Zhitong Financial APP learned that Bank of China Securities released a research report saying that integration and innovation are still the same investment direction.The institutional configuration, location and valuation of the communications sector are low, and the value revaluation and value discovery under the tide of transformation will become the main line of the new "golden market" of communications, which is still the standard of investment in the communications industry in the second half of the year."Communications +" will become a new term throughout 2022, excavating and discovering the existing cross-border businesses of communications industry companies, such as intelligent controllers and BMS systems that can be used for new energy vehicles, or companies that rely on their original business efforts to transform into new industries, such as communications engineering companies to promote distributed photovoltaic construction throughout the county. Cross-border integration of new services has better performance and valuation flexibility than horizontal or vertical integration of traditional communications services.
Under internal and external troubles, frequent switching between attack and defense will be normal, and the timing of advance and retreat will be the winner or loser in the second half of the year.
The complexity of the world's political, military, economic and domestic epidemic in the first half of 2022 had a severe impact on the domestic capital market. The bank proposes to switch between defensive (high dividend yield, low PEG) and offensive (high growth sectors such as east and west) as investors' risk appetite fluctuates. The second half of the year may face a more complex situation, the bank believes that the shock will intensify, timing is the key to investment in the communications industry.
The structural market is surprisingly more important than keeping it straight, and α is the key word.
The progress of investment and construction in the telecommunications industry in the second half of the year will be significantly slower than that in the first half of the year, so the structural differentiation of the industry in the second half of the year will be further intensified. From the perspective of fundamental prosperity, the OPEX industrial chain is better than the CAPEX industrial chain, and the Datong industrial chain is better than the telecommunications industrial chain.In the case of weak industry β, it is particularly important to find α, especially the companies that can jump out of the traditional communication industry and find new momentum of growth.
The new technology wave led by meta-universe has swept the world, which has brought revaluation to many industries, and the communications industry has also benefited.
The bank expects more 5G "killer" applications to emerge in 2022, bringing new opportunities to the industry. Companies that already have business layout and performance will benefit more from the revaluation market brought about by the outbreak of applications.
Investment advice:In the field of traditional communications, operators recommend absolute leader China Mobile Limited (600941.SH); communications equipment merchants recommend main equipment providers ZTE Corporation (000063.SZ), Xingwang Ruijie (002396.SZ), Euler and Hongmeng industry chain target recommended Gao Xinxing (300098.SZ), and Runhe Software (300339.SZ) In the field of "communication + new energy", offshore wind power track recommends paying attention to the first echelon of submarine cable Zhongtian Technology (600522.SH), Oriental Cable (603606.SH), Hentong Optoelectronics (600487.SH), and energy storage track recommended to pay attention to temperature control solution providers Invik (002837.SZ), 300731.SZ and so on.
Risk Tips:The uncertainty risk caused by the scientific and technological confrontation between China and the United States to the industry; the impact of the epidemic exceeds expectations; 5G development is less than expected and so on.