[Zhou investment view]:
(1) according to Shanghai Securities News, in 2022, Shanghai will formulate an action plan for the development of intelligent connected vehicle terminal industry, actively promote the development of intelligent connected vehicles from the aspects of brand, technology and policy, and support the legislation of safe driver free driving in Pudong. We believe that after the feasibility of Shanghai smart car pilot is verified, it is expected to be popularized throughout the country, quickly open the market demand of smart cars, and further expand the demand for products such as lidar, vehicle lens, vehicle chip / operating system, controller, connector and module, which is expected to boost the performance of relevant enterprises;
(2) according to the Ministry of industry and information technology, the 2022 annual working meeting of the inter ministerial Joint Conference on energy conservation and new energy vehicle industry development was held recently. The meeting stressed that support policies such as the extension of preferential purchase tax for new energy vehicles should be studied and clarified as soon as possible. We believe that if the preferential policies for the purchase of new energy vehicles can be continued, it will further vigorously promote the development of new energy vehicles and intelligent networked vehicles;
(3) under the dual carbon background, sea breeze has the attributes of "large space and strong certainty". As the core link of sea breeze industrial 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 submarine cable to "rise both in volume and price";
(4) 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;
(5) 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 the 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;
(6) aspeed's revenue in December changed from negative to positive month on month, with a month on month increase of 22% and a year-on-year increase of 32%, focusing on the investment opportunities for the recovery of the cloud industry chain.
[industry dynamics & investment perspective]:
[smart car] Shanghai will formulate an action plan for the development of intelligent networked automobile terminal industry to actively promote the development of intelligent automobile industry chain. According to Shanghai Securities News, in 2022, Shanghai will formulate an action plan for the development of intelligent connected vehicle terminal industry, actively promote the development of intelligent connected vehicles from the aspects of brand, technology and policy, and support the legislation of safe driver free driving in Pudong. We believe that after the feasibility of Shanghai intelligent vehicle pilot is verified, it is expected to be popularized nationwide, quickly open the market demand of intelligent vehicles, and further expand the demand for lidar, vehicle lens, vehicle chip / operating system, controller, connector, module and other products, which is expected to boost the performance of relevant enterprises. Key recommendations: modules [ Fibocom Wireless Inc(300638) ], [ Meig Smart Technology Co.Ltd(002881) ], [ Quectel Wireless Solutions Co.Ltd(603236) ], etc; Automobile controller [ Keboda Technology Co.Ltd(603786) ], etc; 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.
[new energy vehicles] the preferential policies for the purchase of new energy vehicles are expected to continue and help the growth of new energy & intelligent vehicle industry. According to the Ministry of industry and information technology, the 2022 annual working meeting of the inter ministerial Joint Conference on energy conservation and new energy vehicle industry development was held recently. The meeting stressed that the supporting policies such as the extension of new energy vehicle purchase tax should be studied and clarified as soon as possible, the points management requirements should be improved and the market expectation should be stabilized. If the preferential policies for the purchase of new energy vehicles can be continued, it will further vigorously promote the development of new energy vehicles and intelligent networked vehicles, and further drive the development of automotive lens, lidar, connector, controller, module and other industries.
[Internet of things] Shanghai intelligent Internet connected automobile terminal industry development action plan is good for upstream module enterprises. Intelligent connected vehicle has become an important direction for the transformation and upgrading of the global automobile industry. In 2022, Shanghai will formulate an intelligent connected vehicle terminal industry development plan, which is expected to drive the upstream and downstream development of the automobile industry chain and promote the coordinated development of automobile networking, intelligence and electrification. With a variety of overall vehicle solutions, Fibocom Wireless Inc(300638) high computing power intelligent module enables the vehicle camera in the whole process, and the upstream module enterprises have a large room for growth in the future. Key recommendations: [ Queclink Wireless Solutions Co.Ltd(300590) ] (the leader of vehicle terminal in the era of intelligent electric two wheeled vehicle), [ Fibocom Wireless Inc(300638) ] (the leader of vehicle module), [ Quectel Wireless Solutions Co.Ltd(603236) ] (the leader of vehicle module), [ Meig Smart Technology Co.Ltd(002881) ] (the cutting-edge enterprise of vehicle module).
[sector trend]: this week (1.17-1.21), in the Shenwan industry, the communication (Shenwan) index rose 0.43%, ranking second in the TMT sector, with a dynamic P / E ratio of 38.99 and second in the TMT sector. In terms of net inflow of land stock connect, the top five inflow include China United Network Communications Limited(600050) (1984 million shares), Wangsu Science & Technology Co.Ltd(300017) (11.23 million shares), Unisplendour Corporation Limited(000938) (7.86 million shares), Pci Technology Group Co.Ltd(600728) (6.31 million shares), Huagong Tech Company Limited(000988) (5.39 million shares); In terms of net outflow of LST, the top five outflows include Jiangsu Zhongtian Technology Co.Ltd(600522) (- 17.35 million shares), Gci Science & Technology Co.Ltd(002544) (- 8.62 million shares), Shenzhen Topband Co.Ltd(002139) (- 8.03 million shares), Nsfocus Technologies Group Co.Ltd(300369) (- 4.66 million shares), and Jiangsu Leike Defense Technology Co.Ltd(002413) (- 4.5 million shares).
[key points of this 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) , Quectel Wireless Solutions Co.Ltd(603236) , 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) , 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) ); 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, covid-19 epidemic spread.
