Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Wanlian Securities: a new round of digital economic transformation! Focus on five investment tracks in the communication industry
The new round of digital economic transformation will focus on the development from informatization to digitization. As the bottom channel of data transmission, the importance of communication network is self-evident. The essence of digital economy is to use digital technology to give new impetus to the high-quality development of society, so as to redefine the process of value creation. In the new round of digital transformation for higher connection orders of magnitude, stronger data transmission capability is its indispensable support. A large amount of information infrastructure will accelerate the transformation of China's digital economy in the future. Under the open, service-oriented and ecological digital enterprise operation mode, the change of enterprise business model and operation mode may bring more information transmission needs and more structural investment opportunities for the whole communication industry. In the future when the structural market in the communication industry continues to deduce, we suggest paying attention to five investment tracks in the communication industry: (1) operators & equipment manufacturers: with the accelerated construction progress of 5g and data center in recent years, the performance of some operators and leading enterprises of equipment manufacturers continues to increase and the valuation is low. It is suggested to focus on it.
(2) optical module: with the new round of optical module replacement brought by technological innovation, the industry is expected to usher in a new round of optical module replacement in 2022. It is suggested to pay attention to the leading enterprises of optical module.
(3) Internet of things module: in addition to the industrial manufacturing, agricultural production, public services, emergency management and other tracks mentioned in the plan, the Internet of vehicles module will still be one of the main directions of the future market growth of the Internet of things module in the next two years. It is suggested to pay attention to the leading enterprises with deep layout in the Internet of vehicles industrial chain.
(4) temperature control: in the traditional temperature control scenario, air cooling is still the mainstream, but since the cooling efficiency of liquid cooling is higher than air cooling, the liquid cooling scheme may gradually replace air cooling. In 2025, the market scale of China's liquid cooling data center may exceed 100 billion yuan, and immersion liquid cooling will gradually become the mainstream. It is recommended to pay attention to the leading temperature control enterprises with data center liquid cooling technology.
(5) satellite Internet: we believe that in addition to the improvement of communication capability on the ground, 6G network will focus on the three-dimensional communication network. Through the integration of regional 5g network, airspace UAV / high-altitude airship platform communication system, space satellite communication network and sea deep-sea Ocean network, the global connection of air space integration is realized. At the same time, space orbit and frequency band, as preconditions to meet the normal operation of communication satellites, have become national strategic resources that satellite enterprises of various countries compete to seize, not just commercial competition. It is suggested to pay attention to the relevant targets capable of launching LEO communication satellites. []
China Galaxy Securities Co.Ltd(601881) Securities: digital new infrastructure is blessed with policy dividends! Expected to accelerate growth
The 14th five year plan for the development of digital economy issued by the State Council has formed an all-round and multi-level positive impact on the computer industry. In the future, the digital economy will enter a new development cycle from virtual to real. The new digital infrastructure is expected to accelerate its growth, the release of data elements, the improvement of cloud rate The promotion of industrial Internet application penetration will have relatively clear benefit targets. We recommend: Yonyou Network Technology Co.Ltd(600588) , Shanghai Baosight Software Co.Ltd(600845) , Beijing Kingsoft Office Software Inc(688111) , Beijing Tongtech Co.Ltd(300379) , Runa Smart Equipment Co.Ltd(301129) , State Grid Information&Communication Co.Ltd(600131) , Trs Information Technology Co.Ltd(300229) , Servyou Software Group Co.Ltd(603171) . []
Guosen Securities Co.Ltd(002736) : as a key industry, the industrial field promotes digital transformation, and the landing of industrial Internet is expected to accelerate
The 14th five year plan for the development of digital economy focuses on the construction of industrial Internet and digital infrastructure. On the one hand, the plan attaches great importance to industrial digitization, in which the industrial field, as a key industry, promotes digital transformation, and the implementation of industrial Internet is expected to accelerate; On the other hand, the development of digital economy is inseparable from the construction of relevant infrastructure, including 5g, F5G, Satellite Internet, data center, etc. It is recommended to pay attention to 5g: [ Zte Corporation(000063) ]; Optical device optical module [ Suzhou Tfc Optical Communication Co.Ltd(300394) ], [ Advanced Fiber Resources (Zhuhai) Ltd(300620) ]; Beidou: [ Shanghai Huace Navigation Technology Ltd(300627) ]; IDC:[ Guangdong Aofei Data Technology Co.Ltd(300738) ]； Industrial Internet: [ Beijing Inhand Networks Technology Co.Ltd(688080) ]; "Communication + energy": [ Guangdong Shenling Environmental Systems Co.Ltd(301018) ], etc.
