Review of the overall 2022q1 of the communication industry: the revenue of the whole industry in 2022q1 was 450305 billion yuan, with a year-on-year increase of 11.9%; The net profit attributable to the parent company of the whole industry was 19.372 billion yuan, a year-on-year increase of 13.6%. The top 10 companies in the 2022q1 revenue of the communications industry in 2022q1 of the 2022q1 in the 2022q1 of the 2022q1 of the 2022q1 of the 2022q1, with revenue of 118576 billion yuan, with a year-on-year growth of 11.5%, and the same below the same same below the same same below), the top 10 companies in the top 10 revenue of the communications industry in 2022q1 of the 2022q1 of 2022q1 of the 2022q1 of the 2022q1 of the 2022q1 of the 2022q1 revenue of the communication industry in 2022q1, respectively, are the China Pacific Insurance (Group) Co.Ltd(601601) 7272727272728 (110.29, + 3328.5%), Hengtong Optic-Electric Co.Ltd(600487) (93.52, + 34.1%), Jiangsu Zhongtian Technology Co.Ltd(600522) (92.90, – 13.1%), Fiberhome Telecommunication Technologies Co.Ltd(600498) (45.39, + 12.6%) Quectel Wireless Solutions Co.Ltd(603236) 30.58，+64.7%)。
Review of 2021 of each sub industry of communication: the year-on-year growth rate of each sub industry of communication industry in 2021 is as follows: main equipment (revenue + 7.3%, net profit attributable to parent + 1.7%), optical module (revenue + 15.3%, net profit attributable to parent – 4.2%), IDC (revenue + 11.7%, net profit attributable to parent + 0.9%), operators (revenue + 12.4%, net profit attributable to parent + 8.4%) Network visualization (revenue – 21.5%, net profit attributable to parent company: – 33 million yuan, net profit attributable to parent company: – 07 million yuan in the same period of 21q1, loss widening), antenna radio frequency (revenue + 1.2%, net profit attributable to parent company + 14.8%), enterprise communication (revenue + 25.9%, net profit attributable to parent company + 33.4%), private network (revenue + 12.2%, net profit attributable to parent company -68 million yuan, net profit attributable to parent company -145 million yuan in the same period of 21q1, loss narrowing), optical fiber cable (revenue + 10.5%, net profit attributable to parent company + 85.9%) Net income attributable to the parent company + 1.7%, net profit attributable to the parent company + 1.7%, net income attributable to the parent company + 11.7%, and net profit attributable to the parent company + 11.7%. Among them, the ARPU value and Dou value of operators have gradually warmed up with the increase of 5g penetration, and more performance has been released; IDC sector performance differentiation is obvious; Network visualization is still in the downward trend; Antenna RF performance rebounded; The comparative advantage of export-oriented enterprises has been enhanced under the environment of US dollar interest rate increase and appreciation; The performance of optical fiber and optical cable has increased rapidly, and the performance of Changfei, Zhongtian and Hengtong 22q1 has increased significantly; The Internet of things continued its high growth trend.
Investment suggestion: over the past 22 years, the overall adjustment of the market has been large. We believe that the systemic risk has been fully released, and the valuation of most segments has been adjusted to the historical low level, which has allocation value. Among them, we suggest paying attention to:
1. Optical module: due to the uncertainty of capital expenditure of cloud manufacturers in North America, the relevant targets of the sector have been adjusted for more than one year. We believe that the valuation of relevant targets has a safety margin. At the same time, we believe that the capital expenditure of cloud manufacturers in North America in 22 years should not be pessimistic, or there is a possibility of marginal improvement. We suggest to pay attention to: Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Accelink Technologies Co.Ltd(002281) .
2. Internet of things modules: the gross profit margin of the module industry has been under pressure for 21 years due to the rising price of raw materials such as chips and the increasing difficulty of purchasing some components. Looking forward to 22 years, we believe that the shortage of chips is expected to be gradually alleviated in Q3, the gross profit margin of module enterprises is expected to be improved, and the production capacity is expected to be further released. It is suggested to pay attention to: Quectel Wireless Solutions Co.Ltd(603236) , Queclink Wireless Solutions Co.Ltd(300590) , Sunsea Aiot Technology Co.Ltd(002313) , etc.
3. Beidou high precision: under the influence of multiple factors such as the epidemic, the pressure of economic growth slows down and increases, and infrastructure investment is expected to receive policy attention again. Beidou high precision application will benefit from infrastructure investment. It is suggested to pay attention to: Shanghai Huace Navigation Technology Ltd(300627) .
4. Corporate Communications: due to the impact of the US dollar interest rate hike and other factors, the US dollar has appreciated greatly since 2022, and the comparative advantages of export-oriented enterprises may be enhanced. It is suggested to pay attention to: Yealink Network Technology Co.Ltd(300628) , Guangzhou Shiyuan Electronic Technology Company Limited(002841) , etc. 5) Suggestions for attention in the field of communication + new energy: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) , Willfar Information Technology Co.Ltd(688100) , etc.
Risk analysis: the risk of repeated Sino US trade frictions; The risk of epidemic recurrence, 5g application landing is less than expected.
