[Zhou’s investment view]:
(1) new energy vehicles were significantly impacted by the epidemic in April of 22. With the gradual resumption of work and production in Shanghai and the acceleration of the implementation of China’s supporting policies, it is suggested to focus on grasping the recovery investment opportunities of the new energy smart vehicle industry chain (vehicle lens, lidar, controller, connector, module, etc.);
(2) on May 17, the CPPCC National Committee held a special consultation meeting on “promoting the sustainable and healthy development of the digital economy” in Beijing, which once again emphasized promoting the deep integration of the digital economy and the real economy, guiding the digital transformation of small and medium-sized enterprises, and fully tapping the development potential of the industrial Internet. Intelligent manufacturing is a major industrial direction that we are firmly optimistic about;
(3) the speed of China’s sea breeze bidding is accelerated. It is expected that the sea breeze planning will exceed 140gw during the 14th Five Year Plan period, which is expected to bring hundreds of billions of investment. Among them, the submarine cable is the most deterministic link of the industrial chain, which has the characteristics of high competition barriers and stable competition pattern, and the submarine cable leader is expected to benefit from the core;
(4) Tencent’s capital expenditure in 2022q1 declined year-on-year and month on month, and China’s cloud computing industry chain is still waiting to recover. However, aspeed’s revenue continued to maintain high growth from March to April, with a year-on-year growth of 66% and 61% respectively. Superimposed on the continuous increase of cloud infrastructure construction by overseas cloud giants, we believe that short-term sustainability focuses on the inflection point opportunities of cloud infrastructure industry chain;
(5) the scale of end users of the cellular Internet of things is rapidly approaching that of mobile phone users, which means that the number of connections of the cellular Internet of things in China will fully realize “Superman of things”. The development of the mobile Internet of things is moving towards the fast lane. The “communication technology + application scenario” two-way drives the “point to area” development of the Internet of things. As one of the necessary hardware of the transmission layer of the Internet of things, the module is expected to take the lead in benefiting.
[Industrial Dynamics & investment perspective]:
[new energy vehicles] New Energy & Smart vehicles will resume production step by step, and pay attention to the industry’s recovery investment opportunities. According to the data of China Automobile Association, China’s production and sales of 312000 and 299000 new energy vehicles were completed in April of 22 years, with a year-on-year increase of 43.9% and 44.6% respectively, and the market penetration rate was 25.3%; From January to April, the production and sales of new energy vehicles were 1.605 million and 1.556 million respectively, an increase of 1.1 times year-on-year, and the market penetration rate was 20.2%. In April, the automobile industry declined as a whole, and the development of new energy was also affected and impacted by the current epidemic. However, at present, the peak of the epidemic in China may have passed, the resumption of work and production will be gradual, and the implementation of supporting policies will be accelerated. NEW energy vehicles are expected to resume rapid growth, and further drive the accelerated development of vehicle lens, lidar, controller, connector, module and other sub industries. Key recommendation: Vehicle lens: [ Dongguan Yutong Optical Technology Co.Ltd(300790) ], [ Lianchuang Electronic Technology Co.Ltd(002036) ], [ Zhejiang Crystal-Optech Co.Ltd(002273) ], etc; Lidar: [ Ningbo Yong Xin Optics Co.Ltd(603297) ], [ju Guang Technology], etc; Modules [ Fibocom Wireless Inc(300638) ], [ Meig Smart Technology Co.Ltd(002881) ], [ Quectel Wireless Solutions Co.Ltd(603236) ], etc; Automobile controller [ Keboda Technology Co.Ltd(603786) ], etc. Focus on the following key focus: the car connector [ ‘30067 ”’ Shanghai Laimu Electronics Co.Ltd(603633) ]; Automobile controller [ Shenzhen H&T Intelligent Control Co.Ltd(002402) ], [ Ningbo Joyson Electronic Corp(600699) ], etc.
[cloud computing] Tencent’s Q1 capital expenditure declined year-on-year and month on month in 2022, waiting for the recovery of China’s cloud computing industry chain. In 2022, Tencent’s total revenue in Q1 was 135.5 billion yuan, flat year-on-year, with a profit of 25.5 billion yuan, a year-on-year decrease of 23%, including value-added service revenue of 72.7 billion yuan, online advertising business revenue of 18 billion yuan, a year-on-year decrease of 18%, and financial technology and enterprise service business revenue of 42.8 billion yuan, a year-on-year increase of 10%. Capital expenditure was 7 billion yuan, with a year-on-year decrease of 10% and a month on month decrease of 40%. We still need to wait for the recovery of cloud business and the recovery of investment opportunities in the industrial chain (IDC, switch router, optical module, server, cloud video, etc.). Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], [ Beijing Sinnet Technology Co.Ltd(300383) ], etc; Focus on: [ Eoptolink Technology Inc.Ltd(300502) ], [ Zhongji Innolight Co.Ltd(300308) ], [ Guangdong Aofei Data Technology Co.Ltd(300738) ], [ Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) ], [ Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) ], [ Shenzhen Envicool Technology Co.Ltd(002837) ], [ Kehua Data Co.Ltd(002335) ], [ Shanghai Athub Co.Ltd(603881) ], etc.
