[Zhou investment view]:
(1) the statement of the State Council mentions the "14th five year plan" for the development of digital economy, which reflects China's firm determination to develop digital economy. The communication sector is the base of the digital economy and benefits from the core for a long time. According to the plan, the number of Gigabit broadband users is planned to increase from 6.4 million in 2020 to 60 million in 2025, and the application penetration rate of industrial Internet platform will increase from 14.7% in 2020 to 45% in 2025. There are great prospects for intelligent manufacturing, cloud computing, Internet of things and so on.
(2) aspeed's monthly revenue data continued to pick up, with a year-on-year growth rate of 61% in January 2022. In addition, the Q4 capital expenditure of the five cloud giants in North America generally maintained a rapid growth rate in 2021. The overall expectation for 2022 is relatively optimistic, and we judge that the cloud industry chain is expected to gradually recover.
(3) Haifeng track has a long-term high growth. Submarine cable is the most deterministic link in the industrial chain. It has the characteristics of high competition barriers, relatively stable competition pattern and small downward space for price. It is optimistic about the growth space of submarine cable leader for a long time.
[industry dynamics & investment perspective]:
[cloud computing] aspeed's monthly revenue data continues to pick up; In 2021, the capital expenditure of North American cloud giants maintained a high increase, and the overall investment attitude was optimistic. Aspeed's revenue growth in January 2022 increased significantly to 61% year-on-year, releasing the signal of continuous recovery; The capital expenditure of the five overseas cloud giants maintained a high growth rate in 2021. The overall capital expenditure of 2021q1, 2021q2, 2021q3 and 2021q4 was $28.8 billion, $31.7 billion, $34.9 billion and $37 billion respectively, with a year-on-year increase of 39%, 47%, 36% and 19%. From a month on month perspective, 2021q4 continued to maintain a growth of 6%. From the perspective of the expectations of overseas cloud giants for the future, the overall investment this year is optimistic, Pay attention to the recovery investment opportunities in the cloud industry chain (IDC, switches, routers, optical modules, servers, cloud video, etc.). Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Zte Corporation(000063) ], [ Beijing Sinnet Technology Co.Ltd(300383) ], [ Unisplendour Corporation Limited(000938) ], [ Beijing Kingsoft Office Software Inc(688111) ]; Focus on: [ Fujian Star-Net Communication Co.Ltd(002396) ], [ Eoptolink Technology Inc.Ltd(300502) ], [ Zhongji Innolight Co.Ltd(300308) ], [ Yealink Network Technology Co.Ltd(300628) ], [ Guangdong Aofei Data Technology Co.Ltd(300738) ], [ Suzhou Tfc Optical Communication Co.Ltd(300394) ], etc.
[industrial Internet / intelligent manufacturing] the bulletin of the State Council again mentioned the "14th five year plan" for the development of digital economy, firmly promoting the digital economy and benefiting the core of industrial Internet. On February 9, 2022, the State Council again proposed the "14th five year plan" for the development of digital economy, firmly promoting the development of digital economy. Among them, the number of Gigabit broadband users increased from 6.4 million in 2020 to 60 million in 2025, and the application penetration rate of industrial Internet platform increased from 14.7% in 2020 to 45% in 2025. China's manufacturing industry has a good foundation, and the digitization level of government and enterprises is expected to be further improved in the future, The development space of intelligent manufacturing market is broad. Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Zhejiang Supcon Technology Co.Ltd(688777) ], [ Nancal Technology Co.Ltd(603859) ], [ Guangzhou Sie Consulting Co.Ltd(300687) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], etc; Focus on: [ Beijing Kingsoft Office Software Inc(688111) ], etc.
[Internet of things] Internet of things is a necessary base in the era of digital economy, involving seven key industries and ten digital application scenarios. Policies are overweight to promote the accelerated development of the industry. According to the 14th five year plan for digital economy development of the State Council, the Internet of things is one of the seven key industries of digital economy and is reflected in the top ten digital application scenarios. As a necessary base in the era of digital economy, the importance of the Internet of things has further increased, and there are many application scenarios in the Internet of things industry, which deeply overlap with all kinds of digital application scenarios, With the support of digital economy policies, the development momentum of the Internet of things industry has been further enhanced, and it is expected to accelerate its development in the future. Key recommendations: [ Queclink Wireless Solutions Co.Ltd(300590) ] (the leader of vehicle terminal in the intelligent era of electric two wheeled vehicles), [ Fibocom Wireless Inc(300638) ] (the leader of vehicle module), [ Quectel Wireless Solutions Co.Ltd(603236) ] (the leader of vehicle module), [ Meig Smart Technology Co.Ltd(002881) ] (the cutting-edge enterprise of vehicle module), etc.
