Key investment points:
Industry dynamics
International market: at & T: About US $48 billion will be invested to expand optical fiber networks and 5g wireless services; The cost of NVIDIA GPU is reduced by 8% – 12%, and the price of terminal products is expected to be reduced; It is said that Apple’s AR / VR head display has completed key production tests and is expected to appear before the end of 2022.
China market: Shanghai: by 2023, 5g individual user penetration rate will exceed 50%; The list of 44 national green data centers was released, accounting for 70% in the fields of communication and Internet China Telecom Corporation Limited(601728) : the company will explore the possibility of Tianyi cloud’s spin off and listing; Government work report: promote the electronization of ID cards.
Hardware price index
The price index of computer hardware in this period is 102.67, which is the same as that in the previous period, including the price index of notebook 104.16; Desktop price index 94.24; The tablet price index was 123.88, unchanged from the previous period.
The price index of DIY accessories in this period is 88.02, which is the same as that in the previous period, including the price index of LCD 92.64; The main board price index is 87.75; CPU price index 80.27; Hard disk price index 104.80; Memory price index 83.40; The graphics card price index was 60.73, which was flat with the previous period.
Important developments of A-share listed companies
Pci Technology Group Co.Ltd(600728) : net profit of RMB 314 million in 2021, with a year-on-year increase of 242.27% Sangfor Technologies Inc(300454) : it is planned to buy back 100 million to 200 million yuan of shares of the company by means of centralized bidding transaction Enjoyor Technology Co.Ltd(300020) : termination of non-public offering of shares.
Weekly market review and investment strategy outlook
From March 14 to March 18, the CSI 300 index fell 0.94%, the Shanghai Composite Index fell 1.77%, the Shenzhen Component Index fell 0.95%, the gem index rose 1.81%, the computer industry fell 1.55%, and the computer equipment sector fell 2.42%. In terms of individual stocks, Linewell Software Co.Ltd(603636) , Avcon Information Technology Co.Ltd(300074) , Chengdu Jafaantai Education Technology Co.Ltd(300559) led the increase Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) , Tansun Technology Co.Ltd(300872) , ST Julong led the decline. We believe that the rise of Avcon Information Technology Co.Ltd(300074) and Chengdu Jafaantai Education Technology Co.Ltd(300559) may be related to the concept of online education; The decline of Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) and Tansun Technology Co.Ltd(300872) was mainly due to the release of systemic risks.
From the perspective of PE valuation (TTM, overall method, excluding negative values), the current valuation of the computer sector is 61.53 times, which is 37.65% of the historical valuation in the past 10 years, with a slight decrease in the week on month ratio. With the recovery of market sentiment, the computer sector has rebounded slightly in the second half of this week. It is suggested to pay attention to the subdivided industries and targets with favorable policies. We are mainly optimistic about the concept of Eastern digital computing and Western computing and the concept of electronic ID card, and maintain the overweight rating of Unisplendour Corporation Limited(000938) ( Unisplendour Corporation Limited(000938) ), Digital China Information Service Company Ltd(000555) ( Digital China Information Service Company Ltd(000555) ), Beijing Vastdata Technology Co.Ltd(603138) ( Beijing Vastdata Technology Co.Ltd(603138) ) and Shenzhen Emperor Technology Company Limited(300546) ( Shenzhen Emperor Technology Company Limited(300546) ).
Risk tips
There are uncertainties in the implementation of policies, the steady growth investment is less than expected, the epidemic change is more than expected, and the geographical conflict is intensified.
