Analysis of the computer industry: for the computer sector at the current stage, we believe that the information innovation sector is undoubtedly the best choice. The sector is attractive in terms of institutional position, location, valuation, change and other dimensions. On Friday, the first openharmony ecological enabling signing ceremony was held, and Huawei completed cooperation signing with six openharmony distribution manufacturers. Huawei, as the leader of the domestic computing industry, further develops the computing industry, and the industrial prospect continues to improve. It focuses on Kunpeng industrial chain Digital China Group Co.Ltd(000034) , Hongmeng industrial chain Talkweb Information System Co.Ltd(002261) , Thunder Software Technology Co.Ltd(300496) , Xinchuang leader Dawning Information Industry Co.Ltd(603019) , etc.
At the bottom building stage on the left side of the computer sector, the information and innovation sector has high cost performance. After the high point in July 2020, the computer sector has continued to adjust for nearly two years. Up to now, the high point of the lowest point of the computer (CITIC) index has been reduced by 40%. At present, the valuations of industries and individual stocks are in the bottom range, and the institutional positions also continue to decline. However, at present, the key factors of policies or industries that can drive the reversal of the sector have not yet appeared. At the same time, there are still many uncertain factors affecting the valuation and performance of the sector, such as the US interest rate hike, the Russian Ukrainian war and the Chinese epidemic. We believe that the sector may continue to grind to the bottom. At present, we mainly recommend the Xinchuang sector, which has been adjusted for a long time, low market expectations and less institutional holdings. Since this year, the industry fundamentals have continued to improve, and the valuation of relevant targets is also at the bottom, with high cost performance.
Hongmeng enables six partners, and Huawei's computing industry layout accelerates again. On April 15, the first openharmony ecological enabling signing ceremony was held. Huawei signed a cooperation contract with six openharmony distribution manufacturers, including kaihong Zhigu, Aosiwei, Honghu Wanlian, Jiangsu Hoperun Software Co.Ltd(300339) , and shenkaihong, and announced the opening of Huawei's technical accumulation and rich experience in the field of operating system development, enabling six partners to develop industry distribution based on openharmony and contribute installed capacity to the community. Hongmeng open source operating system is the main code contributed by Huawei and jointly built by many companies. It has the characteristics of full scene and distributed. It is an all domain, new generation, open source and open intelligent terminal operating system. Hongmeng operating system is open source oriented and enables partners. All partners can rely on their own advantages to provide various products and services such as commercial distribution and modules for different industries, so as to achieve commercial landing. Taking kaihong Zhigu as an example, as a wholly-owned subsidiary of Talkweb Information System Co.Ltd(002261) , the company can develop customized openharmony commercial distribution products for education, transportation, industry, smart city, agriculture and other industries based on the profound accumulation of the parent company in the industry for more than 20 years.
As a leading enterprise in China's computing industry, Huawei has made layout in the underlying root technology fields of the computing industry such as chips and operating systems, defined the core strategy in the direction of open source, vigorously developed ecology such as Kunpeng and Hongmeng, and helped partners develop together. Previously, Huawei was sanctioned by the United States and encountered temporary setbacks in chip OEM and other fields. Accelerating the development of software ecology such as Hongmeng reflects Huawei's firm determination to develop the computing industry. It is believed that with the gradual solution of "neck" links such as chip OEM, China's computing industry will usher in a new stage of development.
Other recent changes in the information and innovation sector include:
China Mobile's bidding server will account for more than 40% this year, and the industry's information innovation will accelerate in an all-round way. On March 31, China Mobile issued the bidding announcement for the centralized procurement and supplementary procurement of PC servers (phase I) from 2021 to 2022. The scale of this centralized procurement is about 41004 units, of which Kunpeng servers account for 43.30% and haiguang servers account for 56.70%. Considering that China Mobile purchased 163692 PC servers in the first batch of centralized purchase of PC servers from 2021 to 2022, and domestic chip servers accounted for 27.03% in total, up to now, the overall domestic server proportion of mobile centralized purchase in this year will reach 41.65% (among which Kunpeng accounts for 21.90% and haiguang 19.74%)
Industry information innovation has accelerated in an all-round way. The national centralized purchase and supplementary purchase of mobile once again shows that the industry information innovation is accelerating. According to the industrial research, the domestic bidding of Telecom and China Unicom is also advancing. In addition, the pilot expansion of information innovation in another key industry, the financial industry, is also accelerating. Considering that the demand for party and government information and innovation, including e-government and e-documents, is still extensive, the growth certainty of information and innovation sector is high this year.
China Telecom Chuang helps PKS ecology become bigger and stronger. On April 6, China Greatwall Technology Group Co.Ltd(000066) , China National Software And Service Company Limited(600536) and other companies announced the establishment of China electronic information innovation industry limited partnership (tentative name, hereinafter referred to as "China Telecom innovation") with a number of CEC companies. At present, China Electronics has a relatively complete information innovation ecosystem through investment, M & A and strategic cooperation, and has formed a PKS system with CPU, operating system and security as the core. The establishment of China Telecom Chuang Beijing is to help the company combine endogenous development with external expansion, improve the industrial chain layout and further enhance its core competitiveness.
Kunpeng's computing industry has moved from opening to landing, and the ecology has begun to show. Huawei adheres to the computing industry strategy of "open hardware, open software, enabling partners and developing talents" to build Kunpeng ecology. Since the release of Kunpeng 920 in 2019, Huawei has successively opened the mainboard based on Kunpeng 920, open source openeuler operating system and opengauss database, and created Chinese computing standards in the base link of chip + basic software. At present, 12 partners including Digital China Group Co.Ltd(000034) have released Kunpeng complete machine, 12 partners including Beijing Vastdata Technology Co.Ltd(603138) have released opengauss commercial release, and 11 partners including Kirin software have released openeuler commercial release.
Huawei's stacked chip patent is released, waiting for a breakthrough in wafer manufacturing. According to recent media reports, Huawei has disclosed a technical patent for stacked chips, which reflects the design idea of Huawei's stacked chips with area for performance and stack for performance. Although there is still a long way to go from the publication of the patent to the final mass production, the products corresponding to the technology may be applied to mobile phones and other fields with high process requirements for chips, The patent may still bring hope to the domestic wafer manufacturing industry. On the other hand, industry research shows that the supply of Kunpeng chips in the past 22 years is relatively sufficient, which will also enhance the confidence of the industry. In the future, if China independently breaks through the relevant wafer manufacturing line, the "neck" problem of the underlying chip of the information innovation industry will be solved, and the information innovation industry will step to a new level.
Investment suggestions: focus on Kunpeng industrial chain Digital China Group Co.Ltd(000034) , Hongmeng industrial chain Talkweb Information System Co.Ltd(002261) , Thunder Software Technology Co.Ltd(300496) , Xinchuang leader Dawning Information Industry Co.Ltd(603019) , etc.
Risk tip: the economy is down, and the government expenditure is less than expected; The strength of the policy was less than expected.
