1. Policy and capital stimulus: IDC supply hit a record high: according to the statistics of CDCC’s 2021 China data center market report, in 2021 (as of October 31), China’s new data center frames reached 991500, and the data center investment continued the high growth trend in 2020. We judge that the main reason for the rapid growth of China’s data centers is the stimulation of new infrastructure policies, The influx of capital led to.
2. The structural problem of “the East is strong and the west is weak” is prominent, “Counting from the east to the west” is expected to drive regional balance: “in terms of the distribution of new data centers in various regions in China in 2021, North China continues to lead, and the stock and scale of new data centers in the central and western regions are still small. The listing rate of East China, North China and South China is basically between 60% and 70%, and that of central, southwest and Northwest China is more than 30%.
3. Relevant beneficial directions and targets
1) the data center pattern changes, and the IDC industry is expected to accelerate the inflection point stage of integration: we judge that the data center policy in the eastern region will continue to be stricter, the first-line or super first-line IDC resources in the eastern region may be more and more tight, and the capital cost and liability structure will be better. The head company will benefit the most. The relevant targets include: Beijing Sinnet Technology Co.Ltd(300383) , Shanghai Baosight Software Co.Ltd(600845) , Guangdong Aofei Data Technology Co.Ltd(300738) , Wanguo data (Hong Kong stocks) Qinhuai data (US stocks), etc; IDC companies in the central and western regions have newly built and added increments to match the data migration needs of the East. IDC companies with resource reserves in the central and western regions will have concept catalysis Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) (Ningxia) and Capitalonline Date Service Co.Ltd(300846) (Gansu).
2) policies restrict the admission of IDC with high pue value, and relevant cooling, management system and solutions, power supply and other technologies are expected to take the lead in breakthrough and landing: the companies benefiting from cooling technology include Black Peony (Group) Co.Ltd(600510) , Shenzhen Envicool Technology Co.Ltd(002837) , Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) , Yimikang Tech.Group.Co.Ltd(300249) , Wangsu Science & Technology Co.Ltd(300017) , etc. HVDC and prefabricated micro module beneficiary companies include Hangzhou Zhongheng Electric Co.Ltd(002364) , Kehua Data Co.Ltd(002335) , Black Peony (Group) Co.Ltd(600510) , Shanghaichengdiconstructioncorporationltd(603887) , etc
3) in the post construction period of the data center, relevant server, network and optical module equipment manufacturers are also expected to benefit: including Unisplendour Corporation Limited(000938) , Zte Corporation(000063) , Fujian Star-Net Communication Co.Ltd(002396) , Inspur Electronic Information Industry Co.Ltd(000977) , Zhongji Innolight Co.Ltd(300308) , Eoptolink Technology Inc.Ltd(300502) , Accelink Technologies Co.Ltd(002281) .
4. Viewpoint of communication sector
1) in 2022, we will pay close attention to the main context of digital economy, take data flow as the clue, and explore new technological innovation opportunities such as intelligent sensing, silicon optical transmission and storage to cloud native driven by new applications such as metauniverse, industrial Internet and intelligent driving. From the bottom, we continue to focus on high growth sectors such as Hong Kong stock operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) ), it main equipment ( Unisplendour Corporation Limited(000938) , Zte Corporation(000063) ), network security, communication + new energy ( Longshine Technology Group Co.Ltd(300682) ), Internet of vehicles applications, military communications and satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Shenzhen H&T Intelligent Control Co.Ltd(002402) ), Internet of things ( Fibocom Wireless Inc(300638) ), as well as the improvement of fundamentals, Emerging tracks related to and derived from cloud ecology, including IDC ( Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Black Peony (Group) Co.Ltd(600510) ; related benefit targets Capitalonline Date Service Co.Ltd(300846) ), edge computing and cloud primitives (related benefit targets Qingcloud Technologies Corp(688316) ), metauniverse, etc. ( Hangzhou Anysoft Information Technology Co.Ltd(300571) ).
2) recommend undervalued stocks this week: Unisplendour Corporation Limited(000938) , Willfar Information Technology Co.Ltd(688100) , Black Peony (Group) Co.Ltd(600510) (acquisition of Aite energy layout thermal energy management business), Tcl Technology Group Corporation(000100) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Beijing Sinnet Technology Co.Ltd(300383) , Goldcard Smart Group Co.Ltd(300349) , Aisino Corporation(600271) , Hangzhou Anysoft Information Technology Co.Ltd(300571) , Zte Corporation(000063) and other companies.
5. Risk warning
The progress of the project of “counting from the east to the west” is less than expected; The business demand in the western region is less than expected; Risk of price reduction due to intensified business competition; Policy risk; Systemic risk.
