List of leading chip concept stocks in 2022

A list of 2022 chip concept stocks Recently, Li Keqiang, Premier of the State Council of the People's Republic of China, People's Republic of China (PRC) hosted the the State Council executive meeting to deploy and promote the innovation and upgrading of state-level economic and technological development zones and create a new highland for reform and opening up; We decided to continue to implement preferential income tax policies for integrated circuits and software enterprises, attract more domestic and foreign investment, and promote the development of the information industry.

The meeting pointed out that the integrated circuit and software industries are strategic, basic and leading industries that support economic and social development. Integrated circuit design and software enterprises will continue to implement 20 1 1 year on the basis of "two exemptions and three reductions" (that is, exemption from the first year to the fifth year and half reduction from the sixth year to the tenth year). 20 18 annual income tax settlement shall also be implemented in accordance with the above provisions. At the same time, relevant departments should pay close attention to studying and improving supporting policies to promote the development of integrated circuits and software industries to a higher level.

Guo Sheng Securities pointed out that in the next few years, domestic Linux operating system and domestic cpu will replace Wintel system. According to the calculation of 20 million computers in the party and government organs, it will release 1000 billion market space. Compared with windows, the biggest defect of Linux operating system is the lack of ecological problems supported by a large number of industrial software. However, the application of domestic software capability maturity model is improving the overall ecological level. It can be said that the domestic CPU+ operating system is developing from "usable" to "easy to use" and can be completely replaced technically. Under the trend of encore industry, the penetration rate of integrated circuit design and software enterprises in it industry will continue to increase in the future, and its importance is self-evident.

2022 will be the first year of Anke's landing, with broad industrial prospects. Main investment lines recommended: China Software, Zhongke Shuguang, China Great Wall, Beixinyuan, Huadong Computer, Taiji, Zhongfu Information, UFIDA, Venus Star, Visteon and Nanyang.

Zhongke Chuangda: The first quarter performance forecast was released, and the overall performance was in line with expectations.

Zhongke chuangda 300496

Research Institute: GF Securities Analyst: Liu Xuefeng, Zheng Nan Date of writing: April-10, 2022.

The company released its performance forecast for the first quarter of 2022. The company released the performance forecast for the first quarter of 2022, and its operating income increased by 20% year-on-year; The net profit attributable to the parent company was 47 million-53 million, up 23.79%-39.59% year-on-year, and the median profit was 50 million, with a median growth of 365,438+0.69%. 19Q 1 After deducting the non-homecoming net profit of 37 million yuan to 43 million yuan, the median profit was 40 million yuan, with a median increase of 25.98%. Reasons for the change of performance in the first quarter: with the further expansion of market share, the income of smart car business has increased rapidly; The gross profit margin of the company's intelligent hardware business increased by about 50% compared with the previous year; The impact of the company's non-recurring gains and losses on the net profit is about 654.38+million yuan.

Build a complete intelligent cockpit ecology and continue to be optimistic about the development of the company's smart car business. The company's overall revenue and net profit data in the first quarter are basically in line with expectations, but more details still need to be disclosed in the first quarter. We continue to be optimistic about the promotion opportunities of the company's smart car business this year. The ultimate vision of smart cars is to create an autonomous driving and interconnected ecology, including the external interconnection of smart bodies (cars, roads, etc.); Automatic driving ability) and intelligent cabin (human-computer interaction, infotainment) complement each other. Considering the landing time node of industry development, intelligent cabins (such as on-board intelligent HMI) have a relatively low technical and policy threshold, and the landing progress is relatively fast. Zhongke Chuangda combines its own intelligent terminal system technology +RightwareKanzi3D development technology+intelligent vision technology to form a complete intelligent cockpit ecology, and the evolution of industrial ecology will directly drive the development of the company's smart car business. According to the latest closing price, the PE of Company 20 18-2020 is 88, 62 and 43 times respectively. Due to the scarcity of the company's business and industry development opportunities in frontier fields, PE has been at a high level since its listing. Considering that the company's new business has gradually entered the landing period, there is room for continuous improvement in profitability, maintaining the reasonable value of 39.9 yuan/share in the previous period and maintaining the "buy" rating.

