1. Special topic of operators: 5g users accelerate penetration, and the expansion of industrial digital business is effective
1) the transformation of 5g users is accelerated, the penetration rate is gradually increased, and the growth rate of mobile traffic Dou is slightly reduced due to the impact of the epidemic;
2) capex grew steadily, but the growth rate of 5g related expenditure will slow down. Operators or key emerging businesses will provide profit growth points;
3) ICT is deeply integrated, and the proportion of government and enterprise businesses in revenue continues to grow. With continuous transformation and upgrading, relevant businesses continue to grow at a high speed;
4) the three operators gathered a shares, and the valuation and dividend distribution level continued to be attractive.
In 2021, the "moderately advanced" 5g construction will be basically realized. We expect that the growth rate of capex's 5g related expenditure will gradually decline, and will focus on emerging businesses that provide profit growth momentum in the future. With the continuous investment in innovation fields such as IDC, IOT, smart home and cloud business, the overall cloud and intelligent transformation and upgrading of operators will help the industry transform from channel to ICT comprehensive business, sink the overall value chain of the industry to b-end applications, continue to expand the industry boundary and improve the overall valuation level of the industry.
At the C-end, 5g user penetration is still increasing rapidly, and the demand for video applications is growing considerably.
From the perspective of B & G end business, the continuous cloud and intelligent upgrading of operators is expected to bring more demand for IDC and server procurement and construction. The beneficiaries of relevant industrial chains include Unisplendour Corporation Limited(000938) (operator equipment supplier), Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) and Shenzhen Envicool Technology Co.Ltd(002837) (communication and data center room temperature control equipment supplier).
2. Opinions and recommendation logic of recent communication sector
At present, the valuation of the communication sector has fallen to a historical low, the growth is determined, and under the environment of loose liquidity in China, communication and other industries have entered the value buying range. Recommended this week:
1) for undervalued and high dividend, telecom operators (a + H) with strong consumption attributes must be selected: China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) .
2) the main equipment, digital communication equipment, IDC, and IDC, the main equipment, digital communication equipment, IDC, and the light module sector that still underunderestimateunderestimatevalue growth is still growing. 2) the main equipment, data communication equipment, IDC, and the main equipment, data communication equipment, IDC, and the main equipment, data communication equipment, IDC, and the main equipment, data communication equipment, IDC, and the light module sector with the light module sector: 0000 Shenzhen Zhenye(Group)Co.Ltd(000006) Guangdong Tloong Technology Group Co.Ltd(300063) the.
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), Yealink Network Technology Co.Ltd(300628) , Tcl Technology Group Corporation(000100) (panel price hit bottom), Tianjin 712 Communication & Broadcasting Co.Ltd(603712) (military informatization), Goldcard Smart Group Co.Ltd(300349) etc.
3. Risk warning
Influence of uncertain factors of epidemic situation; 5g user promotion is not as expected; 5g network construction is less than expected; The efficiency control cost of the operator is lower than expected; Systemic risk.
