Investment summary:
Talk every Monday:
The three major operators released the business data in January 2022, and the 5g penetration rate was further improved.
China Mobile continued to lead, with the number of mobile users exceeding 4 million in the month. The total number of mobile users of the three operators increased by 8.697 million in the month, and the cumulative number of users reached 1655134 million. The total number of broadband users increased by 6.417 million in the month, and the cumulative number of users reached 511279 million. China Mobile ranked first in terms of the number of mobile users and broadband users.
The number of fixed line subscribers of operators stopped falling and rebounded China Telecom Corporation Limited(601728) 's fixed line subscribers increased by 230000 in the current month and China United Network Communications Limited(600050) 's fixed line subscribers increased by 194000 in the current month. China Mobile did not publish the business data.
The penetration rate of 5g package was further improved, and China Telecom Corporation Limited(601728) reached 52.21%, ranking first in the list. The total number of 5g package users of the three operators increased by 28.299 million in the current month, and the cumulative number of 5g package users reached 757835 million. The overall 5g package penetration reached 45.79%. The 5g package penetration of China Telecom Corporation Limited(601728) and China United Network Communications Limited(600050) exceeded 50%, and that of China Mobile was 41.74%, which was due to the large user base of China Mobile.
China's mobile phone market has declined, and the number of 5g mobile phones on the market has decreased significantly.
In January 2022, the shipment volume of mobile phones in the Chinese market was 33.022 million, a year-on-year decrease of 17.7%; Among them, there were 26.324 million 5g mobile phones, a year-on-year decrease of 3.5%, accounting for 80% of mobile phone shipments in the same period.
One reason is the sharp decline in the number of new 5g mobile phones on the market. In January 2022, 30 new models of mobile phones were listed in the Chinese market, with a year-on-year decrease of 43.4%, including 15 5g mobile phones, with a year-on-year drop of 53.1%, accounting for 50.0% of the number of new models listed in the same period.
Other reasons are: smart phones lack new functions, reducing consumers' willingness to buy; Apple's first affordable 5giphone phone will be available in the second quarter, which may bring shipping pressure to Android phones.
6 Wuhan Department Store Group Co.Ltd(000501) 0gpon centralized purchase has been completed, and China has officially entered the era of Gigabit broadband construction.
China United Network Communications Limited(600050) recently officially announced the centralized procurement results of 10gpon products. ZTE and Huawei won the bid in the first and second places respectively. China Unicom's 10gpon centralized purchase is another 10gpon centralized purchase after China Mobile and China Telecom Corporation Limited(601728) two centralized purchases, marking China's entry into the era of Gigabit broadband construction.
From the bidding results of the three major operators, ZTE, Huawei, Fiberhome and Nokia bell occupy the leading position in the Chinese market, the industry pattern is relatively stable, and the construction of dual Gigabit is expected to be further accelerated.
Market review:
This week (202202.21202202.25), the Shanghai Composite Index, Shenzhen Component Index and gem index increased by - 1.13%, - 0.35% and 1.03% respectively, and the Shenwan communication index increased by 0.8%, ranking eighth among Shenwan's 28 primary industries.
Performance of individual stocks in the communication sector this week:
The top five stock price increases are: Nova Technology Corporation Limited(300921) , Fujian Start Group Co.Ltd(600734) , Zhejiang Zhaolong Interconnect Technology Co.Limited(300913) , Shenzhen Kexin Communication Technologies Co.Ltd(300565) , Dr.Peng Telecom&Media Group Co.Ltd(600804)
The top five stock price declines are: Chutian Dragon Co.Ltd(003040) , Hengbao Co.Ltd(002104) , Wuhan Tianyu Information Industry Co.Ltd(300205) , Suzhou Tfc Optical Communication Co.Ltd(300394) , Nanjing Panda Electronics Company Limited(600775)
Investment strategy: (1) 5g network coverage continues to improve, the number of 5g base stations exceeds 1.4 million, and the leading 5g equipment manufacturer is continuously recommended: Zte Corporation(000063) ; (2) The increase in the penetration rate of 5g package users drives the Arup value of operators. Operators give up the price war and improve user stickiness by providing more high-quality and differentiated services. It is suggested to pay attention to: China Mobile; (3) The development of the Internet of things industry has entered the fast lane, focusing on the investment opportunities of vehicle communication modules. It is suggested to pay attention to Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) ; (4) In the context of double carbon, green energy conservation has become the main theme. The key recommendation is precision temperature control faucet: Shenzhen Envicool Technology Co.Ltd(002837) .
Risk tip: the development of 5g is not as expected, the trade friction between China and the United States has further escalated, and the epidemic has further spread.