Risk warning

The acceleration of smart car landing is obvious, but the proportion still needs to be improved; The acquired MMSolution has a high status in the industry and still needs to be integrated; IOT base is low and short-term contribution is not big enough.

China Software: Join hands with Huawei to build the underlying ecology, and Anke will move from the party and government fields to industrial applications.

China Software 600536

Research Institute: soochow securities Analyst: Hao Biao Date of writing: March 27th, 2022.

On March 2 1 day, Huawei China Eco-Partner Conference with the theme of "Evolving from Gathering Wisdom" was held in Fuzhou Strait International Convention and Exhibition Center. Huawei and China Software Co., Ltd. joined forces with other ecological partners to establish an open financial innovation alliance to build an open financial ecology. On March 22nd, Huawei and the winning software launched the intelligent computing alliance, and together with the ecological partner * * *, built the intelligent world of the Internet of Everything 1.

Key points of investment

Strong alliance, creating an independent underlying ecosystem, and making the system's leading position more stable: the winning software and Huawei worked out the relevant server product planning as early as 20 16, and released the neokylin advanced server system software (ARM version) V7.0 for Huawei TaishanARM server at the end of February 20 18. Huawei's Hisilicon chip is also based on ARM architecture, and it is very likely to participate in the competition of Encore general server chips in the future. However, from the current ecological construction, Huawei chose the mode of cooperation with ecological partners as the system layer, and the leading position of the winning software will be more stable. The newly established Financial Open Innovation Alliance is committed to building a financial open ecosystem, focusing on four business scenarios of the financial industry, namely, core trading system, business analysis and management system, smart financial new business and office support system, from application software to middleware, to operating system and infrastructure, and building a complete scenario-oriented solution to help financial institutions achieve autonomous control and build a financial open ecosystem. With the start of the alliance, Huawei will join hands with various vendors, including the winning software, to innovate server products and business models around intelligent computing, thus providing more enterprises with the cornerstone to release productivity and enhance business value.

Neokylin system is widely used in industries represented by finance from the field of party and government: the financial industry is one of the eight key industries of Anke, and the localization of its key information infrastructure is the key to prevent systemic financial risks. The winning Kirin domestic system has been widely used in China People's Bank, China Development Bank, The Export-Import Bank of China, Huaxia Bank, China Everbright Bank, China Life Insurance and 100 city commercial banks. In addition, the domestic operating system represented by neokylin products supports automatic upgrade of system software and has the function of software push. With the continuous expansion of banking business and the increasing demand for business maintenance, the implementation of large-scale installation, deployment, upgrade and maintenance will help improve efficiency and reduce maintenance costs. The domestic system has gradually broken the situation that China's financial industry relies on foreign products.

Profit forecast and investment rating: It is estimated that the EPS of the company from 20 18 to 2020 will be 0.22/0.3 1.59 yuan respectively, and the current price corresponds to 273/ 194/ 102 times PE. China Software has two operating systems, New Kirin and Galaxy Kirin. The former is suitable for Godson and Hisilicon, while the latter is suitable for take-off, accounting for about 80% of the domestic operating system market. We refer to the company's performance elasticity after the heavy volume of Encore business in the party, government and military system, and maintain the "buy" rating, with a reasonable market value of around 36 billion.

Risk warning: the progress of government cloud market is lower than expected; The independently controllable market is lower than expected.

Taiji shares: the business structure is optimized and the cash flow is the best in history.

Taiji stock 002368

Research Institute: Essence Securities Analysts: Hu Youwen and Xu Wenjie Date of writing: March 25th, 2022.

The performance met expectations. In 20 18, the company realized income of 606,543,806 yuan, up by 65,438+03.52% year-on-year, and net profit attributable to the mother was 365,438,800 yuan, up by 8.29% year-on-year. The Company plans to distribute cash 2.3 yuan for every 10 share.

