Recently, the opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market (hereinafter referred to as the “opinions”) was released, which quickly became the strongest concept of this week’s A-share market. Concept stocks in various segments strengthened one after another, and many stocks pulled the daily limit. Some analysts pointed out that the opinions is a comprehensive and programmatic document on promoting the construction of the national unified market, which systematically plans and deploys the construction of the national unified market. It is expected that relevant supporting measures will be introduced in all links of production, distribution, circulation and consumption involved in the opinions in the future to promote the implementation and implementation of the construction of a national unified market. At the same time, accelerating the construction of a national unified market will have a far-reaching impact on many industries. It is suggested that investors should pay attention to the express logistics and commercial trade benefiting from the accelerated construction of circulation network, as well as the big data benefiting from the infrastructure construction of interconnected data and information flow.
big data market has considerable incremental space
Since it is the construction of a national unified big market, big data should go first, because without data and information as the basis, it is impossible to take charge of the overall situation. In fact, the “14th five year plan” for the development of digital economy was issued, which raised the development of digital economy to the national strategic level. The plan clearly proposed that by 2025, the added value of core industries of digital economy will account for 10% of GDP. As the underlying computing support, the server will usher in demand explosion under the policy guarantee. Wu Yanjing, an analyst at Galaxy Securities, pointed out that the capital expenditure of Alibaba and Baidu increased by 90.94% and 94.54% year-on-year respectively in the fourth quarter of 2021. Tencent’s capital expenditure in the fourth quarter of 2021 returned to positive after negative growth for two consecutive quarters, with a year-on-year growth rate of 20.73%. We believe that with the reversal of the bottom of the upstream supply side and the expected optimization of downstream capital expenditure, the cloud infrastructure represented by servers will usher in a cycle inflection point in 2022.
From the perspective of industrial development, the development of digital economy needs to consolidate the foundation of computing power, and the server is the main bearing terminal of computing power at the social level Dongxing Securities Corporation Limited(601198) analyst sun Yeliang pointed out that according to IDC report, China generated data of about 7.6 ZBS in 2018, which will increase to 48.6 ZBS in 2025. The huge data growth puts forward higher demand for infrastructure such as computing power. As the main supply force of social centralized computing power, the improvement of the amount of data in the whole society and the development of digital economy are bound to bring a significant increase in the demand for server-side, and the incremental space of server-side will still be considerable in the future.
Domestic server manufacturers have successively won the bid for the centralized purchase of large amount servers by the three major operators, indicating that the industry has accelerated the start-up. LV Wei, an analyst at Minsheng securities, suggested that investors focus on Talkweb Information System Co.Ltd(002261) , Digital China Group Co.Ltd(000034) , which were shortlisted and won the bid by the three operators, as well as the core partners of Huawei Kunpeng industrial chain basic software Beijing Vastdata Technology Co.Ltd(603138) , Beijing Tongtech Co.Ltd(300379) , Beijing Supermap Software Co.Ltd(300036) , etc.
potential stock selection
\u3000\u3000 Inspur Electronic Information Industry Co.Ltd(000977) Inspur Electronic Information Industry Co.Ltd(000977)
The company’s servers ranked second in the world in 2021 and continued to lead the Chinese market with a market share of more than 30%. In the first half of 2021, the market share of Inspur Electronic Information Industry Co.Ltd(000977) the AI server products ranked first in the world, with a market share of more than 20%; Inspur storage ranked among the top five in the world in terms of sales volume in 2021 and ranked second in the world’s second-largest storage market. Capital Securities pointed out that at the Inspur Electronic Information Industry Co.Ltd(000977) ecological Partner Conference ipf2022, the company released the industry’s first meta universe server metaengine, China’s first intelligent accelerator f26a supporting CXL high-speed bus, a new generation SSD high-speed storage medium and other new products, and continued to innovate intelligent computing technology. The company has mastered the core technology of high-end servers and is leading the industry in artificial intelligence and other fields. Its business is expected to benefit from the rapid development of digital economy and computing infrastructure.
\u3000\u3000 Dawning Information Industry Co.Ltd(603019) Dawning Information Industry Co.Ltd(603019)
The company has deep technology accumulation and leading market share in high-end computing, storage, security, data center and other fields, gives full play to the advantages of high-end computing, arranges technology research and development in cloud computing, big data, artificial intelligence and other fields, creates an advanced computing industry ecology, and provides solid and reliable support for scientific research, exploration and innovation, industry information construction, industrial transformation and upgrading and digital economy development Western Securities Co.Ltd(002673) pointed out that with the rapid development of Xinchuang, haiguang, the scarce target of domestic x86 CPU, will soon be listed, and dawning will benefit from multiple dimensions: as one of the main demanders of haiguang CPU, the server business will benefit accordingly; Haiguang’s rapid growth is expected to bring sustained investment income to the company; With the improvement of CPU self-sufficiency, the profitability of the company’s server products is expected to be further improved.
