\u3000\u3000TableSummary
I. the Politburo meeting actively set the tone
On April 29, the Political Bureau of the CPC Central Committee held a meeting with a positive overall tone. On the emotional side, it is undoubtedly a shot in the arm for the financial market; Basically, steady growth is conducive to the development of enterprise business activities, waiting for the transformation and implementation of specific policies. In addition, the statement of the platform economy at the Politburo meeting has undergone significant changes, and the platform economy may usher in a turnaround. After the announcement of setting the tone of the Politburo meeting was issued, the computer sector rebounded rapidly in the afternoon, ranking second only to the media sector. The Politburo meeting’s attitude towards the platform economy is the first major change since January 2020, or it means that an inflection point appears. We judge that under the main tone of steady growth, the policy warm wind is expected to continue, and the relevant policy stimulus may increase marginally. With the gradual deregulation of epidemic prevention areas, market sentiment will continue to pick up. At present, after the continuous decline of the computer sector, the valuation is close to the historical bottom. Under the policy stimulus, there are marginal benefits, which is expected to usher in a bottom rebound.
II. Tracking of 21 annual report & 22 first quarterly report of computer sector
As of April 30, 2022, the 2021 annual report and the first quarterly report of 2022 of the computer industry have been disclosed. Based on the classification of SW computer industry, we selected 247 subjects as samples after adjustment, and analyzed them from four aspects: income side, profit and cost, capital position and track segmentation. The revenue side showed that the impact of the epidemic in 2021 was significantly weakened, the overall revenue of the sector recovered, and the annual revenue of the computer sector increased by 14.67% year-on-year. On the profit side, the overall profits of computer companies declined in 2021 and 2022q1. Through analysis and comparison, we believe that the decline of profit margin in 21 years is mainly due to the continuous increase of enterprise R & D investment and the rise of operating costs caused by the tension of global supply chain; The decline of 22q1 was caused by the high profit base of 21q1.
III. investment suggestions: pay attention to the leader of undervalued value
In view of the positive tone of the Politburo meeting, we expect the market sentiment to reverse, and the computer sector may rebound in the second and third quarters. First of all, we are optimistic about the industry leaders with good fundamentals and significantly reduced valuation level. At present, the Matthew effect in the industry is further highlighted and the differentiation trend between the beginning and the end is accelerating: on the one hand, the leading performance of the boom track continues to increase, on the other hand, it is difficult for some tail enterprises to show performance toughness. We reaffirm the industry logic of “the strong is the strong, the strong is the strong” we reaffirm our industry logic, and we’re optimistic about cloud computing, saaas, financial technology, smart driving, artificial intelligence, and so on. We’re optimistic about the leading companies that have the advantage of card slots in boom racetracks such as cloud computing, financial technology, smart driving, and artificial intelligence, and so on, which include: Shandong Jinjing Science And Technology Stock Co.Ltd(600586) 00588 \ \920 (joint coverage of automobile units), Iflytek Co.Ltd(002230) etc.
Investment advice
Reiterate that we are firmly optimistic about the leading companies with card advantages in cloud computing SaaS, energy it, financial technology, intelligent driving, artificial intelligence and other prosperous tracks, and actively recommend the following seven investment lines: 1. Cloud computing SaaS: focus on recommending enterprise SaaS leader Yonyou Network Technology Co.Ltd(600588) , office software leader Beijing Kingsoft Office Software Inc(688111) (joint coverage with small and medium-sized markets), and super Integration Leader Sangfor Technologies Inc(300454) . 2. New energy it: focus on recommending energy SaaS leader Longshine Technology Group Co.Ltd(300682) (joint coverage of communication group), distribution network dispatching pioneer Dongfang Electronics Co.Ltd(000682) , domestic energy BIM software leader Beijing Forever Technology Co.Ltd(300365) . 3. Fintech: focus on recommending securities it Hundsun Technologies Inc(600570) . In addition, Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Hithink Royalflush Information Network Co.Ltd(300033) , all welcome the upswing of the economy. 4. Intelligent driving: the vehicle OS leader Thunder Software Technology Co.Ltd(300496) , the intelligent cockpit leader Huizhou Desay Sv Automotive Co.Ltd(002920) (joint coverage of vehicle groups) and the high-precision map leader Navinfo Co.Ltd(002405) are recommended as the key benefit targets. 5. Artificial intelligence: recommend intelligent voice faucet Iflytek Co.Ltd(002230) . 6. Network security: focus on recommending emerging security double leaders Qi An Xin Technology Group Inc(688561) + Sangfor Technologies Inc(300454) , Dbappsecurity Co.Ltd(688023) as a subdivided emerging security leader, which will also benefit deeply. Other beneficiaries include: Venustech Group Inc(002439) , Xiamen Meiya Pico Information Co.Ltd(300188) , etc. 7. Xinchuang: domestic WPS leading manufacturer Beijing Kingsoft Office Software Inc(688111) (jointly covered with small and medium-sized disk groups), domestic middleware leading Beijing Tongtech Co.Ltd(300379) , domestic PDF leading Fujian Foxit Software Development Joint Stock Co.Ltd(688095) , domestic server leading Dawning Information Industry Co.Ltd(603019) .
Risk tips
Market systemic risks, the landing of scientific and technological innovation policies is less than expected, and the game between China and the United States is an emergency.
