[Zhou’s investment view]:
(1) according to the incomplete statistics of Polaris wind power generation network, during the “14th five year plan” period, the planned total installed capacity of offshore wind power in China will exceed 100gw, exceeding the previous market expectations. The long-term development space of Haifeng track is broad. As the core link of Haifeng industrial chain, submarine cable has the characteristics of high competition barriers and stable competition pattern. The demand for high-voltage submarine cable by far-reaching offshore development is increasing, Bring new opportunities of “simultaneous rise in volume and price” to the submarine cable industry, and the leader is expected to benefit from the core. It is recommended that [ Jiangsu Zhongtian Technology Co.Ltd(600522) ]; Focus on [ Ningbo Orient Wires & Cables Co.Ltd(603606) ], [ Hengtong Optic-Electric Co.Ltd(600487) ], etc;
(2) the state attaches importance to the development of digital economy. The industrial Internet has been written into the government work report for five times. This year, the first mention of “accelerating” the development of industrial Internet reflects the dual carbon era. The development of industrial Internet / intelligent manufacturing is imminent. It is a key technology for the digital intelligent transformation of traditional enterprises, and attaches importance to the development opportunities of industrial Internet / intelligent manufacturing;
(3) according to the financial report of operators in January, the number of 5g users in China reached 758 million, and the foundation for 5g application development has been gradually consolidated. The Internet of things and intelligent networked vehicles are the application direction we are optimistic about for a long time, focusing on investment opportunities in industries such as controllers, optical lenses, lidar, connectors and modules;
(4) the capital expenditure of Baidu and Alibaba in 2021q4 increased significantly year-on-year. Baidu’s capital expenditure reached 4.237 billion yuan, a significant year-on-year increase of 94.54%, a month on month increase of 59.05%, and Alibaba’s capital expenditure reached 9.253 billion yuan, a year-on-year increase of 90.04%; Combined with aspeed’s data from January to February 2022, the year-on-year growth rates from January to February 2022 were 61.46% and 32.53% respectively; As well as the five major cloud giants in North America, Q4 capital expenditure generally achieved rapid growth in 2021. We are optimistic about the overall expectation of 2022. We judge that the cloud industry chain is expected to recover gradually, and suggest focusing on investment opportunities in network equipment, optical devices, it equipment, temperature control and energy storage.
[Industrial Dynamics & investment perspective]:
[offshore wind power] the National Offshore Wind planning is expected to exceed 100gw, and attention is paid to the investment opportunities of leading enterprises in the submarine cable industry. According to the incomplete statistics of Polaris wind power generation network, during the 14th Five Year Plan period, the total installed capacity of offshore wind power in China exceeded 100gw, and offshore wind power planning and support policies have been issued in coastal areas across the country. At the same time, with the gradual reduction of offshore wind turbine prices and construction costs, China’s offshore wind power is expected to usher in explosive development during the 14th Five Year Plan period, As an important part of Haifeng industrial chain, submarine cable has large market space, strong development certainty, high industrial barriers, obvious first mover advantages and stable competition pattern. It attaches importance to the investment opportunities of leading enterprises. Key recommendations: [ Jiangsu Zhongtian Technology Co.Ltd(600522) ]; Key concerns: [ Ningbo Orient Wires & Cables Co.Ltd(603606) ], [ Hengtong Optic-Electric Co.Ltd(600487) ], etc.
[Internet of things] many modules have released new products / passed certification, and the Internet of things industry is expected to accelerate its development Meig Smart Technology Co.Ltd(002881) release cat 1. The modules slm323 and slm332 are equipped with Ziguang zhanrui LTE chip v8850, which can meet the needs of customers for scheme replacement and small-size products. The module products can be applied to a variety of scenarios such as industrial meters, shared equipment and security monitoring, and help accelerate the commercialization of partner products in the field of low power consumption of the Internet of things Quectel Wireless Solutions Co.Ltd(603236) lte-a vehicle specification module ag525r-gl has obtained a number of global certifications. Based on Qualcomm sa415m chip, its safety and accuracy have been further improved, and has rich mass production experience, which will accelerate the landing and commercial use of Quectel Wireless Solutions Co.Ltd(603236) vehicle specification module overseas, and continuously enable the development of the Internet of vehicles industry. Key recommendations: [ Fibocom Wireless Inc(300638) ] (vehicle module leader), [ Meig Smart Technology Co.Ltd(002881) ] (vehicle module cutting-edge enterprise), [ Queclink Wireless Solutions Co.Ltd(300590) ] (vehicle terminal leader in the intelligent era of electric two wheeled vehicles), [ Quectel Wireless Solutions Co.Ltd(603236) ] (vehicle module leader), etc.