\u3000\u3000 Beijing Vastdata Technology Co.Ltd(603138) Beijing Vastdata Technology Co.Ltd(603138)
The company is a leading data technology provider in China, focusing on data solutions. At the same time, the company has extensively expanded business landing scenarios and has good cooperative relations with large commercial customers. The company’s self-developed database products have been shortlisted in the procurement directory of central authorities, and has provided database replacement and migration services for the government cloud of Shenzhen municipal government. Minsheng Securities pointed out that the company is a leading enterprise focusing on data management products and system services in China. On the one hand, technological changes such as 5g, cloud computing and artificial intelligence have brought about the vigorous development of the data industry, which will bring about the natural growth demand of the company’s data system related products and services; On the other hand, under the wave of localization, the company’s independent database products and migration, operation and maintenance services for all kinds of domestic databases will usher in great opportunities.
\u3000\u3000 3 Sunsea Aiot Technology Co.Ltd(002313) 0023 7
The company is a professional third-party service provider of IT infrastructure. Its main business is to provide one-stop IT overall solutions for the IT infrastructure of the data center. After more than ten years of development, the company has established a perfect business system, which can provide customers in finance, telecommunications, government, manufacturing, energy and other emerging industries with one-stop services covering the whole life cycle of IT infrastructure, such as it infrastructure operation and maintenance services, system integration services, intelligent operation and maintenance software development and sales Beijing Trust & Far Technology Co.Ltd(300231) is the top it third-party service provider in China’s banking industry. The construction of a national unified market is bound to put forward new requirements for bank financial services and increase corresponding financial IT investment to adapt to the logistics and capital flow management under the new situation. At present, its dynamic valuation is less than 20 times.
express logistics performance repair or exceed expectations
Driven by the good news, the express logistics market has shown the strongest recent performance. Some analysts pointed out that the opinions put forward that it is obviously good for the express logistics market, but considering the large short-term increase, investors can choose the opportunity to configure the subdivision leader in the callback.
From a medium and long-term perspective, under the background of continuous improvement of online penetration, the demand growth of the express industry is highly deterministic, and service has become a new competitive factor. After the pattern is stable, the industry leaders will fully benefit from the increase of share and profit; The adjustment of short-term operation is in place, the superposition of strict cost control, the continuous improvement of the performance of leading companies, the timeliness of medium and long-term benefits, international and other diversified business layout, with growth and high allocation value.
In the context of repeated epidemics, the express logistics market has been negatively impacted, but from the historical data, many institutions believe that the impact is or lower than the market expectation Zheshang Securities Co.Ltd(601878) analyst Kuang Peiqin pointed out that judging from the demand side, shipping side and delivery side as a whole, the impact of the short-term local epidemic rebound on the industry is lower than expected. Looking forward to the follow-up, it is expected that the impact of epidemic sealing and control on express delivery performance will be limited, and the logic of high order volume growth throughout the year will not be changed. Similarly, during the resumption of the epidemic in 2020, after the relaxation of control, the single volume of the industry increased by 37% year-on-year in the second quarter, 12 percentage points higher than the year-on-year growth rate in 2019. The single volume increased, the price rebounded and the cost decreased. The performance of the whole year was more than expected.
Zheshang Securities Co.Ltd(601878) analyst Kuang Peiqin pointed out that the investment is different from the track, and it is recommended that investors focus on the leading target with higher cost performance after adjustment. In terms of franchise system, we are optimistic about Yunda Holding Co.Ltd(002120) , the improvement of value certainty, Zhongtong express, the leader of single volume profit, and Yto Express Group Co.Ltd(600233) ; In terms of direct marketing, it is suggested to pay attention to the problem of network extension and barrier upgrading under the broad layout of traditional + emerging business forms S.F.Holding Co.Ltd(002352) .
potential stock
select Yunda Holding Co.Ltd(002120) ( Yunda Holding Co.Ltd(002120) )
Under the background of the gradual transformation of the industry’s competitive strategy from price driven to value driven, the growth rate of business volume and single ticket revenue are leading the industry, the simultaneous rise of volume and price promotes the release of performance flexibility, and the stability of the pattern is continuously verified Sealand Securities Co.Ltd(000750) pointed out that the demand growth center is down, enterprises will rebalance profits and market share, the single ticket price is expected to stabilize, and the single ticket profit will continue to be repaired with cost optimization. In the new stage, head express enterprises will stop capital expenditure expansion, the proportion of capital expenditure in revenue will continue to decline, the supply side change signal appears, and the e-commerce express industry will switch to the stage of high revenue growth and low capital expenditure growth. With the support of the improved pattern, the company is expected to continue the price increase logic under the background of stable growth of business volume, the single ticket income will continue to increase, and the profit center is expected to gradually rise.
