2021 computer market review
Since the beginning of 2021, the Shanghai stock index has increased by 5.99%, the gem index has increased by 17.89%, the CSI 300 has decreased by 2.45%, and the SW computer index has increased by 0.27%, outperforming the Shanghai stock index and the gem index by 5.72% and 17.62% respectively, outperforming the CSI 300 by 2.72%.
At present, the SW computer index PE (TTM) is 52.70x, which is at the 33.07% quantile of PE (TTM) value in the past five years, PE band is about 50x, and the valuation is at the median in recent five years.
2021 computer growth comparison
Since the beginning of 2021, the SW computer index has increased by 0.27%, and in 2020, the SW computer index has increased by 9.75% (outperforming the Shanghai and Shenzhen 300, Shanghai stock index and gem index by 17.46%, 4.12% and 51.56% respectively in the same period of 20 years). The overall performance of computers is average.
Since the beginning of the 21st century, the top 20 of the computer sector has increased. Compared with the top 20 of last year, the bottom-up choice is more important. The average decline in the first 20 years was – 42.49%, narrowed by 6.93% compared with 20 years, and the internal differentiation was equally serious.
Proportion of computer public offering positions
The proportion of public offering positions is at a historical low in recent five years. Except that the proportion of public offering positions was 2.16% in 2017, the shareholding of 1h21 public offering funds accounted for 3.48% of the market value, which is in a historically low allocation state
“Specialization and innovation” policy supports small and medium-sized innovative enterprises
“Specialized and new” refers to small and medium-sized industrial enterprises with the characteristics of “specialization, refinement, characteristics and novelty”. It was first proposed by the Ministry of industry and information technology in 2012 to encourage small and micro enterprises to develop modern service industry, strategic emerging industry, modern agriculture and cultural industry, take the road of “specialization and innovation” and coordinated development with large enterprises, and accelerate the transformation from factor driven to innovation driven.
In recent years, the state has successively issued a number of relevant policies on encouraging “specialized and special new” small and medium-sized enterprises, and successively published the list of three batches of specialized and special new “little giant” enterprises in May 2019, November 2020 and July 2021. Up to now, there are nearly 5000 “specialized and new” small giant enterprises.
During the “14th five year plan” period, the state will increase financial support for key “little giant” enterprises, arrange a total of more than 10 billion yuan of reward and subsidy funds in 21-25 years, focus on supporting more than 1000 “little giant” enterprises in three batches (each batch shall not exceed three years), and drive 10000 small and medium-sized enterprises to grow into national specialized and new “little giant” enterprises.
Automatic driving: the 100 billion level track has a wide space
China’s automatic driving market has a broad space. According to the statistics of the Ministry of public security, by September 2021, China had 297 million cars and 439 million drivers. After the epidemic, China’s passenger car demand is in a recovery trend, and the commercial vehicle market demand has slowed down since the outbreak in 2020.
According to HIS, China’s self driving vehicle will start a burst of growth around 2025. By 2035, half of road vehicles will realize automatic driving. At that time, the total revenue scale of automatic driving vehicles and related equipment and applications will exceed US $500 billion
Autopilot: sensor scheme comparison
There are two kinds of environmental sensors in automatic driving: camera and radar. Radar can be divided into three types: laser radar, millimeter wave radar and ultrasonic radar; Cameras can be divided into four types according to their installation positions: front view, side view, rear view and built-in.
The camera led scheme represented by Tesla autopilot cooperates with millimeter wave radar, ultrasonic radar and low-cost lidar; The sensing work mainly relies on 3 front cameras, 2 side front-view cameras, 2 side rear-view cameras, 1 rear-view camera, 12 ultrasonic sensors and 1 millimeter wave front radar to realize multi-sensor fusion redundancy. Representative enterprises include moblieye and Baidu Apollo Lite.
The leading scheme of lidar represented by Google waymo cooperates with millimeter wave radar, ultrasonic sensor and camera. The 4D imaging radar developed by waymo is applied to the fifth generation sensing system waymodriver released by waymo. It is equipped with self-developed lidar (1 roof + 4 front and rear vehicles), 6 self-developed millimeter wave radars, 29 self-developed cameras, microphone array, etc. Representative enterprises include Huawei, baidu Apollo, Wenyuan Zhixing, etc
Risk statement
The implementation of the policy was less than expected
The company is included in the list of entities
Industry competition intensifies
