Key investment points:
Industry dynamics
International market: Russia will adopt self-developed arm server chip to replace Intel and AMD products; Google: it plans to realize all-weather carbon free energy operation of the data center by 2030; Qualcomm and stellantis group have reached a cooperation to improve the level of automotive digital intelligence. China market: National Development and Reform Commission: in the first quarter, 810005g base stations were newly built in China, with a total scale of more than 1506000; The supervision of virtual currency was increased, the central bank issued a voice and the three associations issued a document to warn of risks; National Development and Reform Commission: it is expected that the investment in big data center will increase by more than 20% per year during the 14th Five Year Plan period.
Hardware price index
The price index of computer hardware in this period is 102.67, which is the same as that in the previous period, including the price index of notebook 104.16; Desktop price index 94.24; The tablet price index was 123.88, unchanged from the previous period.
The price index of DIY accessories in this period is 88.02, which is the same as that in the previous period, including the price index of LCD 92.64; The main board price index is 87.75; CPU price index 80.27; Hard disk price index 104.80; Memory price index 83.40; The graphics card price index was 60.73, which was flat with the previous period.
Important developments of A-share listed companies
Shenzhen Emperor Technology Company Limited(300546) : Gaojing, the actual controller, releases the pledge of 3 million shares Unisplendour Corporation Limited(000938) : the first 400g core switch in the park of Xinhua III Thunder Software Technology Co.Ltd(300496) : the net profit in the first quarter is expected to increase by 38% – 45% year-on-year.
Weekly market review and investment strategy outlook
From April 11 to April 15, the CSI 300 index fell 0.99%, the Shanghai Composite Index fell 1.25%, the Shenzhen composite index fell 2.60%, the gem index fell 4.26%, the Kechuang 50 fell 5.25%, and the computer industry fell 5.23%, of which the computer equipment sector fell 2.72%. In terms of individual stocks, Beijing Zznode Technologies Co.Ltd(003007) rose the most Netposa Technologies Ltd(300367) led the decline. We believe that the strong rise of Beijing Zznode Technologies Co.Ltd(003007) is due to the concept of counting from the east to the West; The sharp decline of Netposa Technologies Ltd(300367) may be related to the freezing and seizure of a large number of accounts faced by the company.
From the perspective of PE valuation (TTM, overall method, no adjustment), the current valuation of the computer sector is 55.47 times, 59.77% of the historical valuation percentile in the past 10 years, with a slight decrease in the weekly cycle on cycle. Affected by the downward trend of market shock, the computer sector still showed a downward trend this week. It is expected that with the release of system risk, the computer sector is expected to usher in a rebound. It is suggested to pay attention to the subdivided industries and targets with favorable policies. We are mainly optimistic about the concept of Eastern digital computing and Western computing and the concept of industrial Internet, and maintain the overweight rating of Unisplendour Corporation Limited(000938) ( Unisplendour Corporation Limited(000938) ), Digital China Information Service Company Ltd(000555) ( Digital China Information Service Company Ltd(000555) ) and Shenzhen Emperor Technology Company Limited(300546) ( Shenzhen Emperor Technology Company Limited(300546) ).
Risk tips
There are uncertainties in the implementation of policies, the steady growth investment is less than expected, the epidemic change is more than expected, and the geographical conflict is intensified.
