千亿赛道再塑格局，第三方龙头有望收益

θ ࣔ஫ԇਸ਼Ў۶څ࡬ղ͵ԝыણଂӆ⸎ߡՈ࣮ީޥע௉ݱͧॕЅف [Table_Industry] [Table_ReportDate] 2023ᒪ2ᴾ7ᰛ 䈭䰻䈱ᴶ੄ж享ރ䍙༦᱄਀ؗᚥᣡ䵨 http://www.cindasc.com 2 䇷࡮⹊ガᣛ઀ 㺂ѐ␧ᓜ⹊ガ [Table_ReportType] [Table_StockAndRank] ⭫࣑䇴༽ф᯦㜳Ⓠ ᣋ䍺䇺㓝 ⵁླ р⅗䇺㓝 ⵁླ [Table_Author] ↜⎟ ⭫࣑䇴༽ф᯦㜳Ⓠ㺂ѐ俌ᑣ࠼᷆ᐾ ᢝѐ㕌ਭφS1500520090001 㚊㌱⭫䈓φ010-83326711 䛤 ㇧φwuhao@cindasc.com ᕖ咅 ⭫࣑䇴༽ф᯦㜳Ⓠ㺂ѐ࠼᷆ᐾ ᢝѐ㕌ਭφS1500522020001 㚊㌱⭫䈓φ18373169614 䛤 ㇧φzhangpeng1@cindasc.com ᆏ❬ ⭫࣑䇴༽ф᯦㜳Ⓠ㺂ѐ⹊ガࣟ⨼ ᢝѐ㕌ਭφS1500122070027 㚊㌱⭫䈓φ18721956681 䛤 ㇧φsunran@cindasc.com ؗ䗴䇷࡮㛗Գᴿ䲆ޢਮ CINDA SECURITIES CO.,LTD ्Ӣᐸ㾵ค॰䰯ᐸਙཝ㺍9ਭ䲘1ਭᾲ 䛤㕌φ100031 [Table_Title] ॹӵ䎑䚉߃ງṲቶθᅴпᯯ嗏ཪᴿᵑ਍ⴀ [Table_ReportDate] 2023ᒪ2ᴾ7ᰛ ᵢᵕṮᗹ㿸⛯ [Table_Sum [Table_Summary] ⭫ࣞौ⎠▤сθᅴпᯯ⭫傧ࣞԷѐ⑍䙅⦽ᨆॽȾᦤҎ㚊Ր㔕䇗θࡦ2022ᒪ9ᴾθ᯦㜳Ⓠ⊳䖜ঋᴾ䴬୤⑍䙅⦽俌⅗シ⹪30%θ᯦㜳Ⓠ⊳䖜⑍䙅⦽ᴿᵑᘡ䙕ᨆॽȾ᯦㜳Ⓠ⭫傧ࣞ㌱㔕ऻᤢ傧ࣞ㌱㔕δ⭫ᵰȽ⭫᧝Ƚࠅ䙕ಞεૂ⭫Ⓠ㌱㔕δOBCȽDC-DCȽPDUεȾㄔҿṲቶᯯ䶘θ⭫傧ࣞ㺂ѐ৸ф㘻ਥԛ࠼Ѱ᮪䖜সૂᅴпᯯԷѐθњ㘻䮵ᵕާᆎθ᮪䖜সѱ㾷䳼ѣ൞儎ㄥ䖜ශθ㙂ᅴпᯯԷѐѱ㾷䳼ѣ൞ѣքㄥ䖜ශθ൞᯦㜳Ⓠ⊳䖜⑍䙅⦽ᘡ䙕ᨆॽсθ⭫傧ࣞ㌱㔕ᯯ䶘ᅴпᯯԷѐখ∊ᴿᡶᨆ䙕Ⱦ ਺䜞Ԭᤷ㔣䘣ԙՎौθ儎ࣕ⦽ᇼᓜᡆਇኋ䏁ࣵȾ䳅⵶᯦㜳Ⓠ儎ু䖜ශуᯣ࠰⧦ૂሯᙝԭ∊Ⲻ䘳≸сθ儎ুȽ儎ࣕ⦽ᇼᓜᡆѰ਺䜞ԬⲺਇኋ䏁ࣵȾ࠼ᔶᶛⵁθ⭫ᵰ䙆⑆䖢ੇᡷ㓵ौૂ⋯߭χ⭫᧝ᯯ䶘θA㓝ࡡԛс䖜ශᴿᵑᨆॽࣕ⦽ঀሲ։ঋ㇗ᒬ㚊ᯯṾখ∊θ㙂᮪։ᯯੇ䳅⵶SICⲺ䲃ᵢθᵠᶛSICᯯṾ⑍䙅⦽ᴿᵑᨆॽχࠅ䙕ಞᯯ䶘θњẙࠅ䙕ಞ⑍䙅⦽ᴿᵑᨆॽȾ 䳼ᡆौᯯުᵠ㢴θпਾж/ཐਾж⑍䙅⦽ᴿᵑ䘑ж↛ᨆॽȾԄ⭫傧ࣞ㌱㔕᮪։ᶛⵁθ䳼ᡆौד❬ᱥᵠᶛཝࣵᡶ䏁θ䳅⵶␧ᓜ䳼ᡆौⲺ䘑㺂θ㌱㔕ᙝ㜳ᯯ䶘ᴿᵑ䘑ж↛ᨆॽȾԄখ∊ᶛⵁθṯᦤNEᰬԙᮦᦤθ2022H1θѣള᯦㜳Ⓠ䖜пਾжখᦤѱሲ൦փθᐸখ⦽䗴ࡦ55%θཐਾжখ∊Ѱ4%θ䳼ᡆौᡆਇኋཝࣵȾ ॹӵᐸ൰グ䰪θᅴпᯯԷѐখ∊ᴿᵑᨆॽȾᡇԢሯ⭫傧ࣞ㺂ѐ䘑㺂⎁㇍θᡇԢ人䇗ѣള⭫傧ࣞ㌱㔕2025ᒪᐸ൰グ䰪Ѱ1319ӵθݹ2021-2025ᒪགྷਾ໔䙕㓜Ѱ38%ȾᡇԢ䇚Ѱθ䳅⵶᯦㜳Ⓠ䖜⑍䙅⦽ᨆॽθᵠᶛ᮪䖜সᴿᵑᔶ᭴䜞࠼䖜ශבᓊ䬴θᡌሼᢉ⹪⧦ᴿṲቶθ⭫傧ࣞᐸ൰ѣᅴпᯯԷѐᐸ൰Գ仓ᴿᵑᨆॽȾ ᔰ䇤ީ⌞φᡇԢ䇚Ѱ⭫傧ࣞ㺂ѐᐸ൰㿺′′′′䙆ᒪр⏞θᵠᶛᐸ൰グ䰪ᴿᵑ䎻ॹӵθ㙂ᅴпᯯԷѐ⑍䙅⦽ᴿᵑ㔝㔣ᨆॽȾ᧞㦆≽ᐓᢶᵥȽᰣॽ䳼ഘθᔰ䇤ީ⌞哜Ṳ㊩⢯Ƚ㋴䗴㛗ԳȾ 伄䲟ഖ㍖φӝѐ䬴䴶≸у਀人ᵕ伄䲟χᢶᵥ䐥㓵਎ौ伄䲟χ৕ᶆᯏԭṲ⌘ࣞ伄䲟χᐸ൰ㄔҿࣖ࢝伄䲟ᅀȾ