2019-2021 56 2017 2022H1 WIND 2017 2021 0.48 1.01 8%12%2022 H1 23%39%47.8%57.2%57.6%72.3%34.7%23.0%21.8%24.4%17.7%19.8%20.6%3.5%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022H1 70%71%68%64%44%66%69%74%18%22%20%29%100%52%60%58%65%0%20%40%60%80%100%120%2019 2020 2021 2022H1 30 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 30/42 证券研究报告 57 2019 2022H1 58 2021 WIND WIND 5G 59 4,8907,17710,0594,8948%12%12%23%0%5%10%15%20%25%0200040006000800010000120002019 2020 2021 2022H1 12812227658 31 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 31/42 证券研究报告 2.6 PKI 20 PKI 1998 PKI 2017 2016 2020 60 2022 IDC 6%2019 3.7 2021 6.1 CAGR 28%2020 61 2019-2022H1 62 2019-2022H1 WIND WIND 2021 46%PKI 2020 11.3pct 1 2020 2 PKI 3.714.446.112.96 20%38%0%10%20%30%40%0.01.02.03.04.05.06.07.02019 2020 2021 2022H1 YOY(%)0.700.570.80-0.49-19%40%-30%-20%-10%0%10%20%30%40%50%-0.6-0.4-0.20.00.20.40.60.81.02019 2020 2021 2022H1 YOY%60 32 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 32/42 证券研究报告 63 2019-2021 WIND 2019-2021 59%52%2019-2021 64 2019-2021 WIND 2021 1.06 37.7%2021 676 28.8%2019 70%74%33.2%47.5%46.0%48.8%42.1%32.3%18.0%10.4%21.7%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 PKI PKI 22%28%30%79%79%76%68%79%61%59%55%52%20%30%40%50%60%70%80%90%2019 2020 2021 PKI PKI 33 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 33/42 证券研究报告 65 2019-2022H1 66 2019-2021 WIND WIND 2.7 CA 2001 ISO 2004 2007 2011 SM2 2016 2020 IDC 2021 C-V2X 2019 2021 7.94 10.26 CAGR 13.7%1 2 2019 2021 0.99 1.16 CAGR8.2%0.610.771.060.50 16%17%17%17%16%16%17%17%18%18%00.20.40.60.811.22019 2020 2021 2022H1(%36552567670%72%74%68%69%70%71%72%73%74%02004006008002019 2020 2021 67 34 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 34/42 证券研究报告 68 2017-2022H1 69 2017-2022H1 44%52%1 2 70 2019-2021 WIND 2019-2021 60%57%2019-2021 7.948.5810.263.258%20%0%5%10%15%20%25%0.02.04.06.08.010.012.02019 2020 2021 2022H1 YOY(%)0.991.031.160.054%13%0%2%4%6%8%10%12%14%0.00.20.40.60.81.01.21.42019 2020 2021 2022H1 YOY%33%23%22%44%25%22%32%30%23%20%26%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 35 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 35/42 证券研究报告 71 2019-2022 H1 WIND 2021 1.85 14.9%2021 796 67%72 2019-2022H1 73 2017-2021 72%74%74%71%51%51%46%78%72%75%21%28%25%-40%-20%0%20%40%60%80%100%2019 2020 2021 2022H1 1.421.611.850.8618%19%18%27%0%5%10%15%20%25%30%0.000.501.001.502.002019 2020 2021 2022H1(77477779665%66%67%63%64%65%66%67%68%7607657707757807857907958002019 2020 2021 36 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 36/42 证券研究报告 2.8 2003 20 74 2019 2021 30.86%1)2)3)75 2019 2022H1 76 2019 2022H1 WIND WIND 2019 2022H1 95%94%97%92%2019 2022H1 70%68%77%64%2019 2022H1 1.221.442.090.5318%45%0%10%20%30%40%50%0.00.51.01.52.02.52019 2020 2021 2022H1 YOY(%)0.220.310.51-0.0541%65%0%10%20%30%40%50%60%70%-0.10.00.10.20.30.40.50.62019 2020 2021 2022H1 YOY%37 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 37/42 证券研究报告 25%26%30%28%77 2019 2022H1 WIND 2019 2022H1 70%72%70%60%2020 2019 14.44%2021 2020 63.23%1)2020 2021 2022 1-6 2)3)70.3%68.2%76.9%63.8%25.0%26.0%20.0%28.0%0.6%1.7%1.7%2.1%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022H1 38 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 38/42 证券研究报告 78 2019 2022H1 WIND 1304.75 1233.63 1688.17 802.67 10.69%8.58%8.08%15.09%2020 2019 2020 2022 6 69 13.61%79 2019 2022H1 80 2022H1 WIND WIND 75%75%74%60%58%64%55%65%34%33%20%41%67%82%72%35%70%72%70%60%10%20%30%40%50%60%70%80%90%2019 2020 2021 2022H1 1,3051,2341,68880311%9%8%15%0%5%10%15%20%05001000150020002019 2020 2021 2022H1 27769566045 39 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 39/42 证券研究报告 81 40 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 40/42 证券研究报告 3 1 PKI 2 3 41 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 41/42 证券研究报告 1 2 3 42 Table_CompanyRptType1 敬请参阅末页重要声明及评级说明 42/42 证券研究报告 1Table_Introduction TMT 2020 AI 2021 8 Table_Reputation,Table_RankIntroduction 6 A 300 500 6 5%;6-5%5%;6 5%;6-12 15%6-12 5%15%6-12-5%5%6-12 5%15%6-12 15%