Key investment points
Market review: this week, the CSI 300 index closed at 4077.6 points, up 3.06%; Shenwan communication sector closed at 176985 points, up 3.1%,
Overall view of the Internet of things sector: 1 The epidemic has dragged down China's growth, but overseas demand is still strong. It is optimistic that the restoration of China's Internet of things demand after the epidemic will reverse the prosperity of the industry. 2. Affected by the Russian Ukrainian war, the upstream material cost is still high. It is expected that the material cost will be loose in the second half of the year, and the middle and lower reaches will accumulate a lot. 3. The epidemic has delayed the demand for cars and smart homes. It is suggested to pay attention to the marginal growth of demand for relevant industrial chains at the application layer caused by the resumption of work and production. 4.2022 submarine cable bidding is gradually implemented, and the performance certainty of relevant companies is further enhanced. 5.5G mobile phone case brings incremental investment opportunities, and the related targets of baseband chip / module deserve attention.
Basic materials of Internet of things: Samsung raised the OEM price by 15% - 20%, and the upstream consumables continued to be in a high boom. It is optimistic about the performance reversal caused by the cost decline in the second half of the year. The main targets: Thinkon Semiconductor Jinzhou Corp(688233) etc.
Essential components: the trend of industrial transfer remains the same, and the main targets are: Tkd Science And Technology Co.Ltd(603738) , Guangdong Faith Long Crystal Technology Co.Ltd(300460) , Hebei Sinopack Electronic Technology Co.Ltd(003031) .
Sensor: the performance of gas sensor Q1 is generally lower than expected, and it is expected to improve month on month after the epidemic subsides in the second quarter.
Main targets: Hanwei Electronics Group Corporation(300007) , Cubic Sensor And Instrument Co.Ltd(688665) etc.
Beidou / GNSS: with the successful networking of beidou-3, the satellite industry chain is becoming more and more mature, superimposed with the policy catalysis of new infrastructure and digital economy. Main target: Shanghai Huace Navigation Technology Ltd(300627) etc.
Intelligent controller: the trend of interconnection of all things and ODM outsourcing drives the volume and price of intelligent controller to rise simultaneously. The price of key raw materials has gradually decreased, and the market is expected to usher in the repair market. Main targets: Shenzhen H&T Intelligent Control Co.Ltd(002402) , Shenzhen Topband Co.Ltd(002139) etc.
Cellular baseband: 5g and CAT1 high gain. Main targets: Aojie technology, Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , etc.
WiFi / btsoc: tight production capacity on the supply side is maintained, and the structural differentiation on the demand side is obvious. Main targets: Espressif Systems (Shanghai) Co.Ltd(688018) , Amlogic (Shanghai) Co.Ltd(688099) , Rockchip Electronics Co.Ltd(603893) , Allwinnertech Technology Co.Ltd(300458) , Bestechnic (Shanghai) Co.Ltd(688608) , Sino Wealth Electronic Ltd(300327) , etc.
Power line carrier communication: the State Grid South Grid promotes dual-mode smart meters, and the number of PLC nodes is expected to increase significantly. Main targets: chuangyao technology, Leaguer (Shenzhen) Microelectronics Corp(688589) , Qingdao Eastsoft Communication Technology Co.Ltd(300183) , Qingdao Topscomm Communication Inc(603421) , etc.
Connector: the overall performance of automobile connector Q1 is good, but there are still hidden worries about the epidemic. It is optimistic about companies with a good margin of resumption of work and production. The main targets are: Suzhou Recodeal Interconnect System Co.Ltd(688800) , Wenzhou Yihua Connector Co.Ltd(002897) , etc.
RF: the consumer side continued to be weak. In Q1, mobile phone shipments in Chinese Mainland fell by 29.2% year-on-year. Focus on companies with their own alpha attributes. Main targets: Maxscend Microelectronics Company Limited(300782) , Weijie Chuangxin, Haoda electronics, etc.
Optical fiber and cable: the gross profit and net profit of Q1 industry have improved significantly, and the main targets: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) etc.
Submarine cable: the peak season of submarine cable is coming, or both volume and price will rise. Main targets: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) etc.
Optical module: the global optical module market is expected to grow faster than expected in the next five years, with data center as the main driving force.
Main targets: Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Henan Shijia Photons Technology Co.Ltd(688313) , etc.
Operators: the trend of high-speed construction of global telecommunications infrastructure remains unchanged. China's 5g first mover advantage is obvious. With the deceleration and fee reduction trend weakening, it is optimistic about the repair of the performance of operators. Main target: China Mobile (a + H), etc.
Equipment supplier: the domestic substitution trend of government enterprise business remains unchanged, and the main targets: Zte Corporation(000063) , Unisplendour Corporation Limited(000938) etc.
Conference Informatization: in the post epidemic era, the demand for online meetings of enterprises continues to rise, and the incremental demand for video conference equipment will bring the revenue growth of cloud platforms and hardware manufacturers. Main target: Yealink Network Technology Co.Ltd(300628) etc.
Internet of vehicles: Internet of vehicles related companies maintain a high outlook as a whole, continue to introduce new products, and pay attention to the catalyst for the release of new vehicles in the second quarter. Main targets: Huizhou Desay Sv Automotive Co.Ltd(002920) , Foryou Corporation(002906) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) , etc.
Industrial Internet: the construction of 5g base stations has been steadily promoted, and it is expected that industrial related scenes will be gradually implemented. Main targets: Suzhou Tztek Technology Co.Ltd(688003) , Ling Yunguang, etc.
Risk tips: covid-19 epidemic recurrence risk, chip supply shortage risk, raw material price rise risk, etc.