The cash flow level is the best since listing. 1) In terms of cost, the gross profit margin increased by 0.20pct2) In terms of expenses, the expense ratio in the current period increased by 0.60pct compared with the same period of last year, in which the sales expense ratio and financial expense ratio were basically the same as the same period of last year, and management fee rate increased by 0.71pct; 3) In terms of cash flow, the net operating cash flow for the whole year was 680 million yuan, up by 65,438+065,438+0.85% year-on-year, and the net operating cash flow for the fourth quarter reached 65,438+06,665,438+0 billion, both hitting record highs for the whole year and the fourth quarter.

The main business structure continued to be optimized, and strategic businesses such as cloud computing and Daan Security performed strongly. Sector: 65,438+0) The revenue from cloud service business was 467 million yuan, up by 2,736,5438+0% year on year. The continuous improvement of cloud products and service system and the rapid growth of government cloud business have become an important foundation of the company's "digital government" business. 2) The revenue from network security and autonomous controllable services was 65.438+25.4 million yuan, up 47.25% year-on-year. The network security and automatic control industry has gradually developed in a large scale, and its leading position has gradually taken shape. 2065438+In March 2008, the company released a safe and reliable cloud platform for Taiji to create a cloud solution with Taiji characteristics. The database business of National People's Congress Golden Warehouse, a holding subsidiary, has developed rapidly, and the contract amount has increased by more than 100%. 3) The revenue of traditional system integration services increased by 2.35% year-on-year, but its proportion in the company's overall business continued to decline, from 58.60% in 20 17 to 52.83% in 20 18. The revenue proportion of cloud services, network security and self-controlled services continued to increase, from 6.92% and 16.08% to 7.77% and 20.85% respectively.

Investment suggestion: it is estimated that the EPS in 2022-20 10 will be 0.92 yuan, 1. 13 yuan respectively. Maintain the "Buy -A" rating with a 6-month target price of 38.00 yuan.

Risk warning: the influx of industry giants has intensified market competition.

Venus Star: The development of strategic emerging business has been fruitful.

Jinxing 002439

Research Institute: Essence Securities Analysts: Hu Youwen and Xu Wenjie Date of writing: April 24, 2022.

The performance met expectations. The company released the 20 18 annual report, achieving an annual income of 2.522 billion yuan, a year-on-year increase of 10.68%, and a net profit attributable to the mother of 569 million yuan, a year-on-year increase of 25.90%. The profit distribution plan is to distribute cash 0.4 yuan (including tax) for every 10 share.

Costs and expenses are properly controlled. 1) in terms of cost, the gross profit margin increased by 0.29pct compared with the same period of last year. 2) In terms of expenses, the expense rate during the period decreased by 0. 16pct compared with the same period of last year. 3) In terms of cash flow, the net operating cash flow was lower than that of the same period last year, but the cash flow in the fourth quarter was higher than that of the same period last year.

The business achieved overall steady growth. The total revenue of network security business was 2.498 billion yuan, up 65.438+00.66% year-on-year. Among them, the security gateway realized revenue of 602 million yuan, down 12.37% year-on-year. Safety monitoring income was 553 million yuan, up 12 10% year-on-year. The revenue from data security and platform realization was 665.438 billion yuan, up 26.88% year-on-year. Revenue from security services and tools was 427 million yuan, up 1 1.28% year-on-year. Hardware and other realized income was 306 million yuan, up 43.97% year-on-year.

The development of strategic emerging business has been fruitful. The annual report shows that the company's business target in 2022 still maintains a performance growth of around 30%. In 20 18, three strategic emerging businesses, namely, smart city security operation, industrial internet security and cloud security, achieved sales of about 400 million yuan, and confirmed revenue exceeded 200 million yuan. 20 18 is also a complete year for the company to vigorously develop its independent safety operation business nationwide. Following the operation of Chengdu Safety Operation Center, the first smart city safety operation center in China, up to now, about 20 operation centers have been built and under construction, including Jinan, Qingdao, Tianjin, Guangzhou, Nanchang, Xining, Sanmenxia and Panzhihua. The effect of safe operation has successfully won the recognition of users and the test of the market. In 2022, it is planned to build more than 35 safety operation centers nationwide, and it is expected to continue to grow at a high speed in the next 2-3 years.

