Guotai Junan: who really runs the business model behind hot online office
How do companies break through the epidemic?
How do companies make self-help plans in times of crisis?
Sina Finance University specially invited Wu Xiaobo, a well-known financial writer, to interpret it for you. Welcome to listen for free.
Original title: Behind the hot online office, looking for the real business model | Guojun Computer Source: Guotai Junan Securities Research Epidemic, all walks of life are accelerating into the era of online office.
However, we only found out that the content of online office is much richer than holding a few video conferences and conducting some online collaborations.
In fact, we still have a long way to go before we can achieve a truly fully digital office.
Take the case of signing a contract.
If, until now, a contract has been finalized and it needs to be stamped and sent to customers, then it is not known whether legal affairs are at work or whether express delivery will take a few days, and the contract will take effect indefinitely.
As a result, more and more companies are beginning to consider whether to embrace electronic contracts?
The Guotai Junan computer team recently launched a series of digital office reports, analyzing everything from OA to e-government to e-contracts that seem inconspicuous.
In fact, although nowadays, these office software of enterprise WeChat are online celebrities in the online office industry, but it is really possible to achieve leapfrog development in one battle, instead it is a subdivision such as electronic contracts.
Because they have already run through the business model, everything is ready, only to blame.
01 people signing an electronic signature on a contract online at home is not a new species.
In 2012, NBA star Deron Williams signed a five-year, $ 98 million contract with the Brooklyn Nets with a swipe of an iPad.
At that time Williams was using the SignNow digital signature application.
Since then, there has been a wave of international use of electronic signatures.
In April 2018, American electronic signature giant DocuSign was successfully listed. According to its prospectus, more than 90% of the world’s top 500 companies were using their products.
However, domestically, this trend is still brewing.
According to the calculation of the industry by Guotai Junan computer team, the current national electronic contract market size is less than 2 billion US dollars, and the market space penetration rate is only 4.
When many companies also expressed high security for electronic contracts, financial companies that were very sensitive to timeliness became the first people in the market who dared to eat crabs.
Take Pacific Insurance as an example. Currently, 90% of its business is electronic contracts.
When applying for insurance, customers only need to sign on the Pad, and the electronic signature system guarantees it in the background.
▼ The electronic contract product logic customer is only responsible for initiating the contract. The electronic contract company completes all the follow-up work and traditional paper document indexing. The advantages of electronic contract in terms of time and resources are very prominent.
Pacific Insurance used to cost nearly 30 yuan to sign an insurance policy, but now the electronic contract signing fee for signing an insurance policy is only a few cents, plus two or three yuan of operating costs, and the annual cost savings alone can beReached 20 million.
▼ Third-party electronic contracts have advantages 02 How is the security of “legal equivalent” electronic signatures guaranteed?
However, most companies are not waiting for electronic contracts for no reason.
Because of the provisions with paper contracts, electronic contracts stored online are more prone to data interception and tampering.
Therefore, the most critical step in ensuring the authenticity and legality of electronic contracts is to ensure the security of electronic signatures.
An electronic signature is essentially an electronic data.
The signature picture generated by the mapping software we usually see is not an electronic signature in the legal sense.
▼ The signature image generated by the mapping software is not an electronic signature in the legal sense. According to the “Electronic Signature Law of the People’s Republic of China”, a truly reliable electronic signature, which also has attributes: 1, real identity: electronic signature production data for electronic signatureAt the time, it belongs to the e-signer’s proprietary; 2. true intention: the electronic signature creation data is controlled by the e-signer only when signing; 3, the signature is not changed: any implantation of the e-signature can be found after signing;Modification: Any placement of the content and form of the data message after signing can be discovered.
▼ Chapter 3 of the Electronic Signature Law. Reliable electronic signatures and 杭州桑拿网 handwritten signatures have the same legal effect. Source: E-signature, Guotai Junan Securities research “real identity”, “real intention”, by brushing face and recording screen when signing,Mobile phone verification and other methods can be achieved, and “the signature has not been changed”, “the reporter has not changed” requires digital signature technology + plus a digital certificate submitted by the CA agency to ensure.
Among them, “digital signature technology” is the core, because it is also used for the implementation and the implementation of digital certificates.
So, what exactly is a “digital signature” technology?
If we take a moment to expand and introduce, digital signature technology is an application that combines asymmetric algorithms and hash algorithms.
First, an asymmetric algorithm can generate a pair of keys.
This pair of keys, one is called the common key, and the other is called the private key-the public key is public. Anyone on the Internet can get the public keys of all others; the private key is private and only the holder can use it.
In use, the signing party A first uses its own private key to encrypt the file.
When B receives it, he uses A’s public key to decrypt the file.
If it can be decrypted, the certification document is A to a certain extent.
▼ The signature of the signing party works by using the private key to encrypt the hash value and the hash algorithm, which we call the digital fingerprint of the data.
Suppose a user A executes the electronic contract signing, the server first performs a hash algorithm on the electronic contract analyst to obtain the hash value of the electronic contract analyst, and then uses the user’s private key to encrypt the hash value, and the encryption is obtained.Digital signature and electronic contract.
After user B receives the digitally signed electronic contract, the analyst first obtains a hash value using a hash algorithm, and then uses the user’s public key to decrypt the digital signature (* The credibility of user A’s public key is determined by the CA agencyDigital certificate to ensure that as long as the digital certificate submitted by a nationally-certified CA agency is considered to be credible, it will not be explained here).
