深度报告-20230102-华安证券-计算机行业深度报告_第三方支付线下收单_有望迎来量增利涨_22页_1mb.pdf

Table_IndNameRptType 行业研 究/深 度报 告 Table_IndRank 2023-01-03 Table_Chart 300 Table_Author S0010520020001 S0010522060002 S0010121090040 主要观 点：Table_Summary 2017-2019 38%25%16%2019 64 2020 1 2022 Q2 POS 3670.3 66.38 2 2022 Q2 195.70 0.97%13.57 4.02%2011 271 2022 6 44 25 2022 2.33 10%1 2 2022 POS 190 62.13%2022 1.1-47%-35%-24%-12%0%12%1/22 4/22 7/22 10/22 300Table_CompanyRptType 敬请参阅末页重要声明及评级说明 2/22 证券研究报告.4 1.6 1.1.6 1.2.8 2.11 2.1.11 2.2.13 3.15 3.1.15 3.2.17.21 Table_CompanyRptType 3/22 1.6 2.7 3.7 4.8 5.8 6.8 7.9 8 POS.9 9.10 10.11 11.14 12.15 13.15 14.16 15.16 16.16 17.17 18.18 19.18 20.19 21.19 22.19 23.20 24.21 Table_CompanyRptType 4/22 1.2016-2019 1 2 3 SaaS 2019 1 2 SaaS 3 2.1 100 2022 2.33 10%2 1994 2000 8 POS 2022 POS 190 62.13%2022 1.1 17.9%Table_CompanyRptType 5/22 Table_CompanyRptType 6/22 1 1.1 1 2016 3 2016 9 6 96 96 96 0.35%0.45%0.065%50%0.0325%1000 994 3.5 0.65 1.5 Table_CompanyRptType 7/22 2 0.35%13 0.45%0.0325%3.25 0.0325%3.25 1 2 1000 1.1000 1000 2.0.35%3.5 0.0325%0.325 3.0.1%-0.2%1-2 994-995 3 Table_CompanyRptType 8/22 pos/4 1.2 2017-2019 38%25%16%2019 64 5 6 2020 0%5%10%15%20%25%30%35%40%0102030405060702016 2017 2018 2019 YOY98.70%95.10%88.70%81.40%1.30%4.90%11.30%18.60%0%20%40%60%80%100%2016 2017 2018 2019 Table_CompanyRptType 9/22 7 wind-3 POS 2022 Q2 POS 3670.3 66.38 2022 Q2 195.70 0.97%13.57 4.02%8 POS-30%-20%-10%0%10%20%30%40%0500001000001500002000002500003000003500002015-022015-062015-102016-022016-062016-102017-022017-062017-102018-022018-062018-102019-022019-062019-102020-022020-062020-102021-022021-062021-102022-022022-062022-10 Table_CompanyRptType 10/22 3/2018 2 1 2 2020 9-500-400-300-200-10001002003004005006000500100015002000250030003500400045002015-032015-072015-112016-032016-072016-112017-032017-072017-112018-032018-072018-112019-032019-072019-112020-032020-072020-112021-032021-072021-112022-03 POS 0.00%0.05%0.10%0.15%0.20%2018 2019 2020 2021 Table_CompanyRptType 11/22 2 2.1 2022 6 79 52 8 19 2011 271 2022 6 44 25 10 1 2021 5 3 2026 5 2 2021 5 2 2021 5 3 2026 5 2 2021 5 3 2021 5 3 2026 5 2 2021 5 4 2021 5 3 2026 5 2 2021 5 5 2021 5 3 2026 5 2 2021 5 6 2021 5 3 2026 5 2 2021 5 7 2021 5 3 2026 5 2 2021 5 8 2021 5 3 2026 5 2 2021 5 9 2021 5 3 2026 5 2 2021 5 10 2021 5 3 2026 5 2 2021 5 Table_CompanyRptType 12/22 11 2021 5 3 2026 5 2 2021 5 12 2021 5 3 2026 5 2 2021 5 13 2021 5 3 2026 5 2 2021 5 14 2021 