Investment suggestion: In recent years, the company has actively promoted strategic emerging businesses such as security operation, industrial Internet and cloud security. To enhance the business model and achieve phased results. It is estimated that the EPS in 2022-2020 will be 0.8 1 yuan and 1.03 yuan respectively. Maintain the "Buy -A" rating, and target 32 yuan for 6 months.

Risk warning: the implementation of network security policy is less than expected; Industry competition has intensified.

Zhongke Shuguang: 20 18 Business Disassembly

Zhongke Shuguang 6030 19

Research Institute: Zhongtai Securities Analyst: Xie Chunsheng Date of writing: April 23, 2022.

The investment income of 20 18 19Q 1 is 6 million yuan, and that of 18Q 1 is-8.99 million yuan. The improvement of investment income indicates that the business of important subsidiaries will gradually enter the output period from the input period. Through the annual report and quarterly report, we can see that Dawning's businesses have maintained rapid growth. At present, Dawning's income and profits mainly come from: servers (including high-performance servers and general-purpose servers), storage, and corresponding software development, system integration and other income.

Business split 1: high-performance server: downstream application customers are more extensive. According to the company's revenue split disclosure, high-end computers include high-performance servers and general-purpose servers. Starting from 20 15, the company changed the scope of revenue disclosure and merged high-performance servers and general-purpose servers into high-performance computers. According to the new disclosure standard, the revenue of high-performance computers in 20 18 years was 720 1 100 million yuan, up 42.3% year-on-year, and the gross profit margin was 10.38%, up 0.29 percentage points year-on-year. The downstream demand of servers keeps growing rapidly. First of all, let's popularize what is a high-performance computer? High-performance computers refer to computing systems and environments that usually use many processors (as part of a single machine) or several computers organized in a cluster (as a single computing resource). High-performance computer A computer that can perform a large amount of data and high-speed operations, which ordinary personal computers cannot handle. Its basic components are not much different from the concept of personal computer, but its specifications and performance are much stronger. This is a very big computer. It has a strong ability to calculate and process data, and its main features are high speed, large capacity, various external and peripheral devices and rich high-function software systems. Products: The company's early high-performance computer products mainly include four categories: (1) Dawning Nebula, (2) Dawning 5000 series, (3)PHPC 100/200 series and (4)GHPC 1000 series. These types of high-performance computers are somewhat different from the general server application fields, and they focus more on ultra-large-scale computing. For example, Dawn Nebula is developed to meet the needs of ultra-large-scale high-performance computing and cloud computing applications. Downstream applications include: (1) universities, research institutes, petroleum earthquakes, satellite images, climate simulation, environmental prediction, gene sequencing, drug molecular screening, etc. (2) Internet user service, real-time data processing, animation rendering, large cloud computing center, etc. Dawning 5000 series pays more attention to large-scale scientific calculation and massive information processing. Now Dawning high-performance computers include: general-purpose and special-purpose high-performance computers.

1, universal high-performance computer: 1) Silicon Cube Series: It combines the latest research achievements of Dawning in computer architecture, high-speed network, mass storage and university refrigeration. It can greatly improve the expansibility and energy efficiency ratio of the system, increase the calculation density and reduce the floor space. Compared with traditional high-performance computers, silicon cube has better proximity communication performance and larger-scale scalability, and is more suitable for ultra-large-scale parallel, grid-based, multi-mode/method coupling scientific computing and engineering simulation. The three cabinets of Silicon Cube are equivalent to the traditional cabinets of 12- 15, and the computational density is increased by 4-5 times. The main downstream applications include: numerical simulation of the earth system, which requires multiple physical process memory coupling computers, including: atmosphere, ocean circulation, land physical and hydrological dynamic processes, vegetation dynamic snow, aerosol and atmospheric chemical processes. 2) Dawning 6000: The peak computing performance can be extended to 100Pflops (one billion times per second), and the maximum storage capacity can reach EB level. Downstream application customers cover: physics, chemistry, materials, life sciences, factory computing, meteorology, ocean, environment, oil exploration, animation rendering and other fields.

