[Zhou investment view]:
(1) according to the data of China Automobile Association, the production and sales of new energy vehicles in China in December increased by more than 100% year-on-year. The performance of traditional vehicle enterprises and new forces in vehicle manufacturing is brilliant. New energy vehicles have the foundation of intelligent development, which will greatly promote the development of intelligent vehicle industry chain, and pay attention to investment opportunities in vehicle lens, lidar, controller, module, connector and other subdivided industries. Key recommendations: Fibocom Wireless Inc(300638) , Meig Smart Technology Co.Ltd(002881) , Quectel Wireless Solutions Co.Ltd(603236) , Ningbo Yong Xin Optics Co.Ltd(603297) , Keboda Technology Co.Ltd(603786) and other core companies in the industrial chain.
(2) under the dual carbon background, sea breeze has the attributes of “large space and strong certainty”. As the core of sea breeze industry chain, submarine cable has stable competition pattern, high competition barriers and small space for price exploration. At the same time, deep and open sea development brings new opportunities for “simultaneous rise of volume and price” to submarine cable. Key recommendations: Jiangsu Zhongtian Technology Co.Ltd(600522) ; Focus: Hengtong Optic-Electric Co.Ltd(600487) etc.
(3) the electric two wheeled vehicles represented by Mavericks and Yadi have been accelerated intelligently. At the same time, the shared electric scooters represented by lime and bird have basically realized intellectualization, and pay attention to the opportunity to improve the intelligent penetration of electric two wheeled vehicles. Focus: Queclink Wireless Solutions Co.Ltd(300590) etc.
(4) the State Council issued the “14th five year plan” for the development of digital economy. It is planned that by 2025, the added value of core industries of digital economy will account for 10% of GDP, of which the number of Gigabit broadband users will increase from 6.4 million in 2020 to 60 million, and the application penetration rate of industrial Internet platform will increase from 14.7% in 2020 to 45%. China’s manufacturing industry has a good foundation, the digitization level of government and enterprises is expected to be further improved in the future, and the development space of intelligent manufacturing / industrial Internet market is broad. Key recommendations: Shanghai Baosight Software Co.Ltd(600845) , Zhejiang Supcon Technology Co.Ltd(688777) , Nancal Technology Co.Ltd(603859) , Guangzhou Sie Consulting Co.Ltd(300687) , etc.
(5) according to the interface news, it is expected that the power grid investment in 2022 is expected to reach 501.2 billion yuan, with a year-on-year increase of 8.84%, a record high, and the power Internet of things welcomes deterministic development opportunities. Key recommendations: Beijing Inhand Networks Technology Co.Ltd(688080) ; Focus: Willfar Information Technology Co.Ltd(688100) etc.
(6) aspeed’s revenue in December changed from negative to positive month on month, with a month on month growth of 22%, maintaining a high growth rate of 32% year-on-year, focusing on the recovery investment opportunities of the cloud industry chain.
[industry dynamics & investment perspective]:
[new energy vehicles] the production and sales of new energy vehicles exceeded expectations in 21 years, and attention was paid to investment opportunities in sub industries. According to the data of China Automobile Association, China produced 518000 new energy vehicles in December, with a month on month increase of 13.3% and a year-on-year increase of 120.03%; The sales volume reached 531000 vehicles, with a month on month increase of 18.04% and a year-on-year increase of 113.97%. From January to December, the cumulative output reached 3.5326 million vehicles, a year-on-year increase of 169.67%, and the sales volume reached 3.573 million vehicles, a year-on-year increase of 165.11%. Cui Dongshu, Secretary General of the national passenger car market information joint committee, said that in 2022, the cumulative sales volume of Shanxi Guoxin Energy Corporation Limited(600617) cars is expected to exceed 