The “old infrastructure” fired the first shot of the rebound after the festival. Just when people talked about it, the “new infrastructure” led by the digital economy rose suddenly in the second half of the week, and the “new and old infrastructure” complemented each other. The relevant person in charge of the national development and Reform Commission said a few days ago that infrastructure investment should be carried out moderately in advance, making it clear that we should solidly promote the implementation of 102 major projects in the 14th five year plan, promote the construction of new infrastructure, and increase support for the optimization and upgrading of traditional industries to high-end, intelligent and green.
In fact, for “new infrastructure” such as digital economy, both policy level and local industrial planning are speeding up. The 14th five year plan for the development of digital economy clearly puts forward that by 2025, the added value of core industries of digital economy will account for 10% of GDP, which is about 15 trillion yuan in absolute terms. At present, the added value of core industries of digital economy accounts for only about 7.8% of GDP. If the total output value of the whole digital economy is included, it is expected to exceed 80 trillion yuan by 2025, accounting for half of GDP. By 2030, the volume of China’s digital economy is expected to exceed 100 trillion yuan, which shows the development potential of digital economy. Just a big data industry, Shenwan Hongyuan Group Co.Ltd(000166) securities predicts that China’s data volume will reach 48.6zb in 2025, accounting for 27.8% of the global data volume, much higher than 17.5% of the United States, becoming the world’s largest data center.
Moreover, the industrial chain of digital economy is very long, the branches are very wide, and it also plays a great role in driving the economy. According to the statistical classification of digital economy and its core industries (2021), the scope of digital economy industry is determined as five categories: digital product manufacturing industry, digital product service industry, digital technology application industry, digital factor driven industry and digital efficiency improvement industry. The first four categories are the core industries of digital economy, with a total of 23 medium categories and more than 100 sub categories, Including computer manufacturing, intelligent equipment manufacturing, electronic components and equipment manufacturing, etc. In the outline of the 14th five year plan, it clearly mentioned seven key industries of the digital economy, including cloud computing, big data, Internet of things, industrial Internet, blockchain, artificial intelligence, virtual reality and augmented reality.
a 5g framework is the foundation of digital economy
Recently, many departments, including the Ministry of industry and information technology and the national development and Reform Commission, have made it clear that they will deploy 5g, data center and other new infrastructure construction in advance. Many parties are stepping up the preparation of a new round of “new infrastructure” planning map. The fifth generation mobile communication technology (5g) is an extension of 2G, 3G and 4G. It has the characteristics of high rate, low delay and massive connection. It realizes different scenario applications through network slicing. 4G is the era of smart phones and 5g is the era of interconnection of all things. On the basis of the original value chain, the equipment is more diversified and more oriented to industries and industries.
According to the data released by the Ministry of telecommunications, the annual revenue growth rate reached 2021.4 trillion yuan, an increase of 47.4% year-on-year. In the whole year of 21, the number of 5g base stations increased to 654000, and the gigabit optical network covered 300 million households. The “5g + industrial Internet” has formed 20 typical application scenarios such as remote equipment control and machine vision quality inspection in 10 key industries such as mining, steel and electric power.
From the local two sessions held successively, “new infrastructure” has become an important starting point for consolidating the development foundation of digital economy and expanding effective investment in many places. More than 20 provinces (regions and cities), including Shanghai, Fujian, Sichuan, Hunan and Anhui, have defined the construction plans of 5g and data center in 2022, and proposed to further give full play to the scale effect and driving role of 5g and other “new infrastructure”, Build an important engine of economic growth. Dongxing Securities Corporation Limited(601198) pointed out that considering that the “new infrastructure” is in the early stage of development, it is conservatively assumed that the investment scale of “new infrastructure” in 2022 will be 2.5-3.0 trillion yuan, accounting for 12% – 15% of the total infrastructure investment, driving the annual infrastructure growth rate by 0.4-0.7 percentage points.
The total number of 5g users in the research industry reached 16.27 billion, accounting for about 60.12% of the total number of 5g users in 2021. According to Tianfeng Securities Co.Ltd(601162) judgment, with the rapid development of 5g users and applications in the future, 5g new infrastructure construction is expected to continue to advance; The industrial Internet industry chain continues to mature, and 5g + industrial Internet is expected to gradually enter the stage of scale promotion.