\u3000\u3000 6 Renrenle Commercial Group Co.Ltd(002336) 00233
In recent years, the company’s management has improved significantly and the digital transformation has achieved remarkable results, which has brought the double improvement of service quality and operation efficiency to the company. Considering that the company is not the first in the industry competition at present, with the continuous optimization of service quality and cost, the company’s industry ranking is likely to rise. In addition, the company continues to layout the aviation market and has certain first mover advantages in the construction of its own aviation network and international aviation network. In the current tide of China’s international double cycle and the upgrading of express service manufacturing industry, the growth space is very broad. China Post Securities pointed out that in 2022, the pattern of the express industry continued to improve and the upward logic of prosperity remained unchanged. At present, the industry maintains high-pressure supervision over the price war, and the concentration of leading companies will continue to rise. On the whole, the gap between the company and the leading enterprises has gradually narrowed, and the performance and valuation will continue to rise in the future.
\u3000\u3000 S.F.Holding Co.Ltd(002352) S.F.Holding Co.Ltd(002352)
The company expects to turn losses into profits in the first quarter of 2022 compared with the same period of the previous year, and the net profit attributable to the parent company is expected to be 950 million yuan – 1.1 billion yuan, with a year-on-year increase of 196% – 211%. From brand collaboration to business collaboration, we have long been optimistic about S.F.Holding Co.Ltd(002352) Sealand Securities Co.Ltd(000750) pointed out that based on the continuous construction of the moat of time-effective parts, the company carried out multi track layout through brand coordination. Therefore, the scale of new businesses such as express, e-commerce express, international and local express expanded rapidly. With the gradual maturity of new business development, all new businesses will also enter the period of realization rhythmically, from flow expansion to a new stage of business growth and profit rebalancing. According to the track, at present, high-end Express has a pattern and international tracks have dividends. The more mature express and international business is expected to take the lead in making profits.
\u3000\u3000 Shanghai Zhonggu Logistics Co.Ltd(603565) Shanghai Zhonggu Logistics Co.Ltd(603565)
In 2021, the company achieved an operating revenue of 12.291 billion yuan, a year-on-year increase of 17.79%; The net profit attributable to the parent company was 2.404 billion yuan, a year-on-year increase of 136%. Anxin Securities pointed out that in the short term, the flow of industrial transport capacity to foreign trade makes the supply and demand of domestic trade tight. Under the difference between supply and demand, the year-on-year growth of domestic trade freight rate in 2022 has high certainty. In addition, the company actively explores foreign trade and develops foreign trade business in the form of self support and rental cooperation. In the medium term, the company will seize the opportunity of the industry to expand its transport capacity. The main increment of the industry’s transport capacity in the next two years will come from Zhonggu. New ships will be launched successively from the fourth quarter of 2022, with high capacity elasticity in 2023 and 2024. In the long run, the demand for domestic trade and centralized transportation is good, and the carbon emission of sea transportation is significantly lower than that of road transportation. Under the development of internal circulation based economy, the transformation from scattered transportation to centralized transportation + multimodal transportation will bring deterministic growth.
commercial trade beauty segment is favored
The recovery of overall household consumption in 2021 has been significantly reflected, but the willingness to contact consumption has been suppressed due to the disturbance of the epidemic. Optional consumption has recovered significantly, jewelry and cosmetics have performed prominently, the zero growth rate of Enterprises above the quota is higher than that of the industry as a whole, and the Matthew effect of the industry has been strengthened Dongxing Securities Corporation Limited(601198) analyst Wang Zi pointed out that consumption is expected to further improve marginally in 2022. Although the impact of the occasional epidemic is still there, the polarized consumption situation may continue in the short term. However, in the medium and long term, with the continuous improvement of people’s consumption level, it will promote the marginal demand of optional consumption, and the medium and high-end and high-quality products in each track will have more potential.
From the perspective of many industry segments, due to the obvious differentiation of market environment, the cosmetics industry is generally favored by the industry Soochow Securities Co.Ltd(601555) analyst Wu Jincao pointed out that the major listed companies in the cosmetics industry had a good start and the multi platform expansion was smooth. According to the operation data announced in relevant announcements, the revenue and net profit attributable to the parent company in Proya Cosmetics Co.Ltd(603605) 1-february increased by about 30% and 35% respectively 6 Allwin Telecommunication Co.Ltd(002231) -february, the revenue of cosmetics increased by 146.7% at the same time.
