During the Spring Festival, major overseas cloud manufacturers successively released 2021q4 financial reports. Microsoft and Google maintained strong revenue and profit growth. Amazon’s revenue was slightly lower than expected, but prime’s price increase is expected to continue to benefit the company. Affected by the decline of epidemic dividend and tiktok competition, the number of meta users, profits, first quarter expectations and other data are lower than market expectations. In terms of capital expenditure in 2022, in addition to the meta that has previously announced a significant revision of capital expenditure, Google also said in the earnings telephone consultation that capital expenditure will rise “meaningfully” in 2022. At the same time, on February 5, the national development and Reform Commission said that infrastructure investment should be carried out moderately in advance. We expect that companies benefiting from the upgrading of overseas capital expenditure and the moderate advance of China’s infrastructure after the festival are expected to benefit from the communication infrastructure industry chain such as optical modules and main equipment manufacturers. It is suggested that investors should actively pay attention to the high-quality leaders of communication infrastructure such as Eoptolink Technology Inc.Ltd(300502) , Suzhou Tfc Optical Communication Co.Ltd(300394) , Zte Corporation(000063) .
Core recommendations after the festival:
\u3000\u30001. High quality leading companies on the flow bearing side: Eoptolink Technology Inc.Ltd(300502) 300502, Suzhou Tfc Optical Communication Co.Ltd(300394) 300394
\u3000\u30002. High quality companies with steady growth performance: Meig Smart Technology Co.Ltd(002881) 002881, Fibocom Wireless Inc(300638) 300638, Yealink Network Technology Co.Ltd(300628) 300628
Continue tracking: (1) green communication: Jiangsu Zhongtian Technology Co.Ltd(600522) 600522, Hengtong Optic-Electric Co.Ltd(600487) 600487, Shenzhen Envicool Technology Co.Ltd(002837) 002837, Shenzhen Cotran New Material Co.Ltd(300731) 300731. （2）IDC： Guangdong Aofei Data Technology Co.Ltd(300738) 300738、 Kehua Data Co.Ltd(002335) 002335、 Beijing Sinnet Technology Co.Ltd(300383) 300383. (3) Optical module: Zhongji Innolight Co.Ltd(300308) 300308. (4) Communication infrastructure: Zte Corporation(000063) 000063. (5) Military communication: Tianjin 712 Communication & Broadcasting Co.Ltd(603712) 603712. (6) Industrial Internet: Nengke 603859.
North American cloud manufacturers disclosed 2021q4 financial results. This week, the four major North American cloud manufacturers announced their 2021q4 earnings. Microsoft and Google maintained strong revenue and profit growth. Amazon’s revenue was slightly lower than expected, but prime’s price increase is expected to continue to benefit the company. Affected by the regression of the epidemic and tiktok competition, the number of meta users, profits, first quarter expectations and other data are lower than market expectations. In terms of capital expenditure in 2022, in addition to the meta that has previously announced a significant revision of capital expenditure, Google also said in the earnings telephone consultation that capital expenditure will rise “meaningfully” in 2022.
Ministry of industry and information technology: promote the rapid development of Beidou industry and enrich the location service of intelligent terminal Beidou. According to c114, on January 29, the Ministry of industry and information technology issued several opinions on the promotion and application of Beidou in the field of mass consumption, pointing out that it is necessary to enrich the location services of intelligent terminal Beidou and form a system solution for the integration of Beidou with 5g, Internet of things, Internet of vehicles and other new generation information technologies.
Two departments: achieve the construction goals of “thousands of cities and thousands of pools” and “thousands of cities and thousands of pools” by 2025. On January 27, the general office of the Ministry of industry and information technology and the general office of the national development and Reform Commission issued the notice, which pointed out that by 2025, the cloud network infrastructure will be basically completed in small and medium-sized cities across the country to achieve the above two goals.
Risk tip: trade friction intensifies and 5g progress does not meet expectations.