In terms of investment suggestions, we focus on three main lines: acceleration, recovery and cross-border Innovation: in 2022, the tracks with accelerated or sustained high growth of the industry include Internet of things module (focusing on Quectel Wireless Solutions Co.Ltd(603236) , Fibocom Wireless Inc(300638) ), IOT chip ( Rockchip Electronics Co.Ltd(603893) ), intelligent controller ( Shenzhen Topband Co.Ltd(002139) ), industrial Internet gateway ( Beijing Inhand Networks Technology Co.Ltd(688080) ) and Beidou application terminal ( Shanghai Huace Navigation Technology Ltd(300627) ).
Under the logic of industry recovery, pay attention to links or stocks with large marginal elasticity: IDC ( Guangdong Aofei Data Technology Co.Ltd(300738) ), optical devices / optical modules ( Suzhou Tfc Optical Communication Co.Ltd(300394) , Advanced Fiber Resources (Zhuhai) Ltd(300620) ), ICT equipment ( Unisplendour Corporation Limited(000938) ), cloud office terminals ( Yealink Network Technology Co.Ltd(300628) ). The field of cross-border integration and innovation focuses on "communication + energy" ( Guangdong Shenling Environmental Systems Co.Ltd(301018) ) and "communication + automobile" ( Suzhou Recodeal Interconnect System Co.Ltd(688800) , Dongguan Dingtong Precision Metal Co.Ltd(688668) ). []
The Pacific Securities Co.Ltd(601099) Securities: digital economy provides a strong driving force for the sustainable and healthy development of economy and society
The State Council issued the "14th five year plan" for the development of digital economy. The State Council issued the "14th five year plan" for the development of digital economy. In 2020, the added value of China's core industries of digital economy will account for 7.8% of China's gross domestic product (GDP). Digital economy provides a strong driving force for the sustained and healthy development of economy and society. Among them, information infrastructure is the world's leading. Build the world's largest optical fiber and fourth generation mobile communication (4G) network, and accelerate the construction and application of fifth generation mobile communication (5g) network. The penetration rate of broadband users has increased significantly, with optical fiber users accounting for more than 94%, the penetration rate of mobile broadband users reaching 108%, and the number of active users of Internet Protocol version 6 (IPv6) reaching 460 million.
The plan points out that by 2025, the digital economy will move towards a comprehensive expansion period, the added value of the core industries of the digital economy will account for 10% of GDP, the number of Gigabit broadband users will reach 60 million, and the application penetration rate of industrial Internet platform will reach 45%. The data element market system has been preliminarily established, the digital transformation of industry has reached a new level, the level of digital industrialization has been significantly improved, digital public services are more inclusive and equal, and the digital economic governance system is more perfect.
The plan fully encourages the development of the communication industry and benefits the communication industry. There are great expectations for the communication industry from infrastructure to application. Optimistic about the long-term prosperity of the communication industry. The continuous promotion of Gigabit Network mentioned above has driven the growth of optical cat, PON, WiFi 6 and other related industries. It is suggested to pay attention to: Zte Corporation(000063) , Shenzhen Gongjin Electronics Co.Ltd(603118) , Broadex Technologies Co.Ltd(300548) . []
Guoyuan Securities Company Limited(000728) : key direction of communication investment! Yuancosmic infrastructure, 5g application, new business breakthrough
The 14th five year plan for digital economy development has been issued, and digital infrastructure is expected to exceed expectations.
According to the development plan, it is expected that by 2025, China's digital economy will move towards a comprehensive expansion period, and the added value of core industries of digital economy will account for 10% of GDP. The plan defines the main indicators of digital economy development: by 2025, the number of IPv6 active users will reach 800 million; The number of Gigabit broadband users has reached 60 million; The scale of software and information technology services reached 14 trillion yuan; The application penetration rate of industrial Internet platform has reached 45%; The national online retail sales reached 17 trillion yuan; The scale of e-commerce transactions reached 46 trillion yuan; The number of real name users of online government services has reached 800 million.
We believe that the issuance of the plan means that China's 5g development will usher in a new stage of inclusive sharing, and the requirements for 5g wide coverage and stability will be more urgent. After the operator sector includes the previous China Telecom Corporation Limited(601728) and the latest China Mobile's return to a shares, it will better ensure the stabilization of a large amount of capital expenditure investment in the early stage in the medium and long term, Effectively promote the stabilization and upward of the overall business cycle of the communication industry. With the continuous promotion of the construction of base stations of China's three major operators, the continuous accumulation, innovation and breakthrough of 5g applications, the continuous and rapid growth trend of 5g traffic is unchanged, and the digital infrastructure is expected to exceed expectations.
