Super dry goods: output value will reach trillion trillion 5G industry chain investment opportunities

Super dry goods: output value will reach trillion trillion 5G industry chain investment opportunities
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Source: Caitong News Agency. After the Spring Festival, technology stocks are leading the charge. From semiconductors to electronic communications to connected cars, the 5G industry chain segment has taken the lead in turn.The “China’s 5G Industry and Application Development 2018 White Paper” released by CCID Consulting in May 2018 predicts that the current overall market size of the 5G industry will reach 1 by 2026.15 trillion!  The 5G industry chain is very large and directly 深圳丝袜会所 corresponds to the investment pull in the field of communication industry chain. From a broad perspective, it will drive electronic components, semiconductor industry, mobile phone terminals, consumer electronics, etc.And media development.After reading the slender research report, Caitong News Agency (ID: caijingtongxunshe) sorted out the 5G industry chain for everyone.  I. Upstream industrial chain: network planning, wireless master equipment and transmission equipment, etc. 1) Network planning: The market scale is about 15 billion to build 5G. First, unified planning and planning for network construction, including base station selection based on coverage and capacity planningAddress, wireless parameter planning, etc., and verify the effect of planning and design through simulation.5G network planning requires key capabilities such as 3D scene modeling, advanced ray tracing models, network coverage and rate simulation modeling, network capacity and user experience modeling.With reference to the planning and design business income scale of internal companies in the 4G stage, the market estimates that 20% in the 5G stage?30% growth, the market size is about 15 billion.  Guotai Junan believes that currently, key domestic enterprises including Zhongtong Service, Yitong Century, Fuchun Shares, Guomai Technology, Jessie Technology, Hengtai Shida, etc. meet these requirements.  2) Wireless main equipment: the main body of the base station, including radio frequency antennas, optical modules, and PCBs. ① The base station: China Tower takes the lead to benefit from the extension of the epidemic.It is understood that the goal of China Mobile to build 300,000 5G base stations remains unchanged by the end of this year, and China Unicom and China Telecom will strive to complete the construction goal of 250,000 base stations in the first three quarters in advance.  Base stations are the basis of network construction. Therefore, large-scale construction of 5G benefits participants who are engaged in base stations first.For the construction of 5G base stations, China Tower will be the main player.The main shareholders of China Tower are the three major operators, each holding a share of more than 20%, and the total holding share exceeds 70%.China Tower is the largest specialized communication site and tower resource supplier in China, which is basically located in a mutually exclusive position, with 2017 revenue of 686.Calculated at $ 6.5 billion, the company’s market share in China’s communications tower infrastructure market is 97.3%.  In addition, outsourcing construction services will also benefit first, such as Zhongtong Service (00552), which is the largest service provider of China ‘s three major telecommunications providers and China Tower, helping telecommunications operators to construct base stations, route optical fibers, and maintain networks, Will also benefit first from the construction of 5G base stations.  ② RF antenna: The base station has been seized, and it needs to receive and transmit signals. The RF and antenna plates benefit next.The scale of the RF industry is large and its growth rate is also fast.It is reported that from 2011 to 2018, the global RF front-end market size was 13 per year.1% growth rate, reaching 149 in 2018.100 million US dollars, the future will continue to grow at a rate of more than 16%, and is expected to approach 19 billion US dollars by 2020.  According to the CITIC Investment Research Report, at present, Chinese antenna manufacturers including Huawei, Beijing Telecom, Mobi, Tongyu and other companies have significantly increased their global market share, with shipments accounting for more than 60% of the world’s total.The RF manufacturers are Dafu Technology, Wuhan Fangu (right protection), Chunxing Precision, etc.  In addition, the outbreak period of 5G mobile phone terminals is from 2020 to 2023, and the large-scale hype cycle has not yet come. The subsequent explosiveness may be even greater.Are there some leading companies in the mobile phone RF field?  Zhuo Shengwei: Zhuo Shengwei was established in 2012 and is headquartered in Wuxi, Jiangsu. Its main business is the development and design of RF devices and RF low-noise amplifiers. It is a domestic RF front-end chip design company.The company went public on June 18, 2019, with a rise of more than 860% last year and is currently trading at 675.A pair of 12 yuan, ranked the first high-priced stocks on the ChiNext.  As a rare A-chip RF chip design manufacturer, Zhuo Shengwei has been ferociously hyped because of the future outbreak of 5G mobile phone terminals.At present, Zhuo Shengwei’s price is not cheap at all, but it can be used as a target for long-term observation and tracking.  