Main points:
GDP growth in the first quarter was disturbed by multiple factors, focusing on strong support targets
The government work report during the two sessions pointed out that China's gross domestic product (GDP) is expected to grow by about 5.5% in 2022. Since 2022q1, some areas have been seriously affected by the epidemic, facing problems such as supply chain interruption, shutdown and shutdown, which has caused some short-term disturbances to China's economy. Therefore, in this context, we believe that, on the one hand, under the policy environment with "stable growth" as the main tone, strong support industries such as real estate and infrastructure, which play the role of ballast for economic growth, will be an important pole of China's economic growth. Relevant industries and policies are expected to continue to pick up, and upstream and downstream affiliated enterprises are also expected to benefit from it. On the other hand, in the case of macroeconomic fluctuations, the company's own technical barriers, channel capabilities, business opportunities and other fundamental factors have become the key points to better fight against uncertainty.
The logic of steady growth is gradually verified, and building informatization is expected to benefit
Since March, the Executive Committee of the State Council has made it clear that "steady growth should be placed in a more prominent position", and pointed out that it supports the construction of new infrastructure and other projects with increased potential and higher level. We believe that with the emphasis on "stable growth" at the national standing committee, the central bank will reduce the reserve requirement and release long-term funds, and the relaxation policies on real estate sales in many places will be introduced one after another. The fundamental logic of infrastructure related sectors will continue to strengthen, and the real estate industry is expected to reverse its predicament. Building informatization involves engineering design, construction, management and other aspects, which can effectively improve construction efficiency and reduce construction cost. On the one hand, the 14th five year plan for the development of construction industry clearly points out that the coordinated development of intelligent construction, digital transformation and new building industrialization will be the main line of industrial development in the future; On the other hand, China State Construction Engineering Corporation Limited(601668) informatization level is still significantly lower than the international advanced level, and there is considerable room for improvement. Under the background of steady growth, with the gradual stabilization of infrastructure and real estate industries, the construction information industry is expected to benefit from it. It is suggested to focus on high-quality enterprises such as Glodon Company Limited(002410) , Beijing Yjk Building Software Co.Ltd(300935) and so on.
It is suggested to pay attention to high-quality targets with clear performance cashability and significant technical barriers
From the perspective of individual stock selection, companies with high technical and channel barriers, abundant business opportunities and stable performance are more likely to obtain growth opportunities under the background of macroeconomic fluctuations. It is suggested to pay attention to: Zhejiang Supcon Technology Co.Ltd(688777) : leading industrial automation industry, high-quality targets with the attributes of industrial software, domestic substitution and intelligent manufacturing. The contract amount of large projects with more than 10 million yuan in 2021 increased by 95% Pci Technology Group Co.Ltd(600728) : rail transit is an important part of infrastructure construction. The company is deeply engaged in the field of smart rail transit and urban areas, creates a technological platform and improves its self-research ability, which is expected to continue to achieve a profit growth rate of 50% +; Dingyang Technology: the standard bearer of China's electronic measurement industry, constantly launching medium and high-end products to explore the Chinese market, and the revenue growth is expected to stabilize by more than 40% in the next three years; Galen Electronics: a leading provider of EDA tools for device modeling and circuit simulation. Some point tools have been widely used by leading memory chip manufacturers and wafer factories in the world Longshine Technology Group Co.Ltd(300682) : terminal B helps customers such as power grid realize digital upgrading and is expected to continue to grow steadily. Terminal C develops traffic operation and charging pile business with strong explosive performance.
Investment advice
Fintech and Xinchuang: Grg Banking Equipment Co.Ltd(002152) , Yusys Technologies Co.Ltd(300674) , Hundsun Technologies Inc(600570) , Inspur Electronic Information Industry Co.Ltd(000977) .
Smart car: Thunder Software Technology Co.Ltd(300496) , Arcsoft Corporation Limited(688088) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Autel Intelligent Technology Corp.Ltd(688208) , China Transinfo Technology Co.Ltd(002373) .
Electric power informatization: Longshine Technology Group Co.Ltd(300682) , Ygsoft Inc(002063) , China Southern Power Grid technology, Zhiyang Innovation Technology Co.Ltd(688191) .
Network security: Qi An Xin Technology Group Inc(688561) , Sangfor Technologies Inc(300454) , Topsec Technologies Group Inc(002212) , Dbappsecurity Co.Ltd(688023) , Venustech Group Inc(002439) .
Artificial intelligence: Pci Technology Group Co.Ltd(600728) , Iflytek Co.Ltd(002230) , Zhejiang Dahua Technology Co.Ltd(002236) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Opt Machine Vision Tech Co.Ltd(688686) .
Risk tips
1) the epidemic situation intensifies and reduces the expenditure of enterprise informatization; 2) Fiscal and monetary policies are lower than expected; 3) The fluctuation of supply chain increases, which affects the development of science and technology industry.
