\u3000\u30001. The mobile business has basically stabilized, the smart home and government enterprise business have developed rapidly, the structure has been continuously optimized, and the overall income has increased steadily
From the perspective of C-end, 5g users accelerated penetration, the policy of increasing speed and reducing fees was cancelled, the Dou level of mobile users steadily rebounded, and the basic disk business of the three operators tended to be stable; At the same time, with the popularity of IPTV video demand and other business forms, the value of home broadband has increased, driving the three operational smart home businesses to maintain a high-speed growth trend.
We believe that the overall cloud and intelligent transformation and upgrading of operators will help operators transform from channel to ICT comprehensive business, and the overall value chain of the industry will sink to b-end applications. The overall revenue structure of operators is expected to usher in an inflection point, and the overall revenue is expected to grow steadily. 2. Capex is controllable, the cost pressure is reduced, and the margin of free cash flow is improved. The ratio of capital expenditure to income of Chinese operators is much higher than that of overseas operators. The occupation of free cash flow makes Sinotrans Limited(601598) operators have a fault in the global industry valuation system, and promotes the recovery of valuation of Chinese operators under the steady-state trend of capital expenditure.
\u3000\u30003. Undervalued high dividends, prominent attributes of essential consumer goods, and operators become high-quality assets in volatile markets
The overall Pb and EV / EBITDA levels of Chinese operators are at the bottom of the world. With the improvement of industry operation data, the dividend payout rate of the three operators will increase steadily. Communication demand is a necessary option for the current and future information society. The attributes of necessary consumer goods are highlighted and the value of asset allocation is improved.
4. Viewpoint of communication sector
1) in 2022, we will pay close attention to the main context of digital economy, take data flow as the clue, and explore new technological innovation opportunities such as intelligent sensing, silicon optical transmission and storage to cloud native driven by new applications such as metauniverse, industrial Internet and intelligent driving. From the bottom bottom layer, we continue to focus on the bottom layer. From the bottom layer, we continue to focus on the bottom layer. From the bottom layer, from the bottom layer, we continue to focus on the Hong Kong share operators (China Mobile, Unisplendour Corporation Limited(000938) ) and other high growth sectors, as well as the improvement of fundamentals, Emerging tracks related to and derived from cloud ecology, including IDC ( Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Black Peony (Group) Co.Ltd(600510) ; related beneficiary Capitalonline Date Service Co.Ltd(300846) ), edge computing and cloud primitives (related beneficiary Qingcloud Technologies Corp(688316) ), metauniverse, etc. ( Hangzhou Anysoft Information Technology Co.Ltd(300571) ).
2) this week is a week that highlights the highlights of the week to highlight the highlights that highlight the highlights of the week that highlight the highlights of the week that focus on the undervalued stocks: 0 China Baoan Group Co.Ltd(000009) 3 \ , Zte Corporation(000063) and other companies.
5. Risk warning
5g network construction is less than expected; The development of private network applications in related industries is less than expected