5 3 2026 5 2 2021 5 15 2021 5 3 2026 5 2 2021 5 16 2021 5 3 2026 5 2 2021 5 17 2021 5 3 2026 5 2 2021 5 18 2021 5 3 2026 5 2 2021 5 19 2021 5 3 2026 5 2,2021 5 20 2021 8 29 2026 8 28()2021 8 21 2021 8 29 2026 8 28 2021 8 22 2021 8 29 2026 8 28 2021 8 23 2021 8 29 2026 8 28 2021 8 24 2021 12 22 2026 12 21 2021 11 25 2021 12 22 2026 12 21 2021 11 26 2021 12 22 2026 12 21 2021 11 27 2021 12 22 2026 12 21 2021 11 28 2021 12 22 2021 11 Table_CompanyRptType 13/22 2026 12 21 29 2021 12 22 2026 12 21 2021 11 30 2021 12 22 2026 12 21 2021 11 31 2021 12 22 2026 12 21 2021 11 32 2021 12 22 2026 12 21 2021 11 33 2021 12 22 2026 12 21 2021 11 34 2021 12 22 2026 12 21 2021 11 35 2021 12 22 2026 12 21 2021 11 36 2021 12 22 2026 12 21 2021 11 37 2022 6 27 2027 6 26 2022 6 38 2022 6 27 2027 6 26 2022 6 39 2022 6 27 2027 6 26 2022 6 40 2022 6 27 2027 6 26 2022 6 41 2022 6 27 2027 6 26 2022 6 42 2022 6 27 2027 6 26 2022 6 43 2022 6 27 2027 6 26 2022 6 44 2022 6 27 2027 6 26 2022 6 2.2 2016 2018 7 9 2019 1 14 100%Table_CompanyRptType 14/22 2019 1 1 2021 11 Table_CompanyRptType 15/22 3 3.1 2005 2011 5 27 2012 2021 5.16 12 26.14%11.76%13 wind 2022 Table_CompanyRptType 16/22 100 2022 2.33 10%SaaS SaaS SaaS SaaS SaaS 2022 1.79 4%14 15 wind wind 16-11%34%19%-10%-20%-10%0%10%20%30%40%01234562018 2019 2020 2021 2022H1 YOY-40%-20%0%20%40%60%80%100%120%140%0102030405060702018 2019 2020 2021 2022H1 0.00%0.02%0.04%0.06%0.08%0.10%0.12%0.14%0.16%2018 2019 2020 2021 Table_CompanyRptType 17/22 3.2 1994 2000 8 2001 2016 2017 POS 2020 17 Table_CompanyRptType 18/22 18 wind 2022 1 2 19 2021 POS 38.49%ERP 44.50%16.70%Table_CompanyRptType 19/22 2020 20 2020 65%2.8 2021 2022 2022 10.49pct 30.99%21 22 wind wind 2022 33.4%-20%-10%0%10%20%30%40%50%60%70%01,0002,0003,0004,0005,0006,0007,0008,0009,0002018 2019 2020 2021 2022H1()YOY YOY-40%-20%0%20%40%60%80%00.511.522.532018 2019 2020 2021 2022H1 YOY0%10%20%30%40%50%60%2018 2019 2020 2021 2022H1()Table_CompanyRptType 20/22 23 POS POS 2022 190 62.13%POS POS 2021 POS 2510 32.9%2020 14.49%2021 18.46%2021 POS 890 35.7%2020 5.01%2021 6.52%POS 70 2020 2021 2022 112%68%-40%-20%0%20%40%60%02,0004,0006,0008,00010,0002018 2019 2020 2021 2022H1 YOY YOYTable_CompanyRptType 21/22 24 wind 1 2 3 41%7%112%68.18%0%20%40%60%80%100%120%02004006008001,0001,2001,4001,6002018 2019 2020 2021 2022H1 YOYTable_CompanyRptType 22/22 Table_Introduction TMT 7 2022 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%