支付行业专题报告：境内及出海行业格局

Investment Rating - The report rates the industry as "Buy" for companies with significant revenue elasticity in payment services, accelerated fee increases, and rapid development in overseas business [2]. Core Insights - The domestic payment industry is experiencing a consolidation of licenses, leading to an increase in market concentration among top players. As of June 2024, there are approximately 50 licensed payment institutions with card acquiring qualifications, down from 270 licenses issued from 2011 to 2017 [2][8]. - The report highlights that the comprehensive fee rates for major listed payment companies are expected to rise, which could enhance their gross margins. The fee rates had reached historical lows during the pandemic but have begun to increase since 2023 [2][20]. - The overseas payment business is showing high gross margins, with companies like Lianlian and Fuyou benefiting from lower comprehensive rates in international markets. The cross-border e-commerce sector is also expanding, with export values increasing significantly from 0.61 trillion yuan in 2018 to 1.83 trillion yuan in 2023 [2][20]. - The report anticipates that the digital economy will drive the development of the payment industry, with SaaS solutions enhancing value-added services for clients [2][20]. Summary by Sections Domestic Industry Background - The reduction in payment licenses has led to a concentration of market share among the top five payment companies, whose transaction volume share increased from 42.5% in June 2022 to 49.6% in March 2024 [8][12]. - The comprehensive fee rates for payment services are expected to rise, with the potential for gross margin growth as the industry recovers from previous low points [20][21]. - The trend of third-party payment companies accelerating their penetration into QR code payments is noted, with a shift in merchant preferences towards independent service providers due to data security concerns [27][29]. Overseas Industry Background - Companies like Lianlian and Fuyou have a significant proportion of their revenue coming from overseas operations, with high gross margins compared to domestic operations [2][20]. - The report indicates that the overseas payment business can contribute incremental revenue, as domestic players expand their international footprint [2][20]. Outlook - The report emphasizes the importance of the digital economy in driving the payment industry's high-quality development, with a focus on providing diversified payment products and solutions [2][20]. - The growth of value-added services is becoming a crucial strategy for payment companies to enhance customer loyalty [2][20].