Key investment points
[sector trend]
Last week (4.18-4.24), CITIC communications fell 3.18%, of which communication equipment manufacturing fell 3.04%, value-added services fell 8.14%, telecom operations fell 0.89%, Shanghai and Shenzhen 300 index fell 4.19%, small and medium-sized board index fell 3.64% and gem index fell 6.66%.
[Zhouguan investment]
The main targets of communications have successively released quarterly reports. The epidemic situation, high prices of raw materials and shortage of goods still disturb the operation of many manufacturers. The advantages of manufacturers with strong bargaining power in the industrial chain, active and effective goods preparation and excellent management are prominent; In the periphery, with the Fed's expectation of increasing interest rates, the continuous depreciation of RMB and the direct benefit of export-oriented related enterprises, it is suggested to focus on it Yealink Network Technology Co.Ltd(300628) 2022q1 has achieved high performance growth, and the two new businesses have accelerated in large quantities. The repeated epidemic in China has led to the outbreak of demand for home and telecommuting. Q1 is affected by the base period gross profit level and the fluctuation of quarterly non recurring profit and loss. The growth rate of net profit is lower than that of revenue, but the growth rate of net profit excluding non recurring profit and loss is similar to that of revenue, and still maintains a high growth. The company released the equity incentive plan again. The assessment objective of the incentive plan is that the revenue and non net profit attributable to the parent company in the previous year are the base, and the year-on-year growth rate of the two indicators in 2022 / 23 / 24 is no less than 20%, demonstrating the company's long-term high growth confidence Jiangsu Zhongtian Technology Co.Ltd(600522) 12 month performance exceeded expectations, and the annual performance has room for repair; After Guangdong, Shandong has become another province supplemented by sea breeze Province, further stimulating the demand for offshore wind power during the 14th Five Year Plan period; At the same time, the recent submarine cable bidding is expected to be launched one after another. Pay attention to the bidding progress of major projects such as the Three Gorges Qingzhou 567 and CGN Fanshi 12. Affected by the adjustment of the new energy sector, the company's share price has been corrected, and the company's Fundamentals are strong. Continue to recommend! We are expected to pay more attention to Qingzhou's first and second projects with a gross profit rate of more than 50% in July, and we are expected to continue to pay more attention to Qingzhou's first and second projects with a gross profit rate of more than 500kV.
Wenzhou Yihua Connector Co.Ltd(002897) : the company has made many adjustments recently, or due to false market information, we think the company has strong fundamentals and full orders. We have issued the latest in-depth report and continue to focus on recommendations. The company is an underestimated rookie of photovoltaic support, and the automobile connector has entered the harvest period. The recent divestiture of loss making assets of Hunan Yihua has been voted by the general meeting of shareholders. After the completion of this transaction, the company will no longer hold the equity of Hunan Yihua. It is expected that Q2 Hunan Yihua will no longer be included in the consolidated statements of listed companies, which will have a positive impact on Q2 performance Hebei Sinopack Electronic Technology Co.Ltd(003031) : in 2021, the company achieved steady growth in revenue and performance. The annual revenue growth of consumer electronics ceramic shell business exceeded expectations, the proportion of revenue increased significantly, and the gross profit margin was better than the traditional communication business, becoming a new driving force for growth; 2022q1 saw steady growth and a good start Shanghai Huace Navigation Technology Ltd(300627) : we released the company's latest in-depth report. In the first quarter, under the complex external environment, the company's revenue still increased by 20% + and performance increased by 30% + and handed over the "excellent answer sheet". At present, the company is actively applying for full resumption of work to minimize the impact of the second quarter; With the gradual increase of fixed-point models, integrated navigation and positioning terminals are creating a new growth curve.
Yealink Network Technology Co.Ltd(300628) 2022 first quarter performance increased rapidly, mainly due to the accelerated volume of VCs and cloud office terminals. Q1 is affected by the base period gross profit level and the fluctuation of quarterly non recurring profit and loss. The growth rate of net profit is lower than that of revenue, but the growth rate of net profit excluding non recurring profit and loss is similar to that of revenue, and still maintains a high growth. According to the industrial chain survey, since the beginning of the year, the company has strong downstream demand, full OEM orders, significant easing of exchange rate repression since Q4 in 2021, short-term RMB devaluation to further alleviate the impact of exchange rate, and the impact of chips and other raw materials has been basically controllable since the end of 2021. The company released the equity incentive plan again. The assessment objective of the incentive plan is that the revenue and non net profit attributable to the parent company in the previous year are the base, and the year-on-year growth rate of the two indicators in 2022 / 23 / 24 is no less than 20%, demonstrating the company's long-term high growth confidence. As a representative enterprise of China's advanced manufacturing brand going to sea, Yilian's share price has been adjusted due to the influence of market style in the early stage. At present, the valuation has been lower than the historical center, ushering in a good opportunity for configuration.
Risk warning: repeated impact of epidemic situation; Sino US friction disturbance risk; The landing of 5g application was not as expected.
