Market review: this week (2021.12.27-2021.12.31), the CSI 300 index rose 0.39% and the computer index rose 1.67%.
Zhou viewpoint: pay attention to the bank it and medical it sectors with undervalued value
(1) In the past two months, the activity of the computer sector has increased significantly
As of December 31, 2021, the cumulative rise and fall of computer index in 2021 is 1.37%, ranking 20th among all primary industry sectors, with relatively flat performance. However, since November 1, the computer index has rebounded by 9.36%, the trading volume has increased significantly, and the activity of the sector has a gradual upward trend. In particular, the growth of some targets with relatively small market value and low valuation and policy / theme catalysis is particularly obvious.
(2) At the current time point, bank it and medical it sectors with high growth of undervalued value are recommended
At the current time point, the plate agglomeration effect of A-Shares has loosened to a certain extent, and the activity of the computer plate has increased significantly. From the three dimensions of valuation, prosperity and historical elasticity, focus on the opportunities of bank it and medical it sectors.
Bank it: in 2020, the investment in financial technology of the four major state-owned banks of industry, agriculture, China Construction Bank and China Construction Bank was 23.819 billion yuan, 22.109 billion yuan, 18.3 billion yuan and 16.707 billion yuan respectively, with a year-on-year growth rate of 45.5%, 25.4%, 43.1% and 43.4% respectively. The investment in financial technology of major banks in various countries continued to increase, with an overall growth rate of more than 30%. In contrast, the revenue growth of bank IT companies such as Tansun Technology Co.Ltd(300872) , Global Infotech Co.Ltd(300465) , Northking Information Technology Co.Ltd(002987) in the first three quarters was more than 30%. Looking forward to 2022, the financial IT sector is still expected to maintain a high boom. From the perspective of valuation, the corresponding valuation of it objects of most banks in 2022 is only more than 20 times, and in the history of high activity in the computer sector, bank it usually shows good valuation elasticity.
Medical it: hospital end medical it continues to invest, and new demands for public health, medical insurance and internet medical care continue to be released. In particular, in December, the National Medical Insurance Bureau officially issued the notice on printing and distributing the three-year action plan for DRG / Dip payment method reform, which further promoted the increase of hospital IT construction investment. From the perspective of valuation, the current valuation of B-Soft Co.Ltd(300451) and Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) corresponding to 2022 is less than 30 times, and the valuation of Winning Health Technology Group Co.Ltd(300253) is also at a historically low position.
Investment suggestions:
(1) Bank it: the beneficiary objects include Northking Information Technology Co.Ltd(002987) , Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) , Tansun Technology Co.Ltd(300872) .
(2) Medical it: focus on B-Soft Co.Ltd(300451) , Winning Health Technology Group Co.Ltd(300253) , Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) , and benefit targets include China Reform Health Management And Services Group Co.Ltd(000503) .
(3) Energy it: focus on Longshine Technology Group Co.Ltd(300682) , Jiangsu Yunyong Electronics And Technology Co.Ltd(688060) , Runa Smart Equipment Co.Ltd(301129) , and other beneficial targets include Ygsoft Inc(002063) , Dongfang Electronics Co.Ltd(000682) , Beijing Forever Technology Co.Ltd(300365) , Huizhong Instrumentation Co.Ltd(300371) .
(4) Military metauniverse: recommend Piesat Information Technology Co.Ltd(688066) , Geovis Technology Co.Ltd(688568) , Beijing Tricolor Technology Co.Ltd(603516) , Beijing Supermap Software Co.Ltd(300036) , and benefit targets include Wuhan Xingtu Xinke Electronics Co.Ltd(688081) .
(5) Intelligent networked vehicles: recommended Thunder Software Technology Co.Ltd(300496) , Autel Intelligent Technology Corp.Ltd(688208) , Beijing Tricolor Technology Co.Ltd(603516) , China Transinfo Technology Co.Ltd(002373) ; The beneficiary objects include Huizhou Desay Sv Automotive Co.Ltd(002920) , Vanjee Technology Co.Ltd(300552) , etc.
(6) Network security: continue to recommend 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) and so on; Other beneficial objects include Topsec Technologies Group Inc(002212) , Westone Information Industry Inc(002268) .
Risk tip: it expenditure of upstream industry is lower than expected; The epidemic situation affects the annual performance; Brain drain risk.