Magjet Technology: The company’s main business is chip power inductors, RF components and other new electronic components and LCM display module devices. The products are widely used in mobile communications, consumer electronics, military electronics, computers, Internet applications, LEDs.Lighting, automotive electronics, industrial equipment, etc.  ③Optical module: Stop loss recovery Through the continuous acceleration of 5G network construction progress, the demand for front-end optical modules is gradually released, and the relevant conversion targets are worthy of attention. The number of times it passes the market, and cloud computing vendors ‘capital expenditures are picking up.The point, but also the inflection point of high-end high-speed optical modules.Industrial Securities estimates that the 5G-driven telecommunications optical module market will stop falling and rebound, and is expected to reach US $ 4.6 billion in 2023.The size of the domestic telecommunications optical module market will reach 15.8 billion yuan by 2021.  ZTE: 5G-based network infrastructure can initially bring about 90-100 profits. Given a 25X estimate, the market value of 5G-based services is about 250 billion. In addition, it comes from traffic-related infrastructure, ZTE’s servers, routers / switches.It is the first echelon supplier in China, which can bring dozens of profits in the past, giving an estimate of 30X.  So at this point in time, analysts at Soochow Communications believe that the performance is highly deterministic, the long-term space is large enough, and the liquidity is high enough. The factors to suppress the overcoming are basically eliminated, and it is a stock that can be focused on.  O-Net Technology: With low-end optical chip production capacity, 25G optical chips are expected to achieve breakthroughs, the company’s business will expand upwards, and profit margins are expected to further increase; Zhongji Xuchuang: Optical modules are highly deterministic and highly relevant in traffic infrastructure.Xuchuang itself is the leading company in the high-end datacom high-end optical module. From the current point of view, Xuchuang replaces the global high-end high-module supplier division in the first two-layer layout within two to three years. It is basically determined.  In addition, I will also pay attention to Xinyisheng (the dark horse of Shuntong optical module), Tianfu Communication (the leader of upstream devices), Guangxun Technology (the leader of the entire industry chain, high-end chips trying to automate), Taichenguang, Cambridge Communications, Borch Technology, Hengtong Optoelectronics, Zhongtian Technology, etc.  ④PCB: Demand continues to increase Guotai Junan research report shows that the market expects PCB manufacturers to benefit from the increase in demand for high-frequency and high-speed PCBs from 5G, and there is a certain degree of performance flexibility.The global PCB market size in 2017 was approximately USD 58.8 billion, and the communications (including terminal) market is expected to be USD 15 billion.5G’s increased demand for high-frequency PCB is expected to increase the size of the PCB market in the communications sector.  Companies with a heavier layout in the communications sector will likely benefit.Shennan Circuits (communication accounts for over 50%, with customers such as Huawei, Nokia, ZTE, etc.), Shanghai Electric Power Corporation (2017 corporate communications market share65%) and so on.  GF Securities believes that 5G brings investment opportunities to the PCB industry chain. The relevant targets of the industry chain include Hudian, Shennan Circuits, Jingwang Electronics, Shengyi Technology, Shenghong Technology and Huazheng New Materials.  ⑤ Base Station Filters: Demand will also peak (At present, analysts of Jin Qilin) At present, the main manufacturers of base station filters abroad are Andrew, Powerwave, a certain domestic research and development capability, and the companies that have shifted production capacity mainly include Chunxing Precision.Dafu Technology and Wuhan Fangu etc.Entering the 5G era, a new round of base station construction boom is coming, and the demand for filters will also reach a peak. Domestic high-quality filter manufacturers will be committed to using their advantages to achieve rapid expansion and development.  ⑥ Core network: Software Defined Network and Network Function Virtualization (SDN / NFV) industry users include telecom operators, Internet companies, government and corporate networks, and schools.The goals of these users are to save network maintenance costs and investment costs, or to improve the efficiency of horizontal data migration in the cloud and flexible scheduling of network traffic.According to the IDC forecast, the global software-defined networking market is forecasted to include physical infrastructure, virtualization / control software, control software, SDNSDN applications (including network and security services), and professional, composite materials (CAGR) between 2014 and 2020 as53.9%, the market size will reach USD 12.5 billion in 2020.  Second, the downstream industry chain: operators, terminal equipment and application scenarios 5G commerce is close at hand, and the industry’s downstream industry chain is waiting for this feast.The 5G downstream industry chain includes operators, terminal equipment and application scenarios.  