Report summary
Market performance review: due to the continuous epidemic this month, the market is pessimistic about macroeconomic expectations. Due to the impact of inflation, the United States has entered the monetary tightening cycle, the rise of upstream raw material prices has suppressed the profits of the middle and lower reaches, and the performance of some listed companies in the first quarter is lower than expected. The A-share market continues to adjust. From April 1 to April 30, the Shanghai stock index fell by 6.31%, the CSI 300 index fell by 4.89%, the CSI 500 index fell by 11.02%, and the gem index fell by 12.80%. During this period, only the food and beverage industry rose among the 31 Shenwan industries, while the growth sectors such as TMT, new energy, medicine and military industry fell significantly. The computer industry index fell by 17.03%, 12.14 percentage points lower than the CSI 300 index, ranking last among the 31 Shenwan industries.
According to the statistics of the annual report of Listed Companies in Shenwan computer industry in 2021 and the first quarterly report of 2022, the growth rate of operating revenue of Shenwan computer industry in 2021 was higher than that in 2020. In the second half of the year, due to the repeated serious epidemic situation in some areas and the impact of macro-economy, the reduction of it expenditure at the financial end and the delay of project implementation made the profitability drop significantly, and the performance in the first quarter of 2022 further declined, Industry differentiation is significant, the performance of leading companies is significantly better than the industry average, and the profitability has maintained a relatively rapid growth. On the basis of the slowdown of income growth, the cost side of the industry as a whole increased rapidly. Due to the large expansion of personnel in 2021, the gross profit margin decreased and the cost rate increased during the period. Accounts receivable and contract assets were at a high level, and operating cash flow decreased year-on-year. At present, the overall valuation of the industry is at an absolute low level in recent five years, but the inflection point of fundamentals may not appear until after the end of the epidemic. In the short term, the Q2 performance of the industry may continue to be under pressure. In the second half of the year, with the end of the epidemic, some downstream customers are subdivided industries dominated by the government and state-owned enterprises and institutions, such as network security and information innovation. Due to the relatively high necessity of it construction, the fundamentals are expected to be repaired first.
Risk tips
The deterioration of the international political situation; The implementation of relevant support policies is less than expected; The macroeconomic situation was less than expected.
