Industry core view:
Last week, the CSI 300 index fell by 1.06%, and the Shenwan computer industry fell by 4.49%, lagging behind the index by 3.43 PCT, ranking 28th in the Shenwan level industry. We believe that the medium and long-term positive trend of the market remains unchanged. We recommend investors to pay attention to high-quality targets with strong performance certainty, and recommend high-profile segments such as industrial Internet, industrial software, information innovation, intelligent driving and network security.
Key investment points:
China Electronics plans to invest 5 billion yuan to establish China Telecom Innovation: the PKS ecosystem created by China Electronics Group is an important ecosystem of China’s information innovation industry. Its China Greatwall Technology Group Co.Ltd(000066) , China National Software And Service Company Limited(600536) , Qi An Xin Technology Group Inc(688561) and other companies have formed a whole industry chain of autonomous and controllable computers from chip to complete machine to software to security. At present, information innovation in finance, telecommunications and other industries is accelerating. China Electronics initiated the establishment of an entity focusing on information innovation business, which will help to further improve its information innovation ecology, grasp the opportunities of industry information innovation, and improve the share of PKS ecology in the domestic basic software and hardware market.
Amd announced a $1.9 billion acquisition of pensando to expand its data center solutions: in the era of digitization and intelligence, the importance of computing power is becoming increasingly prominent, and the demand for data centers in various industries continues to grow. AMD’s acquisition of pensando enables it to smoothly enter the field of DPU chips and meet the explosive demand for computing power in the data center. DPU chip is suitable for data centers and other scenarios with a large number of servers and strict requirements for data transmission rate. It is expected that with the continuous growth of the global server market and the initial implementation of downstream applications such as intelligent driving and edge computing, the global DPU
The scale of the industry market will grow gradually.
The valuation of the industry was lower than the historical center, and the attention of the industry decreased: the average trading volume last Sunday was 45.383 billion yuan, and the trading activity decreased. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 35.75 times, 50.49 times lower than the historical average since 2016, and the industry valuation is lower than the historical central level.
Last week, the performance of the computer sector was concentrated: among the 300 stocks, 24 stocks rose, 274 stocks fell, and 2 stocks were flat. The number of rising stocks accounted for 8%.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. Investors are advised to pay attention to high-quality targets with strong performance certainty under the high-profile sector. From the market and valuation of 2021q1-q4, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q4, the configuration of the computer industry is still low. It is suggested to focus on the changes of company orders and capital expenditure in relevant fields. We mainly recommend the fields of industrial Internet, industrial software, information innovation, intelligent driving and network security.
Risk factors: global geopolitical risk, technology promotion fails to meet expectations, and Industry IT capital expenditure is lower than expected.