Key directions of communication investment: yuancosmic infrastructure, 5g application and new business breakthrough. Recommended targets: yuancosmic infrastructure target Zte Corporation(000063) (000063), optical module Zhongji Innolight Co.Ltd(300308) (300308), Suzhou Tfc Optical Communication Co.Ltd(300394) (300394); It is recommended to pay attention to the subdivided fields and targets. Optical fiber and optical cable sectors: Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) (601869), Hengtong Optic-Electric Co.Ltd(600487) (600487); Related to vehicle / Internet of things / energy Internet of things: Queclink Wireless Solutions Co.Ltd(300590) (300590), Shenzhen H&T Intelligent Control Co.Ltd(002402) (002402), Willfar Information Technology Co.Ltd(688100) (688100), video conference Yealink Network Technology Co.Ltd(300628) (300628), Bizconf Telecom Co.Ltd(300578) (300578), automatic driving breakthrough Shanghai Huace Navigation Technology Ltd(300627) (300627) superimposed by leaders in disaster monitoring section, 5g message Montnets Cloud Technology Group Co.Ltd(002123) (002123); And Runjian Co.Ltd(002929) (002929) and Jiangsu Zhongtian Technology Co.Ltd(600522) (600522) with continuous breakthroughs in new energy business. []
Tianfeng Securities Co.Ltd(601162) : the digital economy plan was issued, paying attention to the integration of Gigabit broadband and cloud computing
Recently, the State Council issued the "14th five year plan" for the development of digital economy. According to the plan, the number of Gigabit broadband users will increase from 6.4 million in 2020 to 60 million in 2025, with a growth scale of nearly 8.3 times. Looking forward to the future, under the guidance of national policies, the Gigabit users of the three major operators are expected to develop continuously and stably, and the digital economy industry derived from Gigabit broadband will burst out with greater vitality.
We believe that 1) the Gigabit network planning will accelerate the expansion and speed-up deployment of optical fiber network, continue to promote the construction of a new generation of optical transmission network with super large capacity, super long distance and intelligent dispatching, and the comprehensive coverage of optical fiber network in sunken villages and towns; 2) The access terminal boxes of GPON and 10gpon, as well as the optical modules / splitters / optical chips of the industrial chain will benefit.
In addition, the plan also proposes to promote the development of cloud network collaboration and computing network integration, accelerate the construction of a national integrated big data center system for the collaboration of computing power, algorithms, data and application resources, build a data center cluster, accelerate the implementation of the "East data and West computing" project, and improve the cross network and cross regional data interaction ability of the data center, Strengthen the edge computing capability for specific scenes, and strengthen the overall planning and intelligent scheduling of computing power.
Looking forward to 2022, we will focus on the track of high prosperity and the target of low / undervalued value + reversal logic. In the near future, we will pay attention to the annual report & the first quarterly report, which exceeds the expected target. Key focus: applications in subdivided fields such as communication + energy storage / new energy, Internet of things / Internet of vehicles, cloud computing and industrial Internet have entered the stage of accelerated development, and the growth logic is clear. In the medium and long term, we will continue to pay attention to high boom segments with strong performance certainty. It is recommended to pay attention to: Internet of things / smart car, optical fiber cable / submarine cable, military communication, main equipment, video conference, IDC, operators, etc. []
Guosheng Securities: as a pillar industry of data transmission function, the communication industry will become the hardware base of digital economy
On January 12, the State Council officially released the "14th five year plan" for the development of digital economy, which involves measures such as optimizing and upgrading digital infrastructure, giving full play to the role of data elements, vigorously promoting industrial digital transformation, accelerating digital industrialization and strengthening the security system of digital economy. We believe that the core and bottom layer of digital economy is data transmission. As a pillar industry providing data transmission function for society, the communication industry will become the hardware base of digital economy. Among them, both the telecom side and the data transmission side will benefit from the increased traffic demand brought by the digital economy. On the telecom side, it is recommended to pay attention to Zte Corporation(000063) and other main equipment manufacturers, and Broadex Technologies Co.Ltd(300548) , Sichuan Tianyi Comheart Telecom Co.Ltd(300504) and other subjects benefiting from Gigabit broadband construction; On the data transmission side, it is recommended to pay attention to IDC manufacturers such as Guangdong Aofei Data Technology Co.Ltd(300738) , Kehua Data Co.Ltd(002335) , Beijing Sinnet Technology Co.Ltd(300383) and high-quality optical module industry chain companies such as Eoptolink Technology Inc.Ltd(300502) , Suzhou Tfc Optical Communication Co.Ltd(300394) . []
Dongguan Securities: focus on data elements! Focus on data security, data governance and other fields
On January 12, the State Council issued the 14th five year plan for the development of digital economy, which put forward the main objectives of the development of digital economy in the 14th five year plan, including that by 2025, the added value of core industries of digital economy will account for 10% of China's GDP (7.8% in 2020), and the scale of software and information technology service industry will reach 14 trillion yuan (8.16 trillion yuan in 2020, with a compound growth rate of 11.4%), The penetration rate of industrial Internet platform has reached 45% (14.7% in 2020), and eight key tasks have been deployed in the plan. Judging from the tone set by national leaders and a number of policy documents recently issued by the central and local governments, the importance of developing the digital economy and promoting the digital transformation is further highlighted. It is suggested to seize the opportunity of China's digital transformation, focus on the "hardware and software" base, and focus on data elements, data security, data governance and other fields. []
