Category: Industry organization: Western Securities Co., Ltd. Researcher: Xing Kaiyun/Liu Hao Date: 202 1-07- 14.
Event: On July 4th, 20021year, the National Network Information Office announced that there were serious violations of laws and regulations in the collection and use of personal information in Didi Chuxing App. According to the relevant provisions of the Cyber Security Law of the People's Republic of China, the National Internet Information Office informed the App store to remove the "Didi Chuxing" app.
The development of network security in China is mainly driven by policies and catalyzed by security incidents. This "Didi incident" reflects the data risk. The Network Information Office responded quickly to emphasize data security, and the Ministry of Industry and Information Technology focused on promoting investment in network security construction. China network security (special data security) will usher in a new turning point of accelerated development. The Didi incident leads to "the risk of core data, important data or a large amount of personal information being stolen, leaked, damaged, illegally used or left the country". The national policy responded quickly. According to the Didi incident, in less than a week, in July 10, the Internet Information Office issued the "Network Security Review Measures (Revised Draft for Comment)" aimed at emphasizing data security and risk review of foreign listings. In the past, China's network security mainly focused on the construction layout of a series of traditional products such as hardware and software. With the development of Internet and cloud computing and the centralization of data, the demand for data security is increasing. 12 In July, the Ministry of Industry and Information Technology released the "Three-year Action Plan for High-quality Development of Network Security Industry (20021-2023)" (draft for comments), proposing that by 2023, the scale of network security industry will exceed 250 billion yuan, with the compound annual growth rate exceeding 15%. We believe that the new network security industry fund will focus on new active security track products for data security management, such as threat intelligence, situation awareness, data leakage prevention, data audit and so on. And companies that lay out such new tracks are expected to benefit the most.
Shanghai and Guangdong have become the vanguard of network security construction, which will gradually drive all parts of the country to increase the development of network security industry. On July 9th, Qiu Wei, Director of Software and Information Service Department of Shanghai Economic and Information Commission, disclosed at the high-end dialogue meeting of 20021World Artificial Intelligence Conference that she was negotiating with the National Network Information Office to further clarify that the investment ratio of the government and public enterprises and institutions in network security should not be less than 10% in the "14th Five-Year Plan" for network security and the network security industry action plan to be released soon. According to IDC data, the network security market in China accounts for less than 2% of the information market, which is lower than the global average of 3.74%. As the largest downstream customer of network security in China at present, the investment of the government and public enterprises and institutions should be no less than 10%, which will effectively promote the proportion of China's network security market in the information market. On July 1 1, the People's Government of Guangdong Province announced the Action Plan for Market-oriented Reform of Data Elements in Guangdong Province. The plan predicts that by the end of 20021,a unified and coordinated public data operation and management system will be initially established in the whole province. This is the first province to introduce specific countermeasures since the central government issued the first factor marketization configuration document on April 9, 2020. We believe that Shanghai and Guangdong, as developed areas in China, take the lead in building network security, which will gradually drive the development of network security industry in all parts of the country.
Risk warning: (1) The strength of policy support and the pace of promotion are less than expected; (2) Industry competition has intensified.
Automobile industry: weak sales performance and rapid growth of new energy vehicles.
Category: Industry organization: Qunyi Securities (Hong Kong) Co., Ltd. Researcher: Shen Jiajie Date: 202 1-07- 14.
Sales and comments:
In June, YOY- 12.4% car sales were weak.
According to the data released by the China Automobile Association, in June, the automobile sales volume was 2010.5 million, MOM-5.3%, YOY- 12.4%. Sales dropped significantly this month, with commercial vehicles falling more than passenger cars.
In June, the sales volume of passenger cars was 1.569 million, MOM-4.7%, yoy- 1. 1%.
Among them, the monthly sales volume of SUV is 746,000, with MOM-0.3% and YOY-9.3%. The monthly sales volume of automobiles is 724,000, MOM-6.9%, YOY- 1 1.8%.
In June, the sales volume of commercial vehicles was 446,000, with MOM-7.4% and YOY- 16.8%.
The sales volume of trucks was 394,000, up 9.6% from the previous month and 20.2% from the same period last year. With the decline of terminal logistics and infrastructure demand, heavy truck sales declined for three consecutive months. This month, the bus sales volume was 53,000, MOM+ 13.4%, YOY+23.5%, and the light passenger sales recovered well.
From June to June, 65438, the cumulative sales volume of automobiles was12895438+00,000 vehicles, up+25.6% year-on-year; Cumulative sales of passenger cars/kloc-0.0007 million, up+27% year-on-year; The cumulative sales of commercial vehicles was 2.884 million, up +20.9% year-on-year. Compared with the data of the same period of 20 19, the cumulative automobile sales in June-June increased by 4.6%. Among them, the cumulative sales of passenger cars decreased by1.2%; The cumulative sales volume of commercial vehicles increased by 365,438+0.3%.
Sales of new energy vehicles increased significantly in June.