Company selection
China Mobile (600941)
the company is the world’s leading telecom operator. The industry reversal has been established. The company has opened a new growth curve. The future growth is expected to exceed expectations, and the continuous optimization of business structure is expected to improve the company’s valuation. As a global leader in network, users, revenue scale and profitability, China Mobile has the largest mobile communication network in the world, and is the world’s largest mobile business operator and home business operator with the largest number of users. The company’s net interest rate / EBITDA ratio in 2020 is 14.2% / 37.1%, and its profitability is the world’s leading. Zheshang Securities Co.Ltd(601878) the analysis points out that the company has started a new transformation and upgrading, expanding from communication services to information services with wider space, and has achieved results. The revenue of communication services increased in the fourth quarter of 19 and the profit increased in the third quarter of 2020. The company’s personal, family, government enterprise and emerging businesses have made full efforts. The growth rate of communication service revenue has continuously exceeded the expectations in the mid-term report and third quarter report of 2021, leading the industry. It is expected that the growth rate of revenue in 2021 will be 10-11%, and the growth rate of return to parent profit will be 6-8%. The growth is expected to continue to exceed the expectations in the future.
\u3000\u3000 Accelink Technologies Co.Ltd(002281) (002281)
is a company specializing in the R & D, production, sales and technical services of optoelectronic devices and subsystem products. It is a leading optoelectronic device and subsystem solution supplier in the world. Its main products include optoelectronic devices, modules and subsystem products. According to the third quarterly report of 2021, the company’s revenue in the first three quarters of 2020 was about 4.252 billion yuan, a year-on-year increase of 9.14%; The net profit was about 389 million yuan, a year-on-year increase of 46.39%. Huaan Securities Co.Ltd(600909) pointed out that the company has three major optoelectronic chip platforms: PLC, III-V and sip. Among them, it is the largest manufacturer in China in the field of passive optical chips. In terms of active, DFB and VCSEL have achieved self-sufficiency of more than half of 25g rate, and are expected to continue to expand production capacity. At the same time, the company is one of the earliest module manufacturers to layout the silicon optical platform in China. It has completely independently designed silicon optical chips. At present, 100g silicon optical modules have been mass produced (mainly used for coherence). From a long-term perspective, the company’s development model is benchmarked to fenisa and lumentum, with upstream high-end devices and chips as its core competitiveness. In the future, the company has the first mover advantage in technical iteration and the guarantee of reliability and production capacity
\u3000\u3000 Fujian Star-Net Communication Co.Ltd(002396) (002396)
is a leading provider of ICT application solutions in China and the first batch of national technological innovation demonstration enterprises.
The company has formed unique leading advantages in various product fields such as network communication, switch, cloud computing terminal (thin client), payment terminal, desktop cloud, wireless access, broadband access, integrated video and video information application. According to the third quarterly report of 2021, the company’s main revenue was 9.191 billion yuan, a year-on-year increase of 40.07%; The net profit attributable to the parent company was 483 million yuan, a year-on-year increase of 46.25%; Deduct non net profit of 430 million yuan, an increase of 39.61% year-on-year; In the third quarter of 2021, the company’s main revenue in a single quarter was 3.904 billion yuan, a year-on-year increase of 22.88%. In the layout of digital currency business, the payment products of “shengteng information”, a wholly-owned subsidiary of Fujian Star-Net Communication Co.Ltd(002396) , support digital RMB. It is actively participating in the digital RMB pilot work of major banks and actively promoting the implementation of application solutions in relevant industries. As of February 9, the stock has been rated by four institutions in the last 90 days, including three buying ratings and one overweight rating; The average target price of the institution in the past 90 days was 33.15 yuan.
B combination of digital currency blockchain and digital economy
Affected by the implementation of the 14th five year plan for financial standardization, the overall performance of the digital currency sector has been strong recently. According to the latest data of the central bank, by the end of 2021, there had been more than 8.0851 million digital RMB pilot scenes, six times the number of scenes six months ago. In addition, according to Beijing’s official data, by the end of 2021, Beijing had opened more than 12 million digital RMB personal money bags and more than 1.3 million public wallets, covering more than 400000 Winter Olympics scenes such as food, housing, transportation, travel, shopping, entertainment and medicine, with a transaction amount of 9.6 billion yuan. In terms of steadily promoting the development of legal digital currency standards, the plan proposes to explore the establishment and improvement of legal digital currency infrastructure standards by comprehensively considering safe and reliable infrastructure, issuance system and storage system, registration center, payment transaction communication module, terminal application, etc.
At the same time, the plan has repeatedly mentioned the construction of financial technology standards such as blockchain, leading the standardized and healthy development of financial technology. The plan also mentioned that we should steadily promote the development of legal digital currency standards. At the beginning of 2022, 16 departments including the Secretariat Bureau of the central network information office, the general office of the people’s Bank of China and the general office of the China Banking and Insurance Regulatory Commission jointly issued a notice, announcing the pilot list of 15 comprehensive and 164 characteristic areas of national block chain innovation and Application determined by local and departmental recommendation, expert review, online publicity and other procedures. Among them, “blockchain + trade finance”, “blockchain + cross-border finance” and “blockchain + risk control management” have promoted the innovative application of pilot fintech enterprises or units in blockchain technology.
