\u3000\u30001. The three operators focus on the power computing network and increase the capex on the fixed network side in 2022
In the 2g-3g-4g period, the value of the three operators was gradually compressed due to channelization, but facing the 5g outlet, with the help of the advantages of cloud network integration, the three operators are vigorously deploying computing networks.
From the capital expenditure and planning of the three operators in recent years, the three operators gradually increased their capital expenditure in the field of industrial digitization from 2021 to 2022.
We believe that the overall cloud and intelligent transformation and upgrading of operators will help operators transform from channels to ICT integrated services, sink the overall value chain of the industry to b-end applications, and the overall income structure of operators is expected to usher in an inflection point.
\u3000\u30002. Actively promote the “counting from the east to the west” and accelerate the layout and cloud network integration with the help of the advantages of the data center
“Computing from the east to the west” is a new computing power network system integrating data center, cloud computing and big data, which orderly guides the computing power needs of the east to the west, optimizes the construction layout of the data center, and promotes the collaborative linkage between the East and the West.
The three operators mainly focus on Beijing Tianjin Hebei, Yangtze River Delta, Guangdong Hong Kong Macao Bay area, Chengdu and Chongqing, as well as Guizhou, Inner Mongolia, Gansu, Ningxia and other places to layout and build national hub nodes of the national integrated computing network, develop data center clusters, and guide the intensive, large-scale and green development of data centers.
\u3000\u30003. Digital economy promotes the second growth curve of the three operators. Once again, it is emphasized that operators underestimate the value and pay high dividends, highlighting the attributes of essential consumer goods, which has become a high-quality asset in the volatile market. Driven by the Internet of things, 5g industrial Internet and other technologies, the relevant business income of the three operators has accelerated in recent years, and smart home (Internet of things), government and enterprise (Industrial digitization) and other businesses are gradually becoming the main source of revenue growth. The overall cloud and intelligent transformation and upgrading of operators will help operators transform from channels to ICT integrated services, 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.
We believe that communication demand is a necessary option for the current and future information society, highlighting the attributes of essential consumer goods and improving the value of asset allocation. At the same time, in the process of digital economy transformation, it is expected to make use of the advantages of cloud network integration, increase the network layout of computing power and enhance the value of its own platform.
4. Viewpoint of communication sector
At present, the valuation of the communication sector has fallen to a historical low, the growth is determined, and the sector has entered the value buying range. This week’s recommendations:
1. For low value and high dividend, telecom operators (a + H) with strong consumption attribute must be selected: China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) .
2. Main equipment, IDC and optical module sectors with the same growth of underestimated value: Unisplendour Corporation Limited(000938) , Zte Corporation(000063) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Eoptolink Technology Inc.Ltd(300502) , Accelink Technologies Co.Ltd(002281) , Zhongji Innolight Co.Ltd(300308) , etc.
3. High growth energy informatization sector: Longshine Technology Group Co.Ltd(300682) , Willfar Information Technology Co.Ltd(688100) etc.
4. Other stocks: Guangzhou Haige Communications Group Incorporated Company(002465) (Beidou 3 penetration rate increased), Tcl Technology Group Corporation(000100) (panel price bottomed out), Tianjin 712 Communication & Broadcasting Co.Ltd(603712) (military informatization), Goldcard Smart Group Co.Ltd(300349) , etc. In 2022, we will focus on the opportunities of silicon sensor and intelligent data transmission, and tap the new context of digital data transmission and intelligent data transmission in 2022.
5. Risk warning
5g network construction is less than expected; The development of private network applications in related industries is less than expected.