[sector trend]: this week (2.8-2.11), in the Shenwan industry, the communication (Shenwan) index rose 2.53%, ranking second in the TMT sector, with a dynamic P / E ratio of 37.92 and second in the TMT sector. In terms of net inflow of land stock connect, the top five inflow include China United Network Communications Limited(600050) (74 million shares), Jiangsu Shagang Co.Ltd(002075) (30.22 million shares), Gohigh Data Networks Technology Co.Ltd(000851) (6.14 million shares), Jiangsu Zhongtian Technology Co.Ltd(600522) (3.32 million shares), Shanghai Baosight Software Co.Ltd(600845) (2.58 million shares); In terms of net outflow of LST, the top five outflows include Business-Intelligence Of Oriental Nations Corporation Ltd(300166) (- 15.09 million shares), Beijing Jetsen Technology Co.Ltd(300182) (- 9.53 million shares), Zte Corporation(000063) (- 9.15 million shares), Gci Science & Technology Co.Ltd(002544) (- 7.71 million shares), Unisplendour Corporation Limited(000938) (- 7.46 million shares).
[key points of this week] Shanghai Baosight Software Co.Ltd(600845) , Jiangsu Zhongtian Technology Co.Ltd(600522) , Fibocom Wireless Inc(300638) , Queclink Wireless Solutions Co.Ltd(300590) , Meig Smart Technology Co.Ltd(002881) , Quectel Wireless Solutions Co.Ltd(603236) , Shenzhen H&T Intelligent Control Co.Ltd(002402) , Nancal Technology Co.Ltd(603859) etc.
[key companies] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) , Foxconn Industrial Internet Co.Ltd(601138) , Zhejiang Supcon Technology Co.Ltd(688777) , Anhui Ronds Science & Technology Incorporated Company(688768) , Dongguan Yiheda Automation Co.Ltd(301029) , Shenzhen Invt Electric Co.Ltd(002334) , Shanghai Weihong Electronic Technology Co.Ltd(300508) , Guangzhou Sie Consulting Co.Ltd(300687) , Nengke shares, Zte Corporation(000063) , Unisplendour Corporation Limited(000938) ); New energy & Intelligent networked vehicle (optical lens: Sunny optics, Lianchuang Electronic Technology Co.Ltd(002036) , Dongguan Yutong Optical Technology Co.Ltd(300790) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Crystal-Optech Co.Ltd(002273) ; Controller & Algorithm: Shenzhen H&T Intelligent Control Co.Ltd(002402) , Keboda Technology Co.Ltd(603786) , Shenzhen Topband Co.Ltd(002139) , Arcsoft Corporation Limited(688088) , Foryou Corporation(002906) ; lidar: torch technology; Advanced Fiber Resources (Zhuhai) Ltd(300620) , Optowide Technologies Co.Ltd(688195) , Suzhou Tfc Optical Communication Co.Ltd(300394) ; vehicle model group / module: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) , Queclink Wireless Solutions Co.Ltd(300590) ; connector: Electric Connector Technology Co.Ltd(300679) Suzhou Recodeal Interconnect System Co.Ltd(688800) , Shenzhen Deren Electronic Co.Ltd(002055) , Shenglan Technology Co.Ltd(300843) , Wenzhou Yihua Connector Co.Ltd(002897) , Zhejiang Yonggui Electric Equipment Co.Ltd(300351) , Dongguan Dingtong Precision Metal Co.Ltd(688668) , Cwb Automotive Electronics Co.Ltd(605005) , Shanghai Laimu Electronics Co.Ltd(603633) etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); "New energy +" (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) ); Cloud computing (IDC: Shanghai Baosight Software Co.Ltd(600845) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Qinhuai data, Wanguo data, Kehua Data Co.Ltd(002335) , Shenzhen Envicool Technology Co.Ltd(002837) etc.; equipment manufacturers: Zte Corporation(000063) , Unisplendour Corporation Limited(000938) , Fujian Star-Net Communication Co.Ltd(002396) etc.; optical devices: Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Accelink Technologies Co.Ltd(002281) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; SaaS:
Beijing Kingsoft Office Software Inc(688111) , BiliBili, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Yealink Network Technology Co.Ltd(300628) , sound network, Bizconf Telecom Co.Ltd(300578) , Montnets Cloud Technology Group Co.Ltd(002123) ); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) ); Operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) , etc.).
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction, covid-19 epidemic spread.