China Merchants Securities Co.Ltd(600999) the research report pointed out that in order to clarify the attitude of the world’s major central banks towards digital currency, a global consensus is being formed to promote the innovation of central bank digital currency, and central bank digital currency is expected to become another deterministic track after carbon neutralization. “China has taken the lead in the new round of currency competition.” It is reported that the global Interbank Financial Telecommunication Association (Swift) released a report showing that in December 2021, the share of RMB in international payments exceeded the yen and jumped to the fourth place.
Company selection
\u3000\u3000 Global Infotech Co.Ltd(300465) (300465)
company is a leading financial information software product and comprehensive service provider in China. Its main business is divided into two parts: financial information and financial technology services, and mobile internet marketing. Financial informatization and financial technology services are to provide IT solutions, it operation and maintenance services and system integration services to financial enterprise customers dominated by banks, insurance and securities. The company issued a performance forecast on January 27. It is expected that the net profit attributable to the shareholders of the listed company will be 115-150 million yuan in 2021, turning losses into profits. The company said that the main reason for the performance change was that 2021 was a year of rapid development of the national digital economy. This year benefited from the steady progress of the national information innovation strategy, the continuous improvement of the investment of the financial industry in the field of science and technology, the company seized the opportunity, continuously expanded the business scale, and the overall income achieved rapid growth. Zheshang Securities Co.Ltd(601878) it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 201 million yuan, 261 million yuan and 340 million yuan respectively, and the year-on-year growth rate is expected to be 30% and 30% from 2022 to 2023,
\u3000\u3000 Shenzhen Forms Syntron Information Co.Ltd(300468) (300468)
is a software company that focuses on providing professional financial IT services to Chinese mainland and Hong Kong and Macao banks. Its business types include software development services (including IT consulting), application maintenance and system integration. According to the third quarterly report of Shenzhen Forms Syntron Information Co.Ltd(300468) 2021, the company achieved an operating revenue of 452 million yuan in the first three quarters of last year, a year-on-year increase of 14.41%; The net profit attributable to the parent company was 53.5068 million yuan, a year-on-year increase of 5.1%. As an enabler of financial technology, the company focuses on blockchain technology, financial level distributed digital platform and other directions, and has the technical ability for “bank 4.0”, all-round solution and consulting ability, and global service ability. At present, the company has some research and understanding on the development trend of cross chain and other blockchain technologies, and has the ability of all-round R & D and delivery from the underlying platform of blockchain to application solutions, as well as the technology application ability of blockchain + digital economy integration and innovation.
\u3000\u3000 Lakala Payment Co.Ltd(300773) (300773)
is a well-known third-party payment company in China. It focuses on providing acquiring services for physical small and micro enterprises and personal payment services for individual users. In addition, the company has accumulated rich third-party payment operation experience. The company is a leading comprehensive inclusive financial technology platform in China. It has obtained the third-party payment license issued by the central bank in the first batch, and focuses on the payment industry. Insiders pointed out that whether the expansion of application scenarios or the diversification of physical wallets, the accelerated pace of digital RMB is bringing new stimulus to the payment industry, especially the third-party payment market. Lakala Payment Co.Ltd(300773) payment has made it clear that digital RMB has a great pull on its whole code scanning business, and has established close ties with more Ka merchants and enterprises. In addition, in the future, digital RMB will be fully promoted, Lakala Payment Co.Ltd(300773) payment will provide merchants with multi currency payment acceptance services, and it is expected to charge corresponding service fees.
C digital energy storage network energy is in the ascendant
We can regard digital energy storage as a new branch of digital economy with great potential. It is also the most promising industry for ICT giants like Huawei. At the beginning of 2022, Huawei will sell large battery systems for renewable energy storage in Japan through several battery manufacturers including Contemporary Amperex Technology Co.Limited(300750) . It is reported that Huawei will combine small batteries into container sized units and sell them to Japanese customers to meet its power demand during the period when fossil fuels turn to renewable energy. As early as last year, Huawei digital energy successfully signed the energy storage project of red sea new town in Saudi Arabia, which is by far the largest microgrid energy storage project in the world and has strategic significance and benchmarking effect on the development of global energy storage industry.
In fact, digital energy and energy storage have always had a huge market under the background of carbon neutrality. For example, with the acceleration of 5g construction and data center construction, the supporting network energy market will also be greatly developed, because 5g base station and data center itself are large energy consumers. It is predicted that the communication industry will consume 20% of the world’s electricity by 2025.