▼ In order to verify the validity of the signature, the signer’s public key is used to decrypt the digital signature. The hash value obtained by the decryption is compared with the hash value obtained by the analyst using a hash algorithm. If the hash values are consistent, the electronic contract is provedIt was indeed signed by A and has not been modified by the compilation, so that the purpose of verifying “the signature has not been changed, and the financial magazine has not been changed” is achieved.
Throughout the process, user A keeps the private key in his own hands and gives the public key to a third-party organization.
The third party responsible for verifying the transmission of the public key is the CA (Certificate Authority Certificate Authority).
03Two types of players, the pattern has been divided into China, the players of electronic contracts are mainly divided into two categories.
1. CA institutions are in China. Each province has its own CA institution. Some vertical ministries also have their own CA institutions, including some large Internet companies, China Unicom, and Mobile. They all have CA licenses (electronic certificate distribution licenses).
2, Internet players, such as industry leading companies on the sign, the law greatly, E signed treasure and so on.
The differences in the company’s genetic and certification costs have led to fundamental differences in multiple business models.
#Company Gene Shanghai CA and Beijing CA (digital certification) have their own license advantages. Originally there were a large number of government and enterprise customers, so now they are mainly based on the project system. The target is large enterprises. The sales method used is still targeted at state-owned enterprises.The way of budget quotation, the customer has a budget of 1 million, and quotes 1 million.
The law is big, and the signing is an Internet startup company (E Signbao is an old-style electronic signature company, and now it is also converted to the Internet model). It is mainly based on public cloud play and can also provide privatization solutions-public cloud directCharge according to the amount of contract signed, there is a package package, mainly for small and micro enterprises.
Private cloud solutions generally accept an implementation deployment fee (about 200,000 yuan), and then charge based on the annual contract signing volume (now the head company has a fierce price war. If the signing volume is less than 100,000, it may be free, seeSales talk results).
#Certificate cost The electronic contract system in China and the United States is not the same. The United States has always had no official seal, and the signature itself has legal effect.
However, because of the official seal in China, companies doing electronic contracts have to purchase digital certificates from CA agencies to replace the official seal.
Therefore, the cost of the CA organization is significantly reduced, so selling certificates alone is enough to make money.
And like Dafa, the signing of these companies is also the downstream of Shanghai CA and Beijing CA (Faida later acquired Yunhai CA). There is no cost advantage, so there is no way to adopt a business model of selling digital certificates.
However, from an industry perspective, CA institutions can’t actually compete with startups in the long tail market.
1. From the perspective of the industrial chain, the upstream of an Internet electronic signature company can be an extended CA, and there is no possibility of being restrained by the upstream.
The CA agency charges the digital certificate fee instead of paying according to the contract fee, so it greatly limits its customer unit price, because a digital certificate can issue numerous electronic contracts.
2. From the perspective of business expansion, entrepreneurial companies have already won. The Internet (expanding customers at low prices, financing through high-growth customers, and not considering profit in the short term) is not available in traditional institutions.
▼ Private cloud quotation method of an Internet startup company has price advantages (multiple free gifts) Data source: Industry research data, Guotai Junan Securities Research3, Traditional CA institutions have the advantage of industrial chain integration, which can be realized on CA certificates,However, because the CA industry used to accept licenses to eat, whether it can spot the large market of electronic contracts and quickly turn into a service-oriented company is a test of the helm of the company.
04Hot races, ascendantFrom the perspective of the industry structure, the US data signature industry is already a dominant player, and China is still fighting.
In the United States, DocuSign currently has a major market share, and the only possible threat comes from traditional big factories.
In 2011, Adobe acquired the electronic signature startup EchoSign and integrated the electronic signature function into its PDF software.
However, DocuSign was successfully listed in 2018, which shows that Adobe has not been able to really suppress the rise of DocuSign.
Similarly, in China, Foxit Software has integrated DocuSign’s electronic signature into its PDF software, but this has not affected the signing of the company in the past. The law has greatly increased, and startup companies such as E-Signature have emerged.
At present, the number of customers signing up for the signing, Fada and E signed a preponderance, and has stood in the IT giant.
In August 2018, the signing was completed3.
5.8 billion yuan in Series C financing, led by the Tiger Fund; in March 2019, France has substantially completed 3.
9.8 billion yuan in Series C financing, led by Tiger Fund and Tencent; In October 2019, E Signing completed 6.
5 trillion C round of financing, led by Ant Financial.
▼ Highly concentrated data sources for the third-party electronic signature market in the e-commerce field: “2019 Third-Party Electronic Signature Industry Analysis Report-E-Commerce”, Guotai Junan Securities Research According to the prediction of Guotai Junan computer team, this industry may also be integrated through mergers and acquisitionsForm a giant like DocuSign.
▼ Each company has major customers. At present, the penetration rate of China’s electronic contract market is less than 10%, and in the rapid improvement, from the perspective of the layout of the leading companies, it may have passed the inflection point-July 31, 2019, upSigning announced the merger with another e-signature platform, the “Signing” strategy, which fired the first shot of a new round of industry integration.
And traditional CA agencies such as digital certification have made a foray into the city by steadily developing projects, and through the high-speed penetration of electronic contracts, many large enterprises will adopt their services in consideration of the authority and stability of the CA agency, thereby achieving high business growth.
However, due to the limited revenue expected from individual customers, the elasticity of performance of companies such as digital certification needs to rely on the increase in the number of customers to achieve rapid outbreaks.