New energy vehicles maintained a sustained growth trend, with a sales volume of 256,000 vehicles this month, with MOM+ 17.6% and YOY+ 139.3%. Among them, the sales volume of new energy passenger cars is 24 1 0,000, MOM+ 18.3%, yoy+1/4%; The monthly sales volume of new energy commercial vehicles is10.4 million, with MOM+8.2% and YOY+23.7%. From June to June, the cumulative sales volume of new energy vehicles was 1.206 million, YOY+20 1.5%, and the market penetration rate rose to 9.4%.
In terms of new energy passenger cars, Tesla China sold 33 155 vehicles this month, an increase of 29.5% from the previous month; The monthly sales volume of Wuling Hong Guang electric vehicles was 2,965,438+043, down 2% from the previous month.
The sales volume of the new forces of building cars has increased substantially. In June, Weilai, Tucki and Ideality delivered 8,083 vehicles, 6,565 vehicles and 7,765,438+03 vehicles respectively, up by +20.4%,+65,438+05.4% and +78.4% respectively from the previous month.
After the ideal mid-term redesigned model went on the market, the sales volume in June increased significantly from the previous month. In addition, BYD's DM- i series hybrid models also increased rapidly after listing. This month, the sales volume of DM models reached 20 1 10,000, an increase of 55% from the previous month.
From June to June, Tesla China delivered 65,438+06.110,000 vehicles; The cumulative sales volume of Wuling Hong Guang EV is 6.5438+0.58 million; Weilai, Tucki and Ideality delivered 42,000 vehicles, 3.07 vehicles and 30,000 vehicles respectively.
Due to the tight supply chain, the sales of commercial vehicles declined rapidly, and the overall performance of the automobile market was weak this month, but the sales of new energy vehicles maintained rapid growth. We predict that the industry sales will increase by about 10% in 20021year. At present, the automobile industry is in a critical period of product conversion to electrification. The uncertainty of economic environment and epidemic development, rising raw material prices and insufficient production capacity of automobile chips put forward higher requirements for enterprise management. Car companies with strong product competitiveness are expected to further increase their market share. Great Wall Motor, BYD and Geely Automobile are recommended.
Semiconductor industry: Tang Yi shares: products from top customers in the world enter the most advanced technology.
Category: Industry Organization: BOC International Securities Co., Ltd. Researcher: Yang/Date: 202 1-07- 14.
On June 25th, Science and Technology Innovation Board accepted the IPO declaration of Beijing Tang Yi Semiconductor Technology Co., Ltd. It is planned to raise 3 billion yuan to invest in integrated circuit equipment R&D and manufacturing service center projects, high-end integrated circuit equipment R&D projects and development and technology reserve funds.
Company highlights
Dry degumming equipment ranks first in the world, rapid heat treatment equipment ranks second in the world, and dry etching equipment ranks first in the world, 10.
The company is mainly engaged in the research and development, production and sales of wafer processing equipment needed in the manufacturing process of integrated circuits, and is an important supplier with global popularity and recognition. Dry degumming equipment and rapid heat treatment equipment can be used for mass production of several key steps in the manufacture of 90 nm to 5 nm logic chips, 10 nm series DRAM chips and 32-layer to 128-layer 3D flash memory chips. Dry etching equipment can be mainly used for mass production of several key steps in the manufacture of 65 nm to 5 nm logic chips, 10 nm series DRAM chips and 32-layer to 128-layer 3D flash memory chips. The income from 2018 to 2020 is about152 million yuan,157 million yuan and 23 1 100 million yuan, with a compound growth rate of 23.41%; The net profit is 20 million yuan,-90 million yuan and 20 million yuan, and the gross profit rate is 40.09%, 33.75% and 32.79%.
Have top customer resources at home and abroad. The products produced by the company have been adopted by many leading memory chip manufacturers, logic circuit manufacturers and other integrated circuit manufacturers in the world, covering the top ten chip manufacturers in the world and leading chip manufacturers in the domestic industry, such as TSMC, Samsung Electronics, SMIC, Changjiang Storage, Grofond, Micron Technology and SK Hynix. From 20 18 to 2020, the company's sales of special equipment will be 94 sets, 12 1 set and 192 sets respectively, with year-on-year growth of 28.7% and 58.7%. As of June 65438+February 3, 20201,the global cumulative installed capacity of the company's products has exceeded 3700 units.
In some local production lines, the localization rate of dry degumming equipment has reached more than 90%, and the company's market share has increased year by year. According to Gartner's statistics, from 2065438+08 to 2020, the company is in the third, second and first market position in the field of dry degumming equipment, and its market share is increasing year by year. The global dry degumming field is mainly monopolized by Tang Yi, Bisco, Hitachi Hi-Tech, Marco Lin Semiconductor and Taishi Semiconductor, accounting for more than 90% in total. According to the data of China International Bidding Network, the localization rate of dry degumming equipment in some local mainstream production lines has reached over 90%. 20 17 Up to now, the company has obtained 69 orders for degumming equipment for domestic 3D Nand production lines.
