In March, the computer industry continued to callback. As of the end of March, the computer industry index fell 13.49%, the Shanghai Composite Index fell 7.46%, the Shanghai and Shenzhen 300 fell 9.77%, and the gem index fell 10.02%; Since the beginning of 2022, the computer industry has fallen 18.75%, the Shanghai Composite Index has fallen 11.97%, the Shanghai and Shenzhen 300 has fallen 16.32%, and the gem index has fallen 21.97%.
By the end of March 2022, 85 companies in the computer industry had disclosed performance express, 165 companies had disclosed performance forecast, and 216 companies had disclosed performance express or performance forecast, accounting for 71% of the total number of Companies in the industry, which has sample statistical significance. If the performance express is not released, if the median growth rate of net profit is calculated according to the performance forecast, it has been disclosed that the overall performance of the industry in 2021 decreased by 16.57% year-on-year (excluding outliers). Among them, there are 30 companies with a growth rate of more than 100%, accounting for 13.9%, 25 companies with a growth rate of 50% ~ 100%, accounting for 11.6%, 12 companies with a growth rate of 30% ~ 50%, accounting for 5.5%, 42 companies with a growth rate of 0 ~ 30%, accounting for 19.4%, and 107 companies with a negative growth, accounting for 49.5%.
At present, the overall valuation level (PE, TTM, excluding negative value) of the computer industry is 42.41 times, which is lower than the historical average level of the industry in recent ten years. In the short term, the industry needs to continue to digest the performance disturbance factors of 2022q1, but the annual allocation value is becoming more and more clear.
On March 31, the people’s Bank of China held a symposium on the pilot work of digital RMB research and development, which called for steadily promoting the pilot work of digital RMB research and development in accordance with the deployment of the 14th five year plan, orderly expanding the pilot scope, and adding six cities hosting the Asian Games in Tianjin, Chongqing, Guangzhou, Fujian, Fuzhou, Xiamen and Zhejiang as pilot areas, Beijing and Zhangjiakou, Hebei Province will be turned into pilot areas after the pilot of 2022 Beijing Winter Olympic Games and winter Paralympic Games. This is the third round of capacity expansion of the digital RMB pilot. Previously, the people’s Bank of China carried out the digital RMB pilot in “10 + 1” pilot areas and scenarios in two batches to welcome industrial opportunities upstream and downstream of the digital currency industrial chain.
Investment advice
We suggest to grasp the main line of digital economy investment. In the near future, we suggest to focus on the following main lines: 1. Individual stocks of digital currency related industrial chain; 2. The valuation of leading companies upstream and downstream of cloud computing track continues to decline, and the configuration value of leading companies with low peg is prominent; 3. Medium and long term layout of energy it; 4. “Pan security” includes high-quality leading companies of Xinchuang, network security and industrial software.
Focusing on the recommendation of Hundsun Technologies Inc(600570) ; ( State Grid Information&Communication Co.Ltd(600131) . SH), Yonyou Network Technology Co.Ltd(600588) ( Yonyou Network Technology Co.Ltd(600588) . SH), Zhejiang Supcon Technology Co.Ltd(688777) ( Zhejiang Supcon Technology Co.Ltd(688777) . SH), Shanghai Friendess Electronic Technology Corporation Limited(688188) ( Shanghai Friendess Electronic Technology Corporation Limited(688188) . SH), Willfar Information Technology Co.Ltd(688100) ( Willfar Information Technology Co.Ltd(688100) . SH), Sangfor Technologies Inc(300454) ( Sangfor Technologies Inc(300454) . SZ) Dbappsecurity Co.Ltd(688023) Dbappsecurity Co.Ltd(688023) .SH）、 Runa Smart Equipment Co.Ltd(301129) Runa Smart Equipment Co.Ltd(301129) .SZ）、3 Luolai Lifestyle Technology Co.Ltd(002293) 00229.SZ）、 Shanghai Baosight Software Co.Ltd(600845) Shanghai Baosight Software Co.Ltd(600845) .SH）、 Beijing Kingsoft Office Software Inc(688111) Beijing Kingsoft Office Software Inc(688111) .SH）、 Glodon Company Limited(002410) Glodon Company Limited(002410) .SZ）、 Zwsoft Co.Ltd(Guangzhou)(688083) Zwsoft Co.Ltd(Guangzhou)(688083) .SH）、 Shenzhen Fortune Trend Technology Co.Ltd(688318) Shenzhen Fortune Trend Technology Co.Ltd(688318) .SH）。
Risk tips
Risks of intensified industry competition; The risk of Sino US friction; Supply chain risk affected by epidemic