The growth rate of China’s cosmetics industry is leading the world. Looking forward to the next few years, the industry is still booming Caitong Securities Co.Ltd(601108) analyst Li yuebo pointed out that the domestic brands at the head of the segment track are rising rapidly. Under the large single product strategy, the R & D investment is strengthened, and the product and brand strength are rapidly improved. Under the background of stricter supervision, standardize the development of the industry and accelerate the clearance of tail enterprises in all links, which is conducive to the improvement of the market share of head brands. It is suggested to pay attention to the leader of sensitive skin care products Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , efficient operation, continuous verification of large single product strategy, multi-channel layout of domestic cosmetics leader Proya Cosmetics Co.Ltd(603605) , Centennial domestic daily chemical leader Shanghai Jahwa United Co.Ltd(600315) , medical beauty injection leader Imeik Technology Development Co.Ltd(300896) , the world’s largest supplier of hyaluronic acid Bloomage Biotechnology Corporation Limited(688363) , biomedicine + ecological health two wheel drive Lushang Health Industry Development Co.Ltd(600223) .
potential stock
select Yunnan Botanee Bio-Technology Group Co.Ltd(300957) ( Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
The company is a leading enterprise of skin care products in China, with a steady expansion of market share. The company adheres to the offline based and online led sales model, increases the investment of online resources, and further strengthens the popularity and influence of the core brand “Winona”. In 2021, the revenue and net profit increased by more than 50%, and the brand influence was further strengthened. Capital Securities pointed out that the company attaches importance to R & D innovation. In 2021, the R & D expenses increased by 78.5% year-on-year to 110 million yuan. It has a number of core technologies in the field of preparation of effective components of characteristic plant extracts and sensitive skin care. Relying on a strong R & D system, the company has also achieved beautiful performance on the product side. While the advantages of the popular single product “special care cream + sunscreen” are stable, the company has improved the efficacy skin care matrix through efficacy expansion and category innovation to help the brand spiral growth.
\u3000\u3000 Proya Cosmetics Co.Ltd(603605) Proya Cosmetics Co.Ltd(603605)
In 2022, the company continued to promote the “6 n” strategy, continuously tested the logic of large single products and multi-channel, and highlighted its core competitiveness. Products, we expect the double resistance essence as the representative of large single product share continues to improve, and feather feeling sunscreen and other new products. Kwai tiktok, Tmall and other traditional e-commerce channels maintain steady growth, such as vibrant voice, fast hand and other emerging channels. On the brand side, the company’s Caitang brand is growing rapidly and is expected to contribute to the increment. At the industry level, under the background of channel flow reform and strict supervision of cosmetics, the company is expected to continue to increase its market share with high-quality large single products and strong channel operation ability. Kaiyuan Securities pointed out that as a leading brand of domestic cosmetics, the company is expected to benefit significantly under the background of stricter industry supervision. From the performance forecast, the company continued to achieve rapid growth.
\u3000\u3000 Shanghai Jahwa United Co.Ltd(600315) Shanghai Jahwa United Co.Ltd(600315)
The company continued to promote the cooperation with Huashan Hospital Affiliated to Fudan University and the dermatology department of Ruijin Hospital Affiliated to Medical College of Shanghai Jiaotong University, carried out research in the direction of skin immunity, skin barrier repair, stem cells and aging, skin image and customization, and upgraded products from multiple dimensions such as quality and function. Galaxy Securities pointed out that in terms of channel innovation, the company strengthened its Omni channel operation ability, optimized the layout of traditional offline channels and developed emerging online e-commerce channels. In terms of supply guarantee, the company’s new plant has been put into operation, achieving the seamless and non shutdown smooth connection between new and old plants. The company has steadily promoted the effective implementation of the strategy. In terms of brand promotion, the company has determined a differentiated brand development strategy. Each fist brand in the brand matrix has certain advantages in influence and market share.
\u3000\u3000 Imeik Technology Development Co.Ltd(300896) Imeik Technology Development Co.Ltd(300896)
After the listing of the company, the market has paid high attention. The market has reached a consensus on the characteristics of high certainty and high growth of Yimei track and the dominant position of the company as the leader of the industry. Anxin Securities pointed out that the company has the perfect layout of other product matrices to meet the needs of consumers with different positioning. Strong single products + rich product matrix + reserves of products under research are expected to form a “multi-point flowering” pattern. The company actively maintains the pace of promoting new products, steadily enriches the product matrix and makes strategic layout in each market segment. In addition, differentiated + collaborative product pipeline layout accelerates the launch of joint treatment courses and forms a differentiated product matrix. The company actively grasps the market trend, continues to invest heavily in R & D to improve product power, and proactively grasps the opportunity to layout the product line. New products are expected to open up new profit space under the background of stricter supervision.