1. Operators: Reasons for the revaluation of Industrial Securities: 5G multi-application scenario characteristics will guide operators to differentiated competition, and the intensity of industry competition will gradually decline; meanwhile, efforts will be made to cultivate new business models and promote the gradual improvement of operators’ profitability.Revaluation.  Zhongtai Securities believes that the embeddedness of mobile communication technology supports the gradual enrichment of operators’ business content. 5G technology has many advantages such as high speed, low latency, low throughput, wide coverage, and high capacity. It can effectively solve network congestion and networkProblems such as service interruption, preliminary cloud computing, big data, Internet of Things, artificial intelligence and other fields have achieved leapfrog development, forming a ubiquitous 5G ecosystem.In the 5G era, a large number of vertical industry application scenarios have emerged at the historic moment, bringing more enterprise customers and partners to operators. Operators will transform from information operators to platform operators, fully integrate communication networks with downstream applications, and continue to cultivateAt the same time of existing markets, seize the potential of industrial integration to open up new market business space.  2. Terminal equipment: After the wave of replacements, after the commercialization of 5G, the first devices to be impacted will be terminal equipment, which will not be inserted into mobile phones and computers, and will be used by home appliances, automobiles, wearable equipment, and industrial equipment.  With the continued shrinking global smartphone expansion, 5G commercial use will set off a wave of phone replacements.Strategy Analytics predicts that the reset of 5G smartphones will increase from 2 million in 2019 to 1.5 billion in 2025, with an annual compound output of 201%.  At the same time, the wave of phone replacements will also change the innovation and upgrade of mobile phone components.For example, applications brought by millimeter waves will have more filters and more antenna structures on the end system side, ceramic and glass cases will have obvious advantages in 5G communication and wireless charging, and the demand for passive components will increase.  According to the statistics of Zhitong Finance, the relevant sections and stocks on the terminal side are as follows: Chips (CPU, storage): Huawei, Qualcomm, MediaTek, Apple terminal RF materials: Sanan Optoelectronics, Lansi Technology, Fei Rongda, Electric Connect Technology, Jingwang Electronics  Acoustic Modules: AAC Technologies, Goertek, Terminal RF Devices: McGee, Xinwei Communications, Shuobeide Battery: Desay Battery, Xingda Camera Module: Ophi Optics, Sunny Optical, Helitai LCD Module:BOE, Shentianma, Samsung, Sony, Sony, Sharp, Dijing Optoelectronic Sensors: Sony, Samsung, BYD Electronics, Hanwei Electronics, Silan Micro, Bosch, STMicroelectronics, under the sweep of the 5G business wave, Xiaomi Group, Sunshine Optics, Qiu Ti Technology, AAC Technologies, BYD Electronics and other smart phone industry chain concept stocks also deserve continuous tracking.  3. Application Scenario: The most revolutionary significance of 5G is the integration with industrial facilities, medical instruments, and verticals, which meets the small business needs of vertical industries such as industry, medical care, and transportation, and finally realizes the interconnection of all things.5G application-oriented industry chain interconnection lies in system integration and application services, mainly including system integration and industry solutions, big data applications, IoT platform solutions, value-added services and industry applications.  ① Cloud computing: Big data will continue to exert its strength, and storage will develop in the future. Cinda Securities believes that cloud computing and big data have created massive data storage requirements. A large amount of data is unstructured data and cold data. Find a suitable cold data medium in the future.It has also become an important direction. At present, power-off disk arrays, tapes and Blu-ray storage all store a large amount of cold data storage. At the same time, localization of storage is worthy of attention. Blu-ray storage in the cold data area has a high localization rate, and the technology route is relatively controllable.It is recommended to pay attention to Yihualu, Inspur Information, Dawn of Zhongke, and Amethyst Storage.  Key Recommendations of Tianfeng Communication: Starnet Ruijie, Halo New Network (IDC Leader), Ziguang Co., Ltd., Jialitu (Precision Air Conditioning + IDC), Aofei Data (Small and Beautiful IDC Manufacturers), and Sinfu(Coverage), it is recommended to pay attention to Netsu Technology, Invic, Urban Land, Dataport, etc.  ② Cloud office: In the first year, China Merchants Securities believes that from the perspective of investment, remote office and corresponding remote video conference related industry chain companies may be welcomed due to the epidemic situation.For example, remote office will inevitably bring demand for remote video and cloud video. The demand for cloud video conference system is a new outlet industry brought by 5G. The release of epidemic will accelerate the accelerated expansion of remote video office.In addition, the popularity of telecommuting will bring demand for cloud computing, telecommuting software, high-definition video hardware, and VR conferences. Investors are advised to pay close attention to relevant investment opportunities.  