Important industry trends this week:
The three operators have achieved remarkable results in high-quality development in the past 21 years, and the penetration rate of 5g package users is expected to continue to increase
In 2021, China Unicom, China Telecom and China Mobile achieved revenue of 327854 billion yuan, 434159 billion yuan and 848258 billion yuan respectively, with a year-on-year increase of 7.9%, 11.3% and 10.4%. The net profit increased by 15.0%, 24.4% and 7.7% respectively, reaching 14.4 billion yuan, 25.952 billion yuan and 116.1 billion yuan. The total net profit of the three companies exceeded 150 billion yuan, with remarkable results in high-quality development.
By the end of the 21st century, the number of mobile 5g package users had reached 387 million, with a cumulative net increase of 222 million throughout the year. The scale remained the industry leader, with a penetration rate of 40.4%. The number of Telecom 5g package users reached 188 million, with a cumulative net increase of 101 million throughout the year, and the penetration rate reached 50.4%, keeping the industry leading. China Unicom has 155 million 5g package users, with a cumulative net increase of 84.1 million throughout the year, with a penetration rate of 48.9%.
The two major data centers started to speed up the construction of Chongqing cluster of “counting from the east to the west”
Since the official launch of the “counting from the east to the west” project, Chongqing has accelerated the deployment of the computing power center and built a national hub node of the national integrated computing power network. The planned computing power of the whole city exceeds 1200p, and a number of data center projects have been implemented and started.
Investment view this week:
In the short term, focus on the subject of high growth & low value & policy benefits (digital economy, East West calculation, etc.) in the first quarter report. Looking forward to the whole year, focus on the high boom track and the low / undervalued value + reversal logic target. Focus on: communication + energy storage / new energy, Internet of things / Internet of vehicles, cloud computing and other subdivided fields. In the medium and long term, we will continue to pay attention to high boom segments with strong performance certainty. Attention: optical fiber cable / submarine cable, Gigabit broadband, Internet of things / smart car, military communication, video conference, IDC, operators, etc
I. 5g network:
1. Main equipment supplier: key recommendation: Zte Corporation(000063) ;
2. Optical fiber and optical cable: key recommendations: Jiangsu Zhongtian Technology Co.Ltd(600522) (the ocean and new energy sectors have full potential, and the business cycle of optical fiber and optical cable starts), Hengtong Optic-Electric Co.Ltd(600487) (dual drive of ocean and optical fiber and optical cable). It is suggested to pay attention to: Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) (the volume and price of optical fiber and optical cable rise at the same time), Jiangsu Etern Company Limited(600105) (recovery of optical communication and incremental space of automobile harness);
3. Light module & light device: light module & light device: 3 Zuming Bean Products Co.Ltd(003030) 30 \ ;
II. 5g application end (Automotive intelligence, etc.):
1. Internet of things / networking of vehicles: what’s to be: to highlight: what’s to recommend to highlight: Skyworth Digital Co.Ltd(000810) , Shenzhen Neoway Technology Co.Ltd(688159) , Cubic Sensor And Instrument Co.Ltd(688665) (mechanical combined coverage); It is suggested to pay attention to: Huagong Tech Company Limited(000988) (on-board sensing capacity), Beijing Inhand Networks Technology Co.Ltd(688080) , Wenzhou Yihua Connector Co.Ltd(002897) (vehicle connector + photovoltaic), Dongguan Dingtong Precision Metal Co.Ltd(688668) , Suzhou Recodeal Interconnect System Co.Ltd(688800) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) ;
2. Online office / video conference: key recommendation: Yealink Network Technology Co.Ltd(300628) (UC terminal solution leader, continuous improvement of product matrix); It is suggested to pay attention to: Fujian Star-Net Communication Co.Ltd(002396) (cloud office / cloud desktop, video conference), Montnets Cloud Technology Group Co.Ltd(002123) (rich media SMS leader), Bizconf Telecom Co.Ltd(300578) (video conference software and hardware layout), etc;
3. Operators (undervalued, high dividend): China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) ;
III. communication + energy:
1. Sea breeze submarine cable: Jiangsu Zhongtian Technology Co.Ltd(600522) (the ocean and new energy sectors have full potential, and the business cycle of optical fiber and cable has started), Hengtong Optic-Electric Co.Ltd(600487) (sea breeze + optical fiber and cable dual drive);
2. IDC: a key recommendation from IDC: a key recommendation from the IDC: to focus on: Hongda Xingye Co.Ltd(002002) 335 etc;
IV. military communication & Beidou: communication is a serious weakness in the field of national defense informatization, and the penetration rate of ultrashort wave and area width can be improved. It is suggested to pay attention to: Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , Shanghai Huace Navigation Technology Ltd(300627) ;
V. digital RMB: with the continuous promotion of digital RMB, large-scale application can be expected in the future. It is suggested to pay attention to: Chutian Dragon Co.Ltd(003040) , Eastcompeace Technology Co.Ltd(002017) etc.
Risk warning: the impact of the epidemic, the progress of 5g industry and commerce are lower than expected, the speed of downstream application recommendation is lower than expected, and the risk of trade war is uncertain.
