The top-level strategic position of digital economy is significant. 1) 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, focusing on key core technologies, enterprise digital transformation, data element circulation and other major fields, and the top-level strategic position of the digital economy was re emphasized. 2) We believe that the important purpose of promoting the digital economy is to effectively achieve high-quality economic development, which can be reflected in three aspects: improving total factor productivity, cultivating new industrial growth points and promoting inclusive and sustainable growth. Throughout the world, in history, many countries have continuously upgraded their digital economy strategies and effectively promoted sustainable economic development. By 2016, the proportion of digital economy in GDP in Germany, Britain and the United States has reached about 60%. 3) In the context of the great development of the digital economy, China's major projects such as "counting from the east to the west" have been implemented first, driving the investment in all aspects to exceed 190 billion yuan this year. According to the statistics of China Academy of information and communications, from 2005 to 2020, the scale of China's digital economy expanded from 2.6 trillion yuan to 39.2 trillion yuan. We expect the scale of digital economy to accelerate in the future.
The overall demand for IT infrastructure may rebound at the bottom, and the prosperity is gradually rising. 1) From the perspective of China, the current penetration of cloud computing in China is unstoppable. According to IDC statistics, the scale of China's cloud computing market is expected to reach more than US $100 billion in 2024, about three times that of 2019. Among them, various industries of Telecom and government show diversified development trend. On the one hand, the procurement of government and enterprise servers such as operators may increase significantly. The year-on-year growth rate of China Mobile in 2022 is about 48%; In addition, the Internet and public cloud are expected to improve. Alibaba's capital expenditure increased by 128% in 2021q4. Although Tencent's enterprise services decreased year-on-year in 2022q1, it is mainly due to strategic adjustment in order to achieve higher quality growth, and the overall cloud deployment demand is expected to be released steadily. 2) Overseas, there are frequent signals of recovery in the upper reaches of the cloud, further boosting the prosperity of the industry, including a significant improvement in the capital expenditure of global cloud manufacturers in 2022, a 22% increase in Intel DCAI business revenue, the start of supply of sapphire rapids, and the year-on-year growth rate of aspeed maintained at more than 60%. 3) Generally speaking, under the influence of cloud penetration, epidemic and other factors, from 2020 to the second half of 2021, the overall IT infrastructure has entered the digestion cycle, and the valuations of Shanghai Baosight Software Co.Ltd(600845) , Dawning Information Industry Co.Ltd(603019) , Inspur Electronic Information Industry Co.Ltd(000977) and other relevant leading enterprises have also reached a significant historical low; Since 2022, under the background of digital economy development and high-quality economic growth, the demand for new IT infrastructure is expected to hit the bottom, rebound and release steadily, and the prosperity of the industry is expected to gradually rise.
Security is the national strategy, the epidemic situation does not change the growth trend, and A-share network security leads into the deep value range. 1) The worry about the profitability of the leader of the nettan and the boom of government spending in the market ''market is gradually easing, and the worry about the profitability of the leader of the net and the boom of government spending. The full year of 2021 for the year of 2021 is gradually easing. The full year of 2021. The full year of 2021, the full year of the year of the year of the year of the full year of the year of the year in which the net of the net of the net of the leader of the net of the net' '''s anchor '''s ability to earn the profitability of the leader of the net and the boom of the government's spending. The worry about about the ease of the ease of the warwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwarwar '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '''17.0%, 36.42%, 20.27%, 29.80%, 26.02%, including Qi An Xin Technology Group Inc(688561) , Dbappsecurity Co.Ltd(688023) , Westone Information Industry Inc(002268) , Nsfocus Technologies Group Co.Ltd(300369) Beijing Infosec Technologies Co.Ltd(688201) 21q4 single quarter revenue growth rate was 36.81%, 44.05%, - 10.76%, 29.03%, 22.26%, corresponding to 22q1 single quarter growth rate of 44.52%, 26.90, 123.07%, 34.64%, 31.53%. Disturbed by the epidemic, the rhythm of the leading enterprises gradually recovered, the growth rate of leading enterprises improved month on month, and Qi An Xin Technology Group Inc(688561) as of March 29, 2022, the new orders exceeded 900 million yuan, with a year-on-year increase of 65%. The amount of new orders in Topsec Technologies Group Inc(002212) 21 increased by 48.09% year-on-year, combined with the data of bidding and procurement network, Plate orders remained in a high boom state. 2) By the end of May 20, the 20th of May, and the end of May 20, 20% of the net profit level of a mature network security company is assumed to be 20% of the net profit level of a mature network security company. The implied PE level corresponding to the expected PS of the anticipated PS for the years of Qi An Xin Technology Group Inc(688561) 42, 15.1, 17.64 and 21.94 are all at historical valuation lows, with prominent allocation value.
