Market review: last week (2022.4.252022.4.29), the CSI 300 index rose 0.07% and the computer index fell 3.63%.
Zhou viewpoint: actively grasp the rebound opportunity
(1) at present, the valuation adjustment of the computer sector is relatively sufficient, while the fundamentals are relatively optimistic
As of the end of November, 2018, the price earnings ratio of the computer sector has been at a low level of 29.37 times, which is equivalent to the historical average of TTM since the end of November, 2018. Although the macroeconomic environment and epidemic situation have a certain impact on the performance of the computer sector, most of the computer segments are still in the general trend of increasing penetration and rising prosperity, so there is no need to be too pessimistic. In particular, some high-quality companies in the intelligent Internet connected automobile, cloud computing, satellite application software and industrial Internet industries performed well in the annual report of 2021 and the first quarterly report of 2022, showing good growth.
(2) in 2022q1, the proportion of fund allocation in the computer sector hit a five-year low
According to the statistics of wind, the position proportion of 2022q1 fund in the stocks of the computer industry was 2.57%, which hit a new low in the quarter of recent five years, with a month on month decrease of 0.99 percentage points and a lower allocation of 1.09 percentage points. Among all the primary sub sectors, the market value of the computer sector ranks tenth. Q1 Q1 is the first 10 companies with a shareholding market value ranking in the top 10 companies by the market value of a Q1 Q1 with a stock holding market value. The top 10 companies by the top 10 companies by the top ten companies by the market value of a Q1 with a stock holding market in the top ten by the market value of the first ten companies by the market value of a share held by the top ten by the company with a share holding market. The companies that rank among the top ten companies by the top ten companies by the market value of a share held by the top ten companies by the company with a shareholding in the top ten of the list of the company with a share holding market in the top ten of the top ten by the company with a ' Hongda Xingye Co.Ltd(002002) Hongda Xingye Co.Ltd(002002) 410 Glodon Company Limited(002410) , Winning Health Technology Group Co.Ltd(300253) .
(3) actively grasp the rebound opportunity from two directions
The central meeting pointed out that "we should promote the healthy development of the platform economy", which is expected to drive the emotional rebound of the science and technology sector. It is suggested to actively grasp the rebound opportunities from two directions: first, dabaima company with in-depth adjustment in the early stage. Baima's performance is relatively uncertain. Most Q1 performance meets or slightly exceeds expectations. Moreover, Baima has a large capital capacity and high institutional recognition, which makes it easier to perform well in the rebound industry. Second, the second-line target with high cost performance. The adjustment time and range of second tier targets are relatively high. The valuation of some second tier targets in 2022 is about 20 times, while the annual compound growth rate in the next few years is expected to be more than 25%, showing a good cost performance.
Investment suggestions:
(1) an industry driven by an industry letter: an industry driven by a creative industry: an industry of industry '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' ''industry' '' '' '' '' '' '' ''industry' '' '' '' ''s faith: a recommendation to recommend ' Dawning Information Industry Co.Ltd(603019) 019' '' '''s recommendation for a recommendation for a ' Dawning Information Industry Co.Ltd(603019) 0199 \ etc.
(2) financial it: recommend Northking Information Technology Co.Ltd(002987) , Hundsun Technologies Inc(600570) , Fujian Apex Software Co.Ltd(603383) , Shenzhen Fortune Trend Technology Co.Ltd(688318) , Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) , Tansun Technology Co.Ltd(300872) , etc.
(3) industrial Internet: the Internet of the industry: the Internet of the industry: the Internet of the industry: the Internet of the industry: the recommendation: the recommendation: the recommendation of the ' Beijing United Information Technology Co.Ltd(603613) , Guangzhou Sie Consulting Co.Ltd(300687) , Shenzhen Huaqiang Industry Co.Ltd(000062) , Longshine Technology Group Co.Ltd(300682) , etc.
(4) intelligent Internet connected vehicles: recommend Thunder Software Technology Co.Ltd(300496) , Autel Intelligent Technology Corp.Ltd(688208) , Beijing Tricolor Technology Co.Ltd(603516) , China Transinfo Technology Co.Ltd(002373) , and the beneficiaries include Huizhou Desay Sv Automotive Co.Ltd(002920) , Vanjee Technology Co.Ltd(300552) , etc.
(5) energy it: recommend Longshine Technology Group Co.Ltd(300682) , Jiangsu Yunyong Electronics And Technology Co.Ltd(688060) , Runa Smart Equipment Co.Ltd(301129) , and benefit targets include Ygsoft Inc(002063) , Dongfang Electronics Co.Ltd(000682) , Beijing Forever Technology Co.Ltd(300365) , Huizhong Instrumentation Co.Ltd(300371) , etc.
(6) military metauniverse: recommended Piesat Information Technology Co.Ltd(688066) , Geovis Technology Co.Ltd(688568) , Beijing Tricolor Technology Co.Ltd(603516) , Beijing Supermap Software Co.Ltd(300036) .
Risk warning: policy promotion is not as expected; It investment is less than expected; Industry competition intensifies.