[industrial Internet / intelligent manufacturing] the white paper “5g TSN practice and prospect for industrial Internet” was released, and the digital transformation increased the demand for industrial Internet. During the world mobile communication conference in Barcelona in 2022, Zte Corporation(000063) and China Mobile Research Institute jointly released the white paper “5gtsn practice and prospect for industrial Internet”, which further promoted the deep integration of industrial Internet and industry. With the gradual improvement of China’s industrial manufacturing level, intelligent and digital transformation has become a necessary option for enterprises to move towards high-quality development. Multiple sub tracks such as industrial software, industrial Internet platform and intelligent manufacturing solutions are expected to continue to benefit; On the other hand, the core competitiveness of China’s industrial Internet platform has been continuously enhanced, and the combination with traditional manufacturing industry has further released China’s productivity. In the future, China’s industrial Internet platform is expected to usher in an inflection point of rapid development. Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Zhejiang Supcon Technology Co.Ltd(688777) ], [ Beijing Kingsoft Office Software Inc(688111) ], [ Nancal Technology Co.Ltd(603859) ], [ Guangzhou Sie Consulting Co.Ltd(300687) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], etc.
[sector trend]: this week (3.7-3.11), in the Shenwan industry, the communication (Shenwan) index fell by 3.60%, ranking first in the TMT sector, with a dynamic P / E ratio of 37.41 and second in the TMT sector. In terms of net inflow of land stock connect, the top five inflows include Jiangsu Zhongtian Technology Co.Ltd(600522) (2017 million shares), Sumavision Technologies Co.Ltd(300079) (444 million shares), Jiangsu Shagang Co.Ltd(002075) (3.88 million shares), Addsino Co.Ltd(000547) (3.79 million shares), Guomai Technologies Inc(002093) (3.23 million shares); In terms of net outflow of LST, the top five outflows include China United Network Communications Limited(600050) (- 3156000 shares), Wangsu Science & Technology Co.Ltd(300017) (- 15310000 shares), Foxconn Industrial Internet Co.Ltd(601138) (- 14960000 shares), Ningbo Joyson Electronic Corp(600699) (- 11440000 shares), and Beijing Sinnet Technology Co.Ltd(300383) (- 6200000 shares).
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[key company] the industrial Internet / intelligent manufacturing of [key company] the industrial Internet of the [key company] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) \ , Unisplendour Corporation Limited(000938) etc.); New energy & Intelligent networked vehicle The lens of Optics: the Shun optics, Hongda Xingye Co.Ltd(002002) 036′ ; lidar: torch technology; Advanced Fiber Resources (Zhuhai) Ltd(300620) , Optowide Technologies Co.Ltd(688195) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; on board module / module: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) , Queclink Wireless Solutions Co.Ltd(300590) etc; Connectors: Electric Connector Technology Co.Ltd(300679) etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); “New energy +” (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) etc.); cloud computing (IDC: (IDC: ‘s Shanghai Baosight Software Co.Ltd(600845) Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Accelink Technologies Co.Ltd(002281) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; SaaS: Beijing Kingsoft Office Software Inc(688111) , BiliBili, Bili, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Yealink Network Technology Co.Ltd(300628) , sound network Bizconf Telecom Co.Ltd(300578) , Montnets Cloud Technology Group Co.Ltd(002123) etc.); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) etc.); Operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) etc.).
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction, covid-19 epidemic spread.