At the end of last year, the national development and Reform Commission, the central network information office, the Ministry of industry and information technology and the National Energy Administration jointly issued the implementation plan for implementing the requirements of carbon peak and carbon neutralization goal and promoting the green and high-quality development of new infrastructure such as data center and 5g, which proposed that by 2025, the data center and 5g will basically form a green and intensive integrated operation pattern. Among them, the energy efficiency of 5g base station is improved by more than 20%; The average power utilization efficiency of new large and super large data centers across the country has been reduced to less than 1.3, the national hub nodes have been further reduced to less than 1.25, and the green low-carbon level has reached more than 4a.
In addition, network energy can also be combined with the most fashionable wind power generation at present, because wind power and Cecep Solar Energy Co.Ltd(000591) have a fatal weakness, which is the inevitable periodic rise and fall. For example, Cecep Solar Energy Co.Ltd(000591) will have the influence of sunrise and sunset every day. How to store the power at the peak and avoid power fluctuation is a key.
Company selection
\u3000\u3000 Shenzhen Kexin Communication Technologies Co.Ltd(300565) (300565)
is a provider of communication network energy solutions. It is one of the few enterprises in China that have independently developed and produced network energy core software and hardware such as battery system and power system. It can provide “one-stop” network energy solutions for communication base stations, data centers, industry and Commerce by benchmarking with the world’s top three network energy enterprises, In the green data center and baseband pool core product series, pue capability is built to 1.23. The company cooperates with Ganfeng Lithium Co.Ltd(002460) to independently produce lithium carbonate batteries for energy storage. The planned production capacity of phase I is 1GWh, and the output value will exceed 2 billion yuan after reaching the production capacity, so that the company has the ability to independently produce communication lithium batteries, provide lithium battery communication energy system matched with existing communication network equipment, and quickly improve the delivery capacity of network energy products. Overseas subsidiaries of the company are also global partners of Nokia and Ericsson. Since this year, the contract has been signed for more than 130 million yuan, which will benefit from the large-scale expansion of overseas 5g infrastructure.
\u3000\u3000 Shenzhen Kstar Science & Technology Co.Ltd(002518) (002518)
as one of the first Chinese enterprises to enter the field of data center products and solutions, after years of development, the company has become one of the companies with the most complete categories of data center infrastructure products in the industry. The company’s core products include uninterruptible power supply (UPS), communication power supply, high-voltage DC power supply, precision air conditioning, precision power distribution, storage battery, network server cabinet, power environment monitoring system, etc. In 2020, the company will provide China nuclear power group with 150MW integrated photovoltaic power generation equipment in Xinjiang and Gansu, more than 100MW photovoltaic power generation equipment for Ningxia Jiayang project, and more than 300MW integrated photovoltaic inverter power generation equipment for Wenzhou Longwan 550MW fishery light complementary project. The company joined hands with Contemporary Amperex Technology Co.Limited(300750) to establish a joint venture Contemporary Amperex Technology Co.Limited(300750) Shenzhen Kstar Science & Technology Co.Ltd(002518) Technology Co., Ltd., focusing on the field of energy storage products. Anxin securities estimates that the company’s operating revenue from 2021 to 2023 will be RMB 2.859 billion, RMB 3.516 billion and RMB 3.780 billion respectively, and the net profit attributable to the parent company will be RMB 379 million, RMB 521 million and RMB 717 million respectively, and the corresponding EPS will be RMB 0.65, RMB 0.89 and RMB 1.22 respectively.
\u3000\u3000 Kehua Data Co.Ltd(002335) (002335)
by the end of June 2021, the company has seven large self built data centers in Beijing, Shanghai, Guangzhou and other places, with about 29000 operating cabinets. The total construction area of the company’s data center exceeds 200000 square meters, and its customers cover three major operators, large Internet enterprises such as Tencent, major financial institutions and government agencies. In the next three years, the company will steadily expand the scale of the data center and plans to add more than 10000 self built cabinets every year. The company has carried out in-depth cooperation with Tencent in product development, EPC Construction, operation and maintenance, cloud service sales and other aspects. The jointly developed T-block products have been widely used in Tencent’s data center requirements. In the first half of 2021, the company launched a new generation of 1500v350kw series inverter solution in the world, which is the series inverter with the largest single unit power in the world. At present, the global installed capacity of the company’s energy storage has exceeded 1.1gw. Anxin securities estimates that the company’s operating revenue from 2021 to 2023 will be RMB 5.382 billion, RMB 6.973 billion and RMB 9.199 billion respectively, and the net profit attributable to the parent company will be RMB 481 million, RMB 630 million and RMB 836 million respectively.
