Market review: this week (3.28-4.1), the CSI 300 index rose 2.43% and the computer index rose 0.91%.
Zhou’s view: the leading cost performance is gradually emerging
(1) leading depth callback, and the valuation is at a low level
Over the past year, the high point of computer index has fallen by about 25%; The leading companies in the sector also fell significantly, such as Beijing Kingsoft Office Software Inc(688111) , Hundsun Technologies Inc(600570) , Glodon Company Limited(002410) , Yonyou Network Technology Co.Ltd(600588) and so on, with a general correction of 30% – 40%. Looking forward to 2022, the valuation of leading companies has been at the lower edge of the historical valuation range. According to wind’s unanimous expectation, the valuation of Glodon Company Limited(002410) year in 2022 will be 64 times, Hundsun Technologies Inc(600570) valuation will be 35 times (deducting about 51 times of non net profit), Beijing Kingsoft Office Software Inc(688111) valuation will be 60 times, and the valuation cost performance of leading companies will gradually improve.
(2) the growth rate of leading enterprises is generally fast and the growth is good
According to the annual report data of 2021, the growth rates of Glodon Company Limited(002410) revenue and non profit deduction of the informatization leader in the construction industry were 40.92% and 115.93% respectively, the growth rates of Beijing Kingsoft Office Software Inc(688111) revenue and non profit deduction of the office software leader were 45.07% and 37.32% respectively, and the growth rates of Hundsun Technologies Inc(600570) revenue and non profit deduction of the financial it leader were 31.73% and 39.03% respectively. The growth rates of revenue and profit were higher than the overall growth rate of the computer sector. Looking forward to 2022, with the continuous promotion of beneficiary policies, it is expected that leading enterprises such as cloud computing, industry information innovation and industrial Internet are still expected to maintain rapid growth.
(3) the warm wind of digital economy blows frequently, and the faucet is expected to continue to benefit
The national level attaches great importance to the development prospect of digital economy, “digital economy” has been written into the government work report for many times. Previously, the national development and Reform Commission and other departments jointly issued documents to officially launch the “East West computing” project. The implementation of the “East West computing” project will accelerate the construction of computing power, improve the digital economy infrastructure, effectively stimulate the innovation vitality of data elements and accelerate the process of digital industrialization and industrial digitization. The digital economy policy is expected to accelerate the development of cloud computing, industrial Internet, industry information innovation and other subdivided fields, and the sector leaders are expected to benefit.
Investment advice
(1) an industry driven by an industry letter: an industry driven by a creative industry: an industry of industry ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ”industry’ ” ” ” ” ” ” ”industry’ ” ” ” ”s faith: a recommendation to recommend ‘ Dawning Information Industry Co.Ltd(603019) 019′ ” ”’s recommendation for a recommendation for a ‘ Dawning Information Industry Co.Ltd(603019) 0199 \ etc.
(2) financial it: recommend Northking Information Technology Co.Ltd(002987) , Hundsun Technologies Inc(600570) , Fujian Apex Software Co.Ltd(603383) , Shenzhen Fortune Trend Technology Co.Ltd(688318) , Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) , Tansun Technology Co.Ltd(300872) , etc.
(3) industrial Internet: the Internet of the industry: the Internet of the industry: the Internet of the industry: the Internet of the industry: the recommendation: the recommendation: the recommendation of the ‘ Beijing United Information Technology Co.Ltd(603613) , Guangzhou Sie Consulting Co.Ltd(300687) , Shenzhen Huaqiang Industry Co.Ltd(000062) , Longshine Technology Group Co.Ltd(300682) , etc.
(4) intelligent Internet connected vehicles: recommend Thunder Software Technology Co.Ltd(300496) , Autel Intelligent Technology Corp.Ltd(688208) , Beijing Tricolor Technology Co.Ltd(603516) , China Transinfo Technology Co.Ltd(002373) , and benefit targets include Huizhou Desay Sv Automotive Co.Ltd(002920) , Vanjee Technology Co.Ltd(300552) , etc.
(5) energy it: recommend Longshine Technology Group Co.Ltd(300682) , Jiangsu Yunyong Electronics And Technology Co.Ltd(688060) , Runa Smart Equipment Co.Ltd(301129) , and benefit targets include Ygsoft Inc(002063) , Dongfang Electronics Co.Ltd(000682) , Beijing Forever Technology Co.Ltd(300365) , Huizhong Instrumentation Co.Ltd(300371) , etc.
(6) military metauniverse: recommended Piesat Information Technology Co.Ltd(688066) , Geovis Technology Co.Ltd(688568) , Beijing Tricolor Technology Co.Ltd(603516) , Beijing Supermap Software Co.Ltd(300036) .
Risk warning: policy promotion is not as expected; It investment is less than expected; Industry competition intensifies
