Core view
Analysis of computer industry: Recently, the computer sector has been active. Under the catalysis of digital currency theme and DRG / Dip policy, the bank it and medical it sectors have continued to repair. In addition, we recommend four targets recently. Financial innovation is expected to accelerate in 2022, with China Greatwall Technology Group Co.Ltd(000066) , Dawning Information Industry Co.Ltd(603019) being the first; The state-owned enterprise reform action plan enters the last year, Yonyou Network Technology Co.Ltd(600588) will fully benefit; We are optimistic about the repair of the network security sector in 22 years, and recommend 360 Security Technology Inc(601360) with poor expectations.
Financial information innovation is expected to accelerate, and the information innovation sector ushers in new opportunities. Since 2021, Xinchuang has expanded from Party and government Xinchuang to industry Xinchuang, and the telecommunications and financial fields have been the first to start. Previously, Xinchuang in the financial industry was relatively conservative and the pilot process was slow. However, the implementation of financial Xinchuang in 22 years is expected to accelerate, and the expectations of relevant directories and policies are strong. In the industry’s information creation market, haiguang of x86 architecture occupies a good share in the field of information creation server by virtue of its ecological advantages, while Feiteng of arm architecture continues to break through in the industry’s information creation market with the release of Tengyun S2500 new chip, and the shipment of Feiteng chip has reached new highs. In addition, in 2021, the shipment of the party and government Xinchuang market is still guaranteed, and the business performance of Feiteng, haiguang, Qilin and related listed companies continues to improve. The key recommendation is Xinchuang leading company China Greatwall Technology Group Co.Ltd(000066) , Dawning Information Industry Co.Ltd(603019) . Dawning Information Industry Co.Ltd(603019) : under the background of the 14th five year plan, new infrastructure and digital economy transformation have become important goals. The demand for national key scientific research projects continues to increase, and the company’s high-end computer business is expected to benefit fully. China Greatwall Technology Group Co.Ltd(000066) : high tech electronic business is in a leading position in the field of national defense communication and will continue to benefit from the high prosperity of military industry informatization.
The reform of state-owned enterprises has accelerated and Yonyou Network Technology Co.Ltd(600588) is expected to benefit. 2022 is the last year of the three-year action plan for the reform of state-owned enterprises. The reform of state-owned enterprises is expected to be accelerated. Previously, several central enterprise groups, including CETC and China shipbuilding, carried out a number of reforms such as asset securitization, merger and reorganization. The integration of state-owned enterprises is expected to bring increased demand to management software manufacturers. In addition, since the beginning of 21 years, many governments have started the construction of state-owned assets cloud, promoted local state-owned enterprises to go to the state-owned assets cloud, and conducted centralized procurement for enterprise informatization needs. The reform of state-owned enterprises and the construction of state-owned assets cloud are expected to accelerate the localization of state-owned enterprise management software, Yonyou Network Technology Co.Ltd(600588) directly benefit; In recent years, the cloud strategy of the company has been continuously promoted, and the products have been polished and mature. After nearly two years of polishing, the new products such as yonnip / yonsuite launched previously have become more mature and are expected to accelerate the implementation; In addition, the company is also promoting the implementation of business outsourcing. The promotion of cloud and outsourcing is expected to continuously improve the company’s gross profit margin. Since the beginning of 22 years, the influencing factors of stripping financial business on the statements will also be eliminated, and the company’s performance and gross profit margin will continue to improve; Recently, the fixed increase of the company has been approved, and the fixed increase is about to be implemented. It is expected that the equity structure will be further optimized.
The network security sector has a high probability of reversal in 22 years, and 360 Security Technology Inc(601360) with poor expectation is recommended. The performance of the network security sector was poor in 21 years, and the performance of most targets was lower than expected. On the one hand, the main factors were the decline of gross profit margin caused by the rise in the price of upstream raw materials. On the other hand, during the epidemic period of 20 years, the network security companies invested less in personnel. In 21 years, they began to focus on expanding research and development and sales personnel, and the related expenses increased more. Looking forward to 22 years, The above factors will probably improve. Network security is a relatively rigid expenditure of the government and enterprises, and the network security sector is also a sector with a relatively certain historical growth rate among the computer sub sectors. Looking forward to 22 years, under the background of policy catalysis such as data security, three-year action plan for high-quality development of network security industry (2021-2023) (Exposure Draft) and economic recovery after the epidemic, The demand for network security is expected to grow further. After a long period of adjustment, the valuation of the network security sector has been at a historical low, and it is optimistic about the 22-year performance and valuation of the sector. Pay attention to the poor expectation of 360 Security Technology Inc(601360) . Previously, 360 Security Technology Inc(601360) was mainly engaged in C-end security and Internet business, and there was less security business layout at b-end. However, in the past 20 years, the company officially established the government enterprise security business department to develop the government enterprise security business. As of 630 in 21 years, the company’s government enterprise security business department has more than 3500 personnel and has formed a comprehensive software solution. The company solves the security needs of government enterprise customers in one stop through the “security brain”. There are sufficient orders on hand. Looking forward to 22 years, it is expected to rise suddenly in the government enterprise security market.
Investment suggestions: focus on China Greatwall Technology Group Co.Ltd(000066) , Dawning Information Industry Co.Ltd(603019) , Yonyou Network Technology Co.Ltd(600588) , 360 Security Technology Inc(601360) .
Risk tip: the economy is down, and the government expenditure is less than expected; The strength of the policy was less than expected.
