Introduction to this report:
The investment structure of operators has shifted collectively, and digital transformation has become the focus. The prosperity of digital communication optical module has warmed up significantly. The United States ruled that Zte Corporation(000063) ended the five-year compliance observation period.
Summary:
The investment structure of operators has shifted collectively, and digital transformation has become the focus. The three major operators have successively released the capital expenditure in 2022. There are three key points: first, the investment of the three operators has increased, China United Network Communications Limited(600050) capital expenditure matches the income growth, China Telecom Corporation Limited(601728) increased by 7%, and China Mobile also increased slightly; 5g investment decreased appropriately. China Telecom Corporation Limited(601728) 5g network investment reached 34 billion yuan, a year-on-year decrease of 10.5%. In the next 1-2 years, 5g construction is mainly used to improve network coverage and capacity expansion. China Mobile 5g related capital expenditure is about 110 billion yuan, a year-on-year decrease of 3.5%. The joint construction and sharing of China United Network Communications Limited(600050) and China Telecom Corporation Limited(601728) should also be a downward trend; Third, it is inclined to the construction of cloud network resources. In 2022, China Mobile invested 48 billion yuan in computing power network and implemented the national project deployment of "computing from the east to the west". The investment in China Telecom Corporation Limited(601728) industrial digitization is expected to increase by 62% year-on-year, of which IDC is expected to invest 6.5 billion yuan and computing power 14 billion yuan, and China United Network Communications Limited(600050) will moderately increase the investment in computing from the east to the West.
The prosperity of digital communication optical module has warmed up significantly. According to the supplier survey recently completed by lightcounting, the shipment volume of Q4 optical modules set a new record in 2021, with sales reaching US $2 billion in a single quarter, an overall increase of 37%, of which the sales of Ethernet and WDM optical modules increased by about 40%. According to the customs data, the data of major optical module export provinces (Sichuan and Jiangsu) increased by 20% or more year-on-year in January and February 2022. We expect it to rise quarter by quarter.
The United States ruled that Zte Corporation(000063) ended the five-year compliance observation period. Recently, the United States ruled that China Telecom Corporation Limited(601728) equipment manufacturer Zte Corporation(000063) should be allowed to end the five-year compliance observation period after its 2017 supervision. During the five years, the company's compliance work has undergone relatively qualitative changes, providing the basis for high-quality operation. At the same time, this is more positive for the market's concern about the robustness of the industrial chain.
Investment suggestions: 1): new infrastructure construction: cloud infrastructure construction has entered a new cycle. Recommend Zte Corporation(000063) , Suzhou Tfc Optical Communication Co.Ltd(300394) , Advanced Fiber Resources (Zhuhai) Ltd(300620) , Henan Shijia Photons Technology Co.Ltd(688313) , Fujian Star-Net Communication Co.Ltd(002396) and others, and benefit from Huagong Tech Company Limited(000988) , Unisplendour Corporation Limited(000938) , etc. 2) : big application singing: popular applications such as cars and smart homes are strong. The , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , etc. 3) : new energy empowerment: the new growth curve of communication enterprises under the energy revolution. Recommend Hengtong Optic-Electric Co.Ltd(600487) , Shenzhen H&T Intelligent Control Co.Ltd(002402) , Willfar Information Technology Co.Ltd(688100) , Kehua Data Co.Ltd(002335) and others, and benefit from Jiangsu Zhongtian Technology Co.Ltd(600522) , Wenzhou Yihua Connector Co.Ltd(002897) , Shenzhen Envicool Technology Co.Ltd(002837) and others.
Risk tip: the landing process of "East digital West computing" and 5g is not as expected, the development of cloud computing is not as expected, and the development of traffic business and industrial Internet application is not as expected.