6 million, with a market penetration rate of about 22%, and the cumulative sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger cars exceeds 5.5 million, with a market penetration rate of about 25%. The rapid development of new energy vehicles is expected to further promote the development of vehicle lens, lidar, controller, module, connector and other industries. Key recommendations: modules [ Fibocom Wireless Inc(300638) ], [ Meig Smart Technology Co.Ltd(002881) ], [ Quectel Wireless Solutions Co.Ltd(603236) ], automobile controller [ Keboda Technology Co.Ltd(603786) ], on-board lens: [ Ningbo Yong Xin Optics Co.Ltd(603297) ], [ Zhejiang Crystal-Optech Co.Ltd(002273) ]; Focus on: lidar: [ju Guang Technology], [Shunyu optics], [ Lianchuang Electronic Technology Co.Ltd(002036) ], [ Dongguan Yutong Optical Technology Co.Ltd(300790) ], etc; Automobile connectors [ Electric Connector Technology Co.Ltd(300679) ], [ Wenzhou Yihua Connector Co.Ltd(002897) ], [ Zhejiang Yonggui Electric Equipment Co.Ltd(300351) ], [ Suzhou Recodeal Interconnect System Co.Ltd(688800) ], [ Shenzhen Deren Electronic Co.Ltd(002055) ], [ Shenglan Technology Co.Ltd(300843) ], [ Dongguan Dingtong Precision Metal Co.Ltd(688668) ], [ Cwb Automotive Electronics Co.Ltd(605005) ], [ Shanghai Laimu Electronics Co.Ltd(603633) ]; Automobile controller [ Shenzhen H&T Intelligent Control Co.Ltd(002402) ], [ Ningbo Joyson Electronic Corp(600699) ], [ Foryou Corporation(002906) ], [ Neusoft Corporation(600718) ], etc.
[intelligent manufacturing] the State Council issued the “14th five year plan” for the development of digital economy. The industrial Internet has attracted attention. The Ministry of industry and information technology publicized the list of industrial Internet pilot demonstration projects in 2021, Shanghai Baosight Software Co.Ltd(600845) and Zhejiang Supcon Technology Co.Ltd(688777) were on the list. On January 12, 2022, the State Council issued the “14th five year plan” for the development of digital economy. It is planned that by 2025, the added value of core industries of digital economy will account for 10% of GDP, of which the number of Gigabit broadband users will increase from 6.4 million in 2020 to 60 million, and the application penetration rate of industrial Internet platform will increase from 14.7% in 2020 to 45%. China’s manufacturing industry has a good foundation, the digitization level of government and enterprises is expected to be further improved in the future, and the development space of intelligent manufacturing market is broad. Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Zhejiang Supcon Technology Co.Ltd(688777) ], [ Nancal Technology Co.Ltd(603859) ], [ Guangzhou Sie Consulting Co.Ltd(300687) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], etc; Focus on: [ Beijing Kingsoft Office Software Inc(688111) ], etc.
[Internet of things] the investment of state grid power grid is at a new high, and the growth space of power Internet of things is large; Pay attention to the investment opportunities in the intelligent era of electric two wheeled vehicles. According to the interface news, on January 13, the State Grid held an annual working meeting. It is planned that the power grid investment will reach 501.2 billion yuan in 2022, with a year-on-year increase of 8.84%. The investment structure of power grid has been continuously optimized, and the proportion of intelligent and distribution network side has increased, and the power Internet of things company is expected to take the lead in benefiting; Yadi has increased capital investment, participated in chip enterprises and accelerated the intelligent upgrading of products. The intelligent trend of electric two wheeled vehicles is inevitable and there is a large room for growth in the future. Key recommendation: [ Beijing Inhand Networks Technology Co.Ltd(688080) ] (Intelligent leader of power Internet of things distribution network); Focus on: [ Queclink Wireless Solutions Co.Ltd(300590) ] (the leader of vehicle terminal in the intelligent era of electric two wheeled vehicles), [ Willfar Information Technology Co.Ltd(688100) ] (high-quality enterprise of energy and Internet of things).