In 2022, information technology innovation entered a critical stage, making three major breakthroughs in ecology, root technology and industry implementation, and continuously improving its capacity. (1) Ecological breakthrough, all links of the industrial chain go hand in hand, and the ecology is gradually built and completed under the leadership of the leader. The leading enterprises represented by Huawei (Kunpeng Ecology), the Institute of computing of the Chinese Academy of Sciences ( Dawning Information Industry Co.Ltd(603019) & haiguang Ecology), China Electronics (PK ecology), and the subdivided field "light of domestic goods" represented by Ninestar Corporation(002180) , Beijing Kingsoft Office Software Inc(688111) are growing. (2) Based on technological breakthroughs, chip design and manufacturing links are expected to be improved, Huawei's "lack of core" problem is expected to be alleviated, and haiguang 4 has achieved a major breakthrough in the process, verifying that it has long-term independent R & D and iterative capabilities. (3) Breakthroughs have been made in the field, and information technology innovation has been recognized by customers. Party and government Xinchuang will promote from electronic official documents to e-government, and extend from provinces and cities to streets and towns. Party and government Xinchuang is expected to start a new round of construction cycle in the second half of 2022; Telecommunications, finance and other industries are advancing smoothly; The recent bidding and procurement results show that the number and market share of Xinchuang servers have increased, which verifies the smooth progress of Xinchuang. Industrial digitization is an inevitable choice under the promotion of human cost, and leading enterprises have performance toughness. 1) After reviewing the digital transformation of European and American industries, we can find that the main fuse for the digital upgrading of European and American manufacturing industry in that year was that the increase of European and American human costs forced enterprises to reduce costs and increase efficiency. At present, China's demographic dividend has gradually subsided, the human cost has risen to the level of Europe and the United States in the 1980s, the demand for cost reduction and efficiency enhancement has emerged, and the era dividend has emerged in the digital and intelligent transformation of industry. 2) In 2022q1, the prosperity of China's digital industry is affected to some extent by macro factors such as downstream expenditure and epidemic situation. Among them, small and medium-sized enterprises are more vulnerable to impact, while leading enterprises and some technology driven sub industries have more anti cycle ability. For example, after Glodon Company Limited(002410) saas transformation, the income of digital cost business has been significantly smooth, which confirms its business toughness. We expect that the epidemic or short-term disturbance q2-q3 performance, while the impact is controllable from the perspective of the whole year. At the same time, in the context of the development of digital economy and industrial digitization, all kinds of segmentation leaders are expected to continue to grow steadily.
Investment object:
1) it infrastructure: Dawning Information Industry Co.Ltd(603019) , Shanghai Baosight Software Co.Ltd(600845) , Inspur Electronic Information Industry Co.Ltd(000977) , Unisplendour Corporation Limited(000938) , etc
2) intelligent automobile: Thunder Software Technology Co.Ltd(300496) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Jingwei Hengrun, Navinfo Co.Ltd(002405) , Neusoft Corporation(600718) , etc
3) great safety: Westone Information Industry Inc(002268) , Qi An Xin Technology Group Inc(688561) , Dbappsecurity Co.Ltd(688023) , Topsec Technologies Group Inc(002212) , Sangfor Technologies Inc(300454) , Venustech Group Inc(002439) , Beijing Infosec Technologies Co.Ltd(688201) , Nsfocus Technologies Group Co.Ltd(300369) , etc
4) information technology innovation: Ninestar Corporation(002180) , Dawning Information Industry Co.Ltd(603019) , Beijing Kingsoft Office Software Inc(688111) , China National Software And Service Company Limited(600536) , Beijing Vastdata Technology Co.Ltd(603138) , etc
5) industry digitiz: industry digitiz: China stock market digitiz: industry digitiz: industry digitiz: industry digitiz: industry digitiz: industry digitiz: industry digitiz: China stock market '''digital: industry digital: industry digital: industry digital: China stock market news, the 's stock market news, the 's stock market '' '' '' '' '' '' ''digitiz: industry digital: industry digitiz: China stock market' '' '' '' '''s stock market news, the Shenzhen Cdl Precision Technology Co.Ltd(300686) 86868686868686868686868686868686868686868686868686868686868686868686868686868686868616161616161ofchina' Poten Environment Group Co.Ltd(603603) 616161616161616161616161616161616161of the \ , Zwsoft Co.Ltd(Guangzhou)(688083) , Winning Health Technology Group Co.Ltd(300253) , B-Soft Co.Ltd(300451) , Guangzhou Sie Consulting Co.Ltd(300687) , Iflytek Co.Ltd(002230) , Trs Information Technology Co.Ltd(300229) , etc.
Risk tip: the policy promotion is less than expected, the economic downturn is more than expected, and the trade friction is intensified.
