Industry views and key recommendations
1. The main line of next year: everything is for safety
We believe that from the perspective of the next 3-5 years, scientific and technological independence and scientific and technological security will be the main line of the computer industry, Focus on financial it and industrial software (industrial information innovation). Industrial information innovation will usher in a higher quality outbreak. Financial information innovation: from the office system to the business system, the proportion of information innovation products will increase, and the investment in information innovation of financial institutions will increase; in the process of promoting information innovation, the localization of basic software, hardware, complete machine and other it bases will drive the replacement of application software, and all kinds of financial IT manufacturers will also benefit.
Industrial Xinchuang: at present, the localization rate of medium and high-end ERP of industrial software is 25%, CAX (CAD + cam + CAE) is 11%, MES localization rate is 45%, and the overall localization rate is low; China’s industrial software market has about five times the growth space, and the growth space is broad. Frequent industrial software policies promote the development of industrial software demand.
The network security industry continues to grow. Data security: as data security is changing from the traditional “system perspective” (protecting the system equipment storing data) to the “business perspective” (protecting the whole life cycle around data flow), the market demand for data security management platform is expanding.
Emerging security areas: the industry’s early-stage technical reserves and the cloud security, industrial control security and Internet of things security markets are in a period of rapid growth. Therefore, in 2022, we expect companies to continue to maintain a high growth rate of more than 50% in the emerging security field.
New drivers of innovation. Adas carrying rate has increased rapidly and l0-l2 low-level ADAS has been widely used; NVIDIA Orin chip and Qualcomm ride chip will be mass produced in 2022, and high-level automatic driving is expected to land; Metauniverse, XR 1-N and other new terminals and new spaces have accelerated their development.
2. White horse opportunity outlook
Steady type: Glodon Company Limited(002410) , Beijing Kingsoft Office Software Inc(688111) and other white horses are located in the high-profile track and have high barriers. The PE valuation is relatively high and the PS valuation is relatively reasonable. Expansion type: Hundsun Technologies Inc(600570) , Sangfor Technologies Inc(300454) , Thunder Software Technology Co.Ltd(300496) and other white horses are in the high boom track, and the corresponding PE is in the low range in 2022.
3. It is recommended to pay attention to:
1) Financial it (financial information creation): China Greatwall Technology Group Co.Ltd(000066) , haiguang information, Hundsun Technologies Inc(600570) , Fujian Apex Software Co.Ltd(603383) , Shenzhen Sunline Tech Co.Ltd(300348) , Yusys Technologies Co.Ltd(300674) etc
2) Industrial software: Zwsoft Co.Ltd(Guangzhou)(688083) , Shanghai Weihong Electronic Technology Co.Ltd(300508) , Guangzhou Sie Consulting Co.Ltd(300687) , Glodon Company Limited(002410) , Beijing Kingsoft Office Software Inc(688111)
3) Network security: Dbappsecurity Co.Ltd(688023) , Venustech Group Inc(002439) , Sangfor Technologies Inc(300454)
4) Automobile: Thunder Software Technology Co.Ltd(300496) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Foryou Corporation(002906)
5) Metauniverse, XR 1-N: Wondershare Technology Group Co.Ltd(300624) , Nengke shares, Beijing Supermap Software Co.Ltd(300036)
Risk tip: the macro economy is depressed, the plate policy has changed significantly, and the international environment has changed significantly.
