The overall PE of the computer industry has been at a relatively low point, the marginal performance of the sector has improved, and the configuration value is prominent. On February 18, the PE of Shenwan computer industry index was 48.46, with a quantile of 14.88%, which has been at a low level in recent five years, and the top ten stocks are below the 50% quantile of PE in three years, highlighting the allocation value. 2.14-2.18 the computer index rose 1.25%, and the overall sector showed marginal improvement.
The background of digital economy + the policy of “counting from the east to the west” is good for the hardware end in the short term. “Counting from the east to the west” undertakes the spirit of the 14th five year plan for digital economy. It is an important measure to adjust the supply and demand of national computing power and data, and hand over a large number of data in the East with low network requirements to the western region with lower hardware construction cost, so as to improve the operation efficiency and energy efficiency of the national computing power network system. Affected by the favorable policies, the top ten stocks in the Shenwan computer index last week were mainly the hardware side of the data center. We believe that the green temperature control equipment in the future will first usher in a high view under the favorable policies, so we recommend Shenzhen Envicool Technology Co.Ltd(002837) in the short term.
Investment strategy: the software side is more affected by fundamentals and valuation. Compared with the direct policy benefits on the hardware side, we believe that software applications are more subject to the changes in fundamentals brought about by the prosperity of downstream demand and the current valuation. Therefore, we recommend digital currency ( Xgd Inc(300130) ), cloud computing ( Glodon Company Limited(002410) , Yonyou Network Technology Co.Ltd(600588) ), industrial Internet ( Beijing United Information Technology Co.Ltd(603613) ) and AI ( Iflytek Co.Ltd(002230) ) in the medium term.
Risk tips: policy implementation is less than expected, technology and actual construction implementation is less than expected, downstream demand risk, etc
