Market review: this week (12.6-12.10), the CSI 300 index rose 3.14% and the computer index rose 0.03%.
Zhou's view: the long-term trend of cloud computing is good, and grasp high-quality stocks
(1) Global enterprise cloud infrastructure service expenditure continued to grow at a high rate, and the market concentration was further improved
According to the new data released by synergy research group, the enterprise cloud infrastructure service expenditure exceeded US $45 billion in the third quarter, a sharp increase of 37% over the third quarter of 2020. The revenue of global cloud computing giants maintained rapid growth, and the market concentration was further concentrated. The revenue of 2021q3aws was USD 16.11 billion, with a year-on-year increase of 39%, which was further higher than that of Q1 and Q2; Microsoft azure revenue increased by 50% year-on-year, and Google revenue was US $5 billion, a year-on-year increase of 45%. Amazon, Microsoft and Google continue to occupy more than half of the global cloud expenditure, and the market concentration is further improved.
(2) The growth rate of China's cloud computing market continues to outperform the global level
According to the latest report released by canalys, in the second quarter of 2021, China's cloud infrastructure market reached US $6.6 billion (about RMB 42.5 billion), a year-on-year increase of 54%, of which Alibaba cloud, Tencent cloud and Huawei cloud accounted for 60% of China's cloud computing infrastructure expenditure, showing "one super and many strong" Competition pattern. However, there are still many new challengers in the market. Byte beat officially announced its entry into the public cloud market. On December 2, volcano engine released a full range of cloud products, including five categories, including cloud foundation, video and content distribution, and data platform, with a total of 78 services, so as to grasp the market opportunities under the rapid improvement of cloud computing penetration in China and the enterprise's "multi cloud strategy".
(3) The overseas SaaS market is relatively mature, and the Chinese SaaS market is gradually becoming prosperous
There are more than 100 SaaS listed companies in the US stock market, including many segmentation leaders with a market value of more than US $100 billion, such as salesforce, Shopify, intuit and adobe. Companies with good positions in the SaaS market such as Beijing Kingsoft Office Software Inc(688111) , Glodon Company Limited(002410) , Yonyou Network Technology Co.Ltd(600588) , Kingdee International and Mingyuan cloud have also emerged in China, and are developing rapidly in recent years. At the same time, many high-quality entrepreneurial companies have emerged in the primary market on various general and vertical tracks. We believe that with the development of China's cloud infrastructure and the opportunities brought by enterprise digital transformation, China's SaaS market is expected to maintain rapid growth.
Investment suggestions:
Cloud computing is the base of China's digital economy. In the long run, it is still the general trend for enterprises to go to the cloud. Focus on Yonyou Network Technology Co.Ltd(600588) , Glodon Company Limited(002410) , Mingyuan cloud, Beijing Kingsoft Office Software Inc(688111) , Fujian Foxit Software Development Joint Stock Co.Ltd(688095) , Shanghai Weaver Network Co.Ltd(603039) , Beijing Seeyon Internet Software Corp(688369) , Wondershare Technology Group Co.Ltd(300624) , and other beneficiary objects include Beijing Shiji Information Technology Co.Ltd(002153) , Inspur Electronic Information Industry Co.Ltd(000977) , Newcapec Electronics Co.Ltd(300248) .
(1) Energy it: recommend Runa Smart Equipment Co.Ltd(301129) , Longshine Technology Group Co.Ltd(300682) , and benefit targets include Huizhong Instrumentation Co.Ltd(300371) , Beijing Forever Technology Co.Ltd(300365) , Jiangsu Yunyong Electronics And Technology Co.Ltd(688060) , Zhejiang Heda Technology Co.Ltd(688296) , Ygsoft Inc(002063) .
(2) Satellite remote sensing applications: recommended Piesat Information Technology Co.Ltd(688066) , Geovis Technology Co.Ltd(688568) , Beijing Supermap Software Co.Ltd(300036) .
(3) Intelligent Internet connected vehicles: recommend Thunder Software Technology Co.Ltd(300496) , Autel Intelligent Technology Corp.Ltd(688208) , China Transinfo Technology Co.Ltd(002373) ; benefit targets include Huizhou Desay Sv Automotive Co.Ltd(002920) , Vanjee Technology Co.Ltd(300552) , etc.
(4) Network security: continue to focus on recommending Sangfor Technologies Inc(300454) , Dbappsecurity Co.Ltd(688023) , Qi An Xin Technology Group Inc(688561) , Nsfocus Technologies Group Co.Ltd(300369) , Venustech Group Inc(002439) , Xiamen Meiya Pico Information Co.Ltd(300188) , Hangzhou Dptech Technologies Co.Ltd(300768) , Trs Information Technology Co.Ltd(300229) etc.; other beneficiaries include Topsec Technologies Group Inc(002212) , Westone Information Industry Inc(002268) , etc.
Risk tip: it expenditure of upstream industry is lower than expected; The epidemic situation affects the annual performance; Brain drain risk.