[sector trend]: this week (1.10-1.14), in the Shenwan industry, the communication (Shenwan) index fell 1.39%, ranking third in the TMT sector, with a dynamic P / E ratio of 38.77, ranking second in the TMT sector. In terms of net inflow of land stock connect, the top five inflow include Jiangsu Zhongtian Technology Co.Ltd(600522) (36.3 million shares), Xinhuanetco.Ltd(603888) (4.5 million shares), Business-Intelligence Of Oriental Nations Corporation Ltd(300166) (3.27 million shares), Shenzhen Envicool Technology Co.Ltd(002837) (2.66 million shares), Gci Science & Technology Co.Ltd(002544) (2.18 million shares); In terms of net outflow of LST, the top five outflows include Foxconn Industrial Internet Co.Ltd(601138) (- 35.05 million shares), Guangzhou Haige Communications Group Incorporated Company(002465) (- 11.73 million shares), Shenzhen Topband Co.Ltd(002139) (- 10.41 million shares), Beijing Sinnet Technology Co.Ltd(300383) (- 8.74 million shares) and Jiangsu Leike Defense Technology Co.Ltd(002413) (- 8.68 million shares).
[highlights of the week] Shanghai Baosight Software Co.Ltd(600845) , Jiangsu Zhongtian Technology Co.Ltd(600522) , Fibocom Wireless Inc(300638) , Queclink Wireless Solutions Co.Ltd(300590) , Meig Smart Technology Co.Ltd(002881) , Ningbo Yong Xin Optics Co.Ltd(603297) , Keboda Technology Co.Ltd(603786) , Shenzhen H&T Intelligent Control Co.Ltd(002402) , Beijing Inhand Networks Technology Co.Ltd(688080) , Willfar Information Technology Co.Ltd(688100) , Guangzhou Sie Consulting Co.Ltd(300687) , Nancal Technology Co.Ltd(603859) etc.
[key companies] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) , Foxconn Industrial Internet Co.Ltd(601138) , Zhejiang Supcon Technology Co.Ltd(688777) , Anhui Ronds Science & Technology Incorporated Company(688768) , Dongguan Yiheda Automation Co.Ltd(301029) , Shenzhen Invt Electric Co.Ltd(002334) , Shanghai Weihong Electronic Technology Co.Ltd(300508) , Guangzhou Sie Consulting Co.Ltd(300687) , Nengke shares, Zte Corporation(000063) , Unisplendour Corporation Limited(000938) ); New energy & Intelligent networked vehicle (optical lens: Sunny optics, Lianchuang Electronic Technology Co.Ltd(002036) , Dongguan Yutong Optical Technology Co.Ltd(300790) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Crystal-Optech Co.Ltd(002273) ; Controller & Algorithm: Shenzhen H&T Intelligent Control Co.Ltd(002402) , Keboda Technology Co.Ltd(603786) , Shenzhen Topband Co.Ltd(002139) , Arcsoft Corporation Limited(688088) , Foryou Corporation(002906) ; lidar: torch technology; Advanced Fiber Resources (Zhuhai) Ltd(300620) , Optowide Technologies Co.Ltd(688195) , Suzhou Tfc Optical Communication Co.Ltd(300394) ; vehicle model group / module: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) , Queclink Wireless Solutions Co.Ltd(300590) ; connector: Electric Connector Technology Co.Ltd(300679) Suzhou Recodeal Interconnect System Co.Ltd(688800) , Shenzhen Deren Electronic Co.Ltd(002055) , Shenglan Technology Co.Ltd(300843) , Wenzhou Yihua Connector Co.Ltd(002897) , Zhejiang Yonggui Electric Equipment Co.Ltd(300351) , Dongguan Dingtong Precision Metal Co.Ltd(688668) , Cwb Automotive Electronics Co.Ltd(605005) , Shanghai Laimu Electronics Co.Ltd(603633) etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); “New energy +” (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) etc.); Cloud computing (IDC: Shanghai Baosight Software Co.Ltd(600845) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Qinhuai data, Wanguo data, Kehua Data Co.Ltd(002335) , Shenzhen Envicool Technology Co.Ltd(002837) etc.; equipment manufacturers: Zte Corporation(000063) , Unisplendour Corporation Limited(000938) , Fujian Star-Net Communication Co.Ltd(002396) etc.; optical devices: Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Accelink Technologies Co.Ltd(002281) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; SaaS: Beijing Kingsoft Office Software Inc(688111) , BiliBili, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Yealink Network Technology Co.Ltd(300628) , sound network, Bizconf Telecom Co.Ltd(300578) , Montnets Cloud Technology Group Co.Ltd(002123) etc.); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) ); Operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) , etc.).
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction and covid-19 epidemic spread.
