Industry core view:
Last week, the CSI 300 index fell 4.22%, the Shenwan computer industry fell 3.71%, outperforming the index by 0.51pct, ranking 8th in the Shenwan level industry. We believe that the medium and long-term positive trend of the market remains unchanged. We recommend investors to pay attention to high-quality targets with strong performance certainty, and recommend high-profile segments such as industrial Internet, industrial software, information innovation, intelligent driving and network security.
Key investment points:
The Ministry of industry and information technology issued the guidelines for the construction of Internet of vehicles network security and data security standard system: intelligent Internet connected vehicles will produce Beijing Vastdata Technology Co.Ltd(603138) , and there are great network security and data security risks in the cloud, vehicle and road ends. Therefore, while vigorously developing the Internet of vehicles, the security problem can not be ignored. The Ministry of industry and information technology proposes to build a standard system for Internet of vehicles network security and data security, which is expected to accelerate the implementation of Internet of vehicles security, and open a new incremental space for the network security industry. The downstream customers of network security are expected to extend from the pan government field to the broader emerging security fields such as Internet of vehicles and Internet of things.
Premier Li Keqiang said that the whole country will realize the electronization of ID card this year: electronic ID card is a necessary component for government organs to deeply promote networked service and an important link in the construction of digital government. This time, Premier Li Keqiang reiterated that “the whole country will realize the electronization of ID card this year” and defined a timetable for the implementation of electronic ID card. It is expected that the industry related to electronic identity is expected to usher in an explosive growth in demand, and the demand for information security protection related to electronic identity cards will also increase.
The valuation of the industry is lower than the historical center, and the attention of the industry has increased: the average trading volume last Sunday was 66.788 billion yuan, and the trading activity increased slightly. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 38.77 times, 50.61 times lower than the historical average since 2016, and the industry valuation is lower than the historical central level.
Last week, the performance of the computer sector was relatively concentrated: 53 stocks rose, 245 stocks fell, and 2 stocks were flat. The number of rising stocks accounted for 17.67%.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. Investors are advised to pay attention to high-quality targets with strong performance certainty under the high-profile sector. From the market and valuation of 2021q1-q4, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q4, the configuration of the computer industry is still low. From the performance of 2021q1-q3, artificial intelligence, information innovation, construction informatization, cloud computing and other fields perform well. It is suggested to focus on the changes of company orders and capital expenditure in relevant fields. We mainly recommend the fields of industrial Internet, industrial software, information innovation, intelligent driving and network security.
Risk factors: global geopolitical risk, technology promotion fails to meet expectations, and Industry IT capital expenditure is lower than expected.
