1. The industrial Internet market has a trillion market size and huge space: at present, China is in the process of moving from medium and low-end to medium and high-end in the global value chain, but the industrial chain is still at the medium and low-end level in the world, and the demand for industrial digital upgrading is increasing. According to the data of China Industrial Internet Research Institute, in 2020, the added value of China's industrial Internet industry reached 3.57 trillion yuan, with a nominal growth rate of 11.66%, accounting for 3.51% of GDP. It is estimated that the scale of industrial Internet industry added value will reach 4.13 trillion yuan in 2021, and the scale of industrial added value will reach a new high.
2. The platform has the basic ability to serve manufacturing enterprises, and the demand for edge ability, industrial data service ability and industrial model service ability is the most vigorous. The value of industrial Internet platform mainly focuses on three dimensions: application value, business scenario and platform capability. Among them, the platform capability is the basic technical requirement to support the corresponding business scenarios to realize the application value. At present, it has the ability to serve manufacturing enterprises.
Among all kinds of platform capabilities, the demand for edge capability, industrial data service capability and industrial model service capability is the most vigorous. General PAAS, industrial application development and human-computer interaction capability have become the optional additional capabilities of the platform.
3. The core of industrial digital transformation is the improvement of operation indicators. At present, the application demand of the industry is more concentrated in energy and power, petrochemical or high-end manufacturing industries. Of which:
(1) in the energy and power industry, due to the wide distribution of production equipment, relatively independent power grid system and extremely high requirements for safety management, the application is mainly concentrated in the fields of equipment control, production process and product operation and maintenance.
(2) in the petrochemical industry, due to the characteristics of upstream product price fluctuation, complex production process, high emission and energy consumption and high production safety risk, the application is mainly concentrated in the business field of production control and operation management, and there is a great demand for the application of equipment control, production process optimization and safety and environmental protection management.
(3) in the equipment manufacturing industry, due to the complex product process, high product unit price and long production cycle, the platform application runs through the whole business chain of product R & D and design, production control and operation and maintenance services. There is a great demand for digital design verification, process upgrading and data connection in the whole product life cycle.
4. Sorting out investment opportunities
Based on application scenarios, industrial Internet covers five aspects: R & D, production, management, operation and maintenance and collaboration. Different application directions are derived according to different application scenarios:
(1) in terms of R & D, it is mainly occupied by foreign R & D and design software. Since the mid-1990s, after continuous R & D and development, and driven by domestic substitution caused by global trade disputes, the market share of Chinese R & D and design software companies is expected to increase. The beneficiaries of related industries include Zwsoft Co.Ltd(Guangzhou)(688083) , Nancal Technology Co.Ltd(603859) , Shanghai Hollywave Electronic System Co.Ltd(688682) , yundaozhizao, etc.
(2) in terms of production management, digital chemical plants and other system solution suppliers are mainly derived from different vertical industries, including Shanghai Baosight Software Co.Ltd(600845) (iron and steel), Shanghai Youye (iron and steel), Sinopec Yingke (petrochemical), Gechuang Dongzhi (high-end manufacturing panel), SiGe data (CNC machine tool), Foxconn Industrial Internet Co.Ltd(601138) (CNC machine tool), Zhibu interconnection (Textile), Defeng Technology (tobacco), As well as Inspur Yunzhou, Haier cosmoplat and so on.
(3) in terms of operation and maintenance, the demand for energy, power, petrochemical and high-value equipment manufacturing industries with extensive business layout is obvious. The specific applications are reflected in the operation and maintenance of products and equipment such as predictive protection and equipment intelligent control. Including XCMG information (power product supply chain and post market information control), Jiyun Technology (GEM mechanical equipment operation and maintenance platform), Anhui Ronds Science & Technology Incorporated Company(688768) (predictive maintenance of fans), etc.
(4) in terms of collaboration, enterprises can improve innovative data derivation services through industry finance collaboration, R & D collaboration, supply chain collaboration, channel collaboration and other businesses, so as to achieve a low threshold for such businesses and a large market space in the future. Tree root interconnection (industry finance collaboration), UFIDA (downstream channel intelligent marketing and supply chain collaboration with vertical applications), intelligent Yunke (machine tool cloud leasing).
5. Viewpoint of communication sector
The valuation of the communication sector fell back to a historical low, and there was a significant mismatch between the valuation and growth. The subdivided sectors entered the value buying range, and continued to recommend this week:
1) for undervalued and high dividend, telecom operators (a + H) with strong consumption attributes must be selected: China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) ;
2) main equipment with underestimated value still growing: Unisplendour Corporation Limited(000938) (West China Communication & computer joint coverage), Zte Corporation(000063) ;
3) IDC and optical modules in the East digital West computing industry chain: Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Eoptolink Technology Inc.Ltd(300502) , Suzhou Tfc Optical Communication Co.Ltd(300394) , Accelink Technologies Co.Ltd(002281) , Zhongji Innolight Co.Ltd(300308) etc;
4) high growth IOT module and energy informatization sector: Quectel Wireless Solutions Co.Ltd(603236) , Fibocom Wireless Inc(300638) , Longshine Technology Group Co.Ltd(300682) (West China Communication & computer joint coverage), Willfar Information Technology Co.Ltd(688100) etc;
5) 10g-pon and home broadband design industrial chain: Hangzhou Anysoft Information Technology Co.Ltd(300571) , Sichuan Tianyi Comheart Telecom Co.Ltd(300504) etc;
6) other stocks: Guangzhou Haige Communications Group Incorporated Company(002465) (Beidou 3 penetration increased) (West China Communication & Military Industry joint coverage), Beijing Relpow Technology Co.Ltd(300593) (West China Communication & Military Industry joint coverage), Tcl Technology Group Corporation(000100) (panel price bottomed out) (West China Communication & electronic joint coverage), Tianjin 712 Communication & Broadcasting Co.Ltd(603712) (military industry informatization), Goldcard Smart Group Co.Ltd(300349) (West China Communication & Machinery Joint coverage), etc.
6. Risk warning
The application and promotion of the industry is not as expected; Technological development is less than expected; The market demand is less than expected; Systemic risk.