[intelligent manufacturing] the CPPCC National Committee held a special consultation meeting on “promoting the sustainable and healthy development of digital economy”, which once again emphasized the development of industrial Internet. Industrial Internet / intelligent manufacturing is our most promising industrial direction. On May 17, the CPPCC National Committee held a special consultation meeting on “promoting the sustainable and healthy development of the digital economy” in Beijing, which once again emphasized promoting the deep integration of the digital economy and the real economy, guiding the digital transformation of small and medium-sized enterprises, and fully tapping the development potential of the industrial Internet, which is conducive to the long-term good development of intelligent manufacturing. Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Zhejiang Supcon Technology Co.Ltd(688777) ], [ Beijing Kingsoft Office Software Inc(688111) ], [ Nancal Technology Co.Ltd(603859) ], [ Guangzhou Sie Consulting Co.Ltd(300687) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], etc.
[Internet of things] the era of “Superman of things” is coming, and the development of the Internet of things industry has entered an accelerated stage. The scale of end users of the cellular Internet of things is rapidly approaching that of mobile phone users, which means that the number of connections of the cellular Internet of things in China will fully realize “Superman of things”. The development of the mobile Internet of things is moving towards the fast lane. The “communication technology + application scenario” two-way drives the “point to area” development of the Internet of things. As one of the necessary hardware of the transmission layer of the Internet of things, the module is expected to take the lead in benefiting, and the benefit certainty is strong. Key recommendations: [ Fibocom Wireless Inc(300638) ] (vehicle module leader), [ Meig Smart Technology Co.Ltd(002881) ] (vehicle module cutting-edge enterprise), [ Quectel Wireless Solutions Co.Ltd(603236) ] (vehicle module leader), etc.
[sector trend]: this week (5.16-5.20), in the Shenwan industry, the communication (Shenwan) index rose by 2.50%, ranking second in the TMT sector, with a dynamic P / E ratio of 28.05 and second in the TMT sector. In terms of net inflow of LST, the top five inflow include China United Network Communications Limited(600050) (8.34 million shares), Zte Corporation(000063) (6.36 million shares), Foxconn Industrial Internet Co.Ltd(601138) (5.08 million shares), Jiangsu Shagang Co.Ltd(002075) (408 million shares), Sumavision Technologies Co.Ltd(300079) (4.01 million shares); In terms of net outflow of LST, the top five outflows include Kehua Data Co.Ltd(002335) (- 232 million shares), Pci Technology Group Co.Ltd(600728) (- 165 million shares), Skyworth Digital Co.Ltd(000810) (- 123 million shares), Huagong Tech Company Limited(000988) (- 740000 shares), Unisplendour Corporation Limited(000938) (- 620000 shares).
The focus of the week will focus on the focus of the week with the focus of the focus of the week in the focus of the week of the focus of the week of the ”s focus of the focus of the focus of the week of the ”s focus of the focus of the focus of the week of the ‘s focus of the focus of the week of the focus of the week of the week ”60084 Shanghai Baosight Software Co.Ltd(600845) , Shenzhen H&T Intelligent Control Co.Ltd(002402) , China Mobile, Guangzhou Sie Consulting Co.Ltd(300687) , Nancal Technology Co.Ltd(603859) , etc.
[key company] the industrial Internet / intelligent manufacturing of [key company] the industrial Internet of the [key company] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) \ , Unisplendour Corporation Limited(000938) etc.); New energy & Intelligent networked vehicle The lens of Optics: the Shun optics, Hongda Xingye Co.Ltd(002002) 036′ etc.; connector: Electric Connector Technology Co.Ltd(300679) , Suzhou Recodeal Interconnect System Co.Ltd(688800) , Shenzhen Deren Electronic Co.Ltd(002055) , Shenglan Technology Co.Ltd(300843) , Wenzhou Yihua Connector Co.Ltd(002897) , Zhejiang Yonggui Electric Equipment Co.Ltd(300351) , Dongguan Dingtong Precision Metal Co.Ltd(688668) , Cwb Automotive Electronics Co.Ltd(605005) , Shanghai Laimu Electronics Co.Ltd(603633) , etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); “New energy +” (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) etc.); Cloud computing (IDC: ‘s Shanghai Baosight Software Co.Ltd(600845) devices: Eoptolink Technology Inc.Ltd(300502) \ etc.); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) etc.); Operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) etc.).
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction, covid-19 epidemic spread.