2. Special high-performance computer: mainly including: integrated environmental air quality forecasting and early warning machine and integrated high-resolution professional meteorological numerical forecasting service machine. 3. High-performance computer components. Based on the high-end computer GridView, CloudView and Clusx series software platforms with completely independent intellectual property rights, the company provides customized services for high-performance computers, general servers and storage system software platforms and integrated services for high-end computer platforms, including the management of specific users, the formulation of specific strategies, the implementation of specific scheduling algorithms, the implementation of specific application portals and the supervision of specific hardware devices.

Business prospect: 1, and continue to maintain the leading position of high-performance computers. At present, there are few domestic enterprises that can develop high-performance computers, mainly (1) Computer Research Institute of National University of Defense Technology: research and develop Galaxy series and Tianhe series; (2) Zhongke Shuguang: Behind it is the Institute of Computing Technology of Chinese Academy of Sciences; (3) National Parallel Computer Engineering Technology Center: Shenwei Series. Core competitive points of high-performance computers: (1) quality (computer speed and stability), (2) investment (continuous R&D capability) and (3) application (downstream application scenario). 2. The downstream application of high-performance computers is expected to expand. In the past, high-performance computers were mainly used in scientific research and research institutes. At present, the application of artificial intelligence puts forward higher requirements for parallel computing, and the downstream customers of high-performance computing are more extensive, including cancer, brain research, astrophysics, artificial intelligence, climate science, chemistry, biology, automobiles, aviation and so on. Moreover, processor technology, virtualization technology, quantum computing and so on. It is the earliest service of high-performance computer, and later commercialized.

Business outlook: 1. The downstream demand of general commercial servers is still strong. In addition to the demand of traditional server vendors, the demand of Internet/cloud computing vendors for cloud servers is also increasing rapidly. The downstream customers of Dawning Cloud Server are mainly distributed in northern areas such as JD.COM and ByteDance. Internet customers have some room for expansion. 2. The downstream demand of autonomous controllable servers is expected to be gradually released, and attention should be paid to the rhythm of mass production of controllable information in Zhongke.

Iflytek: The platform+core track continued to land, and the strategy of artificial intelligence 2.0 was launched.

Iflytek 002230

Research Institute: Northeast Securities Analyst: Wen, He Shouyu Date of writing: May 6, 2022.

Investment events:

20 18 annual report: in 20 18, the company realized an operating income of 796,543.38+0.7 million yuan, up 45.41%year-on-year; The net profit was 542 million yuan, a year-on-year increase of 24.7 1%. In the first quarter of 2022, the company's operating income was 65.438+0.958 billion yuan, up 40.065.438+0% year-on-year, and the net profit returned to the mother was 65.438+0.02 billion yuan, up 23.3% year-on-year.

The growth rate of the core track has accelerated and maintained its leading position. In 20 18, the company's intellectual education income reached 20150,000 yuan, a year-on-year increase of 44.93%. The company's intelligent learning network has covered more than 5000 schools nationwide, and has been commercialized in more than 700 middle schools nationwide. At the same time, more than 1000 schools have joined the smart classroom business. The revenue of smart politics and law was 65.438+0.36 billion yuan, up 85.96% year-on-year, and the coverage rate of high courts and provincial inspections exceeded 90%. In 2065.438+08, the company developed the world's first intelligent assistant case handling system for criminal cases, which has been fully applied in Shanghai and put into trial operation in seven places, including Anhui, Shanxi, Yunnan, Fujian, Bingtuan, Zhejiang and Jilin. At the same time, the intelligent interrogation system began to be piloted in nearly a thousand police stations, which opened up a brand-new market space for the subsequent growth of political and legal business. In addition, the company's smart city business income was 65.438+69.6 million yuan, a year-on-year increase of 654.38+0.465.438+0.4%; Automotive electronics revenue was 267 million yuan, a year-on-year increase of 7.4%; Intelligent service revenue was 242 million yuan, up 56. 12% year-on-year.

