Key points of the report
Strategy: Digital Economy: from strict supervision to development. ① There has been a major inflection point in the attitude of Internet regulation.
Han Wenxiu, deputy director of the Finance Office of 2021 / 12, stressed that "important results have been achieved in preventing disorderly capital expansion", which is more positive than the statement of "initial results" at the meeting of the Shenzhen Reform Commission on August 30, and the peak of Internet regulation has passed. ② The warm wind of digital economy is blowing frequently. In January, Qiushi magazine published Xi Jinping the general secretary's speech "constantly strengthening, optimizing and expanding China's digital economy". The State Council issued the 14th five year plan for the development of digital economy, the national development and Reform Commission and the Internet Information Office have successively released positive signals, and the industry has shifted from strict supervision to development. ③ The development of digital economy focuses on "integration with entities". Under the new regulatory framework, the policy orientation is the integrated development of digital economy and real economy. The main line is infrastructure, industrial digitization and digital industrialization. ④ It is suggested to pay attention to: Internet & entertainment, telecom operators, cloud infrastructure providers, industrial software, power grid intelligence, automotive electronics & intelligent field, cloud computing and information innovation.
Media Internet: the protagonist of the 2C scene of digital economy, focusing on the valuation and performance restoration of the Internet & entertainment sector. ① 2022 will be the year of transformation of the Internet from pursuing simple and high growth rate to pursuing high-quality development, focusing on companies with high long-term growth certainty and obvious short-term fundamentals improvement. ② Looking forward to the medium and long-term technological development, we are optimistic that yuanuniverse will bring new products, services and business models to the industry. ③ In the field of entertainment, after the implementation of the game version number policy, the valuation and performance are expected to be repaired. Companies with R & D strength and sea going advantages and rich product reserves are recommended. 4. The key recommendation: Kwai -W (commercial promotion space is obvious, high growth certainty, valuation has cost performance), Shanghai Yaoji Technology Co.Ltd(002605) (bottom of performance improvement, new business brings flexibility expectation, cost rate is expected to improve).
Communication: in 2022, we will continue to push forward the main line of digital economy, and all links of the industrial chain will benefit fully and have better flexibility. ① The explosive growth of data and the rapid increase of traffic brought by the digital economy will significantly increase the demand for computing power and data storage, further boost the demand for infrastructure construction and upgrading, and operators and cloud infrastructure providers are expected to benefit fully. ② Digital economy also brings new opportunities for intelligent development. We continue to be optimistic about investment opportunities in power grid intelligence and automobile intelligence. ③ Key recommendations: China Telecom Corporation Limited(601728) (all aspects of fundamentals are good, and emerging businesses such as cloud and government enterprises drive performance and valuation), Meig Smart Technology Co.Ltd(002881) (smart module industry leader, continuous breakthroughs in automotive intelligence, smart grid and other businesses).
Computer: in the wave of digital economy, the computer industry has ushered in a high light moment. ① Under the background of digital economy, the digital transformation of enterprises has been continuously promoted. ② Cloud computing is the foundation of digital transformation, and ERP is the key link of digital transformation. According to our calculation, during the 14th Five Year Plan period, the replacement space of the whole ERP in state-owned enterprises reached 32.6 billion yuan per year. ③ The development of information and innovation industry is the key to the digital transformation of national economy, and x86 server is the main focus in the short term. The industrial scale of Party and government Xinchuang is expected to be maintained in 2022; Industry Xinchuang is expected to become an important focus of the localization theme in 2022. ④ Key recommendations: Yonyou Network Technology Co.Ltd(600588) (policy blessing, subscription system transformation, shareholding structure optimization). It is suggested to pay attention to:
Dawning Information Industry Co.Ltd(603019) (taking advantage of the wind of Xinchuang, the shipment of haiguang chips has increased rapidly, and China's supercomputing is the leader. The compound growth rate of net profit attributable to the parent company from 2017 to 2020 is close to 40%).
Electronics: electronic information hardware industry is the cornerstone of the development of digital economy. ① The development of digital economy needs to enhance the ability to obtain and use data. Digital economy is inseparable from the support of software and hardware such as chips, which will promote the rapid development of electronic information industry represented by semiconductor industry. ② It is suggested to pay attention to the opportunities related to the localization of electronic information cornerstone integrated circuits and the digital transformation of traditional industries, such as the opportunities related to the automotive electronics industry chain brought by automotive intelligence. ③ Key recommendations: Bestechnic (Shanghai) Co.Ltd(688608) (rapid product iteration and continuous development of aiot growth space), Wuxi Nce Power Co.Ltd(605111) (domestic MOSFET, fali IGBT and third generation semiconductor).
Risk warning: epidemic spread; The economy is less than expected; Inflationary pressure; Historical experience does not represent the future.