Key Recommendations of Tianfeng Communication: Yealink Networks (Global leader in SIP phones, VCS video conferencing focuses on promotion), Huichang Communication (full layout of video conference software and hardware), Starnet Ruijie (Cloud Office / Cloud Desktop, Video Conference), DreamNet Group (a leader in rich media messaging, layout of enterprises such as cloud video messaging) and so on.  ③ Internet of Things: Pay attention to the situation of artificial intelligence landing. For the first time, 5G completes the complete Internet of Things network infrastructure.The three major scenarios of 5G applications, in addition to mobile enhanced broadband, mMTC and uRLLC are new scenarios for the Internet of Things, which will promote the transition of the mobile Internet to the era of the Internet of Everything, and the individual value of IoT terminal modules and data will be greatly enhanced in the future.Recently, the flooding of the Internet of Things market has increased its attention, and Guohai Securities suggested to pay attention to: High Light Software, Langxin Technology, etc.  At the same time, the importance of AI in the Internet of Things has been increasing. Huawei announced the AIoT ecological strategy in December 2018. At the World Artificial Intelligence Conference 2019, it also released a number of AIoT products. It is recommended to actively pay attention to artificial intelligence in the field of Internet of Things.For the landing situation, it is recommended to pay attention to Zhongke Chuangda, Beixinyuan, Runhe Software and so on.Recent recommendations include the target Hang Seng Electronics, HKUST Xunfei, NSFOCUS Technology, and Shanghai Steel Federation.  ④Internet of Vehicles: The recommended “six six six” combination of automotive electronics hardware Shengang Securities believes that the construction of intelligent networking demonstration zones is in full swing, and the development of Internet of Vehicles has promoted major development, focusing on Qianfang, which has obvious advantages in the roadside construction of Internet of VehiclesTechnology (002373), roadside equipment leader, Jinyi Technology (002869), which is deeply involved in the construction of the Internet of Vehicles in Guangdong region, and mobile telematics module leader Yiyuan Communication (603236), actively deploying the Internet of Vehicles module business and the emerging of the Internet of Vehicles projectWait.  Automotive electronics is a growth sector for the next 3-5 years. CITIC Securities Automotive, Foresight, Computers, Electronics and other industries jointly recommend the “66” combination of automotive electronics hardware: Baolong Technology (603197), Joyson Electronics (600699))), Desai Xiwei (002920), Huayu Automobile (600741), Koboda (603786), Xingyu Co., Ltd. (601799), and the core targets of intelligent driving software: Zhongke Chuangda (300496), Siwei Tuxin(002405).  ⑤Industrial Internet: The official document promotes the implementation of the plan. At the end of last year, the Ministry of Industry and Information Technology issued the “5G + Industrial Internet” 512 Project Promotion Plan.5G key technology with specific Internet requirements, creating a set of “5G + Industrial Internet” intranet construction and transformation benchmarks, model projects, and forming at least 20 typical industrial application scenarios.In terms of individual stocks, Tianfeng Communications recommends: Industrial Fulian, Dongtu Technology, Yinghantong.  ⑥ Smart city: 5G business empowerment of new smart city construction. 5G network construction is used throughout the country as a starting point to cultivate 5G industrial systems, promote the integration of 5G construction and vertical industry applications, and integrate into all aspects of smart city construction.Analysis, service, command, supervision and other alternatives, providing real-time response and efficient linkage 5G application solutions for municipal infrastructure, marine management, water affairs, etc.The listed companies involved in the smart city concept are: Dashi Smart, Yihualu, Weining Software, Yinjiang Shares, etc.  ⑦Media industry: from the turning point of the cycle, the growth of the 5G industry chain will gradually shift from upstream to downstream, and the downstream media industry will benefit more from the growth cycle through its highly elastic characteristics.At the same time, by observing 5G development experience in South Korea, it was found that cloud gaming, ultra-high-definition video and AR / VR concepts will take the lead after 5G commercialization, bringing considerable profit growth to the media industry.  Game sector, research and development results, Huachuang Securities believes that after the game goes to the cloud, heavy product developers boost Beta the most.From the past package size, Tencent, Netease, and Perfect World game package sizes are at a relatively high level in the industry, so the user conversion rate obtained after going to cloud has increased.  In the film and television sector, 5G boosts ultra-high-definition video to expand the home large-screen market. New discovery models such as PVOD may emerge. VR interactive imaging brings new growth points, which is good for video platforms and high-quality content companies, such as Mango Super Media and Aiqi.Art, light media and other companies.