Continue to build an open platform ecosystem in Iflytek and build AI consumer products and services. In ToC business, in 20 18, the revenue from open platform and consumer business was 25170,000 yuan, up 96.5% year-on-year, of which the revenue from open platform business was 684 million yuan, up124.438+0% year-on-year; Iflytek sold 300,000 translation machines, accounting for 70% of the market; The mobile Internet products and services represented by Iflytek increased by 369% year-on-year, and the advantages of the company's C-side business gradually became obvious, which will maintain rapid growth. High-cost investment affects profits, and the performance of 2.0 strategy is expected to usher in an inflection point. In 20 18, the company's R&D expenses reached 65.438+26.3 million yuan, up 55.82% year-on-year, and its sales expenses reached 65.438+72.6 million yuan, up 55.3% year-on-year. In the past few years, the company has continuously increased R&D investment, ecosystem construction, and product and channel layout of education, politics, law and consumers. At present, the key talents and new positions recruited by the company according to the development strategy are basically ready. In 2022, the company entered the stage of artificial intelligence 2.0, focusing on improving per capita efficiency, which is expected to usher in a turning point in performance.

The new products are expected to increase gradually. 20 18, a new generation of TC4600E blade computing system has been mass-produced; M-Pro architecture computing system and cold plate liquid cooling blade have been supplied in batches; EasyOP high performance computer online operation and maintenance platform has begun to take shape; Shipments of the XSystem deep learning computing platform in the field of artificial intelligence maintained rapid growth.

Service Split 2: General Server Among the general servers in Dawning, we can divide them into two categories, (1) general commercial servers. The core components are the products of overseas giants. For example, chips are products of Intel and AMD. These products are mainly used in Internet, energy, government, general operators and other fields. (2) Self-controllable universal server. The core components are all domestic products. For example, Dawning has been providing general-purpose server products based on domestic chips (such as Loongson chips), which are mainly used in the field of party, government and army. For the above two types of servers, with the increasing demand of cloud service vendors for data computing and processing resources, general servers will continue to be released. The driving force of this business is similar to the core driving force of Inspur Information (but compared with Inspur, customized cloud servers may account for a smaller proportion of Dawning servers).

For autonomous controllable servers, we can pay attention to two points: 1 and the application of Tianjin Guang Hai chip. Shuguang holds 36.44% shares in Tianjin Guang Hai. From 20 16 to 20 18, the information income of Guang Hai was 0.4 million yuan, 6.5438+0.4 million yuan and 6.5438+0.3 million yuan respectively. The net profit of 20 17-2 18 is-46.72 million yuan and -357 1 10,000 yuan respectively. It can be seen that the revenue of Guang Hai Information increased rapidly in 20 18.

In addition, according to the related transaction data between the company and Guang Hai Information, the amount of raw materials purchased by the company from Chengdu Guang Hai (a subsidiary of Guang Hai Information, holding 70%) in 20 18 was 70.52 million yuan. It can be speculated that the self-controlled chip of Guang Hai Information has been gradually applied. This aspect is expected to generate downstream customer demand, especially in the field of party, government and army. On the other hand, the application of its own chips is expected to improve the gross profit margin of the company's servers. 2. The subsidiary Zhongke Controllable Information Industry Co., Ltd. was put into production. 20 17 12. The company initiated the establishment of Zhongke Controllable Information Industry Co., Ltd. with cash and patents, holding 30% of the shares. The total investment of the first phase of Zhongke Controllable Company is 654.38+0.2 billion yuan, and the original planned investment in 2065.438+08 is 654.38+0 billion yuan. The construction contents include: the National Advanced Computing Industry Innovation Center, the industrialization of R&D and security controllable chips, a major national integrated circuit project, and a production base with an annual output of 6.5438+0 million security controllable high-performance computer servers. According to the information in the company's annual report, in 20 18 years, Zhongke's controllable information income was 0.4 million yuan, and its net profit was-10/0.7 million yuan. It can be seen that the controllable information of Zhongke 20 18 is still in the construction investment period. With the gradual production of the server production base, it is expected to bring some income contribution. What is the concept of an annual output of 6.5438+0 million servers? The output of Dawning Server 20 18 is 2 19000 units. If all of them are reached, it is estimated to be about 5 times of the current output. However, due to Shuguang's controllable shareholding of 30% in Zhongke, the business is not consolidated.