R&D investment is large, and the revenue of core technology products will account for 73.84% in 2020. The company's five core technicians have R&D experience in internationally renowned semiconductor equipment companies such as Applied Materials and Marco Lin Semiconductor. The company * * * set up R&D centers in China, the United States and Germany, and the R&D expenses from 2018 to 2020 were 254.3866 million yuan, 279.3255 million yuan and 328.482100 yuan respectively, accounting for16 of the operating income.
Fundraising projects: expand production capacity, enhance the competitiveness of mature products and meet advanced technology. After deducting the issuance expenses, the total amount of funds raised in this issuance is 36.5438+0.63 billion yuan, which will be invested in integrated circuit equipment R&D and manufacturing service center projects, high-end integrated circuit equipment R&D projects and development and technical reserve funds respectively. It will promote the company to expand the production capacity of integrated circuit equipment such as dry degumming equipment before the end of 2022, enhance the independent research and development strength of advanced technologies such as atomic surface treatment and ultra-high selectivity etching equipment, advanced dry degumming equipment, new generation ultra-high capacity degumming equipment and etching equipment based on Hydrilis platform, and further consolidate the company's leading position in the field of semiconductor process equipment segmentation.
Capital proposal
We continue to strongly recommend the semiconductor equipment sector, and recommend the combination: Zhongwei Company, Beifang Huachuang, Ye Wan Enterprise, Precision Measurement Electronics, Xinyuanwei, Changchuan Technology and Huafeng Measurement and Control.
Main risks faced by rating
Uncertainty of geopolitical friction; Uncertainty of parts supply chain security.
Real estate industry: control the price of second-hand houses, avoid speculation, increase the number of first-hand houses in school districts and increase the supply of residential land.
Category: Industry Organization: Securities Co., Ltd. Researcher: Ren He/Wang Date: 202 1-07- 14.
Sales: The sales growth of new and second-hand houses narrowed and stabilized.
As for new houses, as of last week, the total sales area of commercial housing in 28 cities we tracked was146.43 million square meters, up 52% compared with the same period in 2020 and up 39% compared with the same period in 20 19. The overall sales of sample cities continued to be relatively prosperous. From the perspective of a single city, the transaction area of commercial housing in four first-tier cities in the north, Guangzhou and Shenzhen increased by 96%/68%/82%/43% respectively. Among the sample cities, the transaction area of Fuzhou and Wuhan increased by 182%/ 140% respectively.
As for second-hand houses, as of last week, the number of transactions of second-hand houses in 10 cities we tracked totaled 429,000 sets, an increase of 2 1% compared with the same period in 2020 and an increase of 1 1% compared with the same period in 20 19. Among the sample cities, Beijing, Xiamen, Qingdao and Suzhou performed hot, with the year-on-year growth rates of transaction sets of 63%/58%/45%/43% respectively.
Financing: Domestic bond issuance increased month-on-month, while foreign bond issuance decreased month-on-month. Last week, real estate enterprises issued domestic bonds of1465438+400 million yuan, up +57% from the previous month, overseas bonds of 4.5 billion yuan, up -20% from the previous month, and total debt financing of 186 billion yuan, up +28% from the previous month. As of last week, since the beginning of this year, housing enterprises have issued a total of 387,654.38 billion yuan of domestic bonds, up by +7% year-on-year, 654.38 billion yuan of overseas bonds, up by -20% year-on-year, and the total bond financing is 579.9 billion yuan, up by -4% year-on-year.
milestone
1, Xi' an establishes a mechanism for issuing reference prices for second-hand housing transactions; 2. Shenzhen plans to further increase the supply of residential land; 3. Xiamen issued an implementation plan for the temporary transformation of existing non-residential houses into affordable rental houses; 4. It is strictly forbidden to speculate on school districts in Xicheng District of Beijing, and enterprises that fail to implement them will be dealt with according to law; 5. Shenzhen released the 20021annual housing development plan, which will supply 60,000 new houses and 40,000 public houses; 6. The Shanghai Housing Authority announced that second-hand houses that have not passed the price verification shall not be released to the public.
Capital proposal
Risk warning
Housing prices in some key cities continue to rise, and the land market is overheated, which leads to regulatory policies exceeding expectations.
Network security industry: Network security policies are frequent, and the prosperity of the industry continues to rise.
Category: Industry organization: Securities Co., Ltd. Researcher: Geng Date: 202 1-07- 14.
Event:
On July 10, the National Internet Information Office issued the Measures for Network Security Review (Revised Draft for Comment); On July 12, the Ministry of Industry and Information Technology released the Three-year Action Plan for High-quality Development of Network Security Industry (202 1-2023) (draft for comment).
Comments:
The network security industry is welcoming the policy outlet, and the industry leader is expected to accelerate its growth. The Action Plan puts forward the development goal of China's network security industry in 2023: the scale of network security industry exceeds 250 billion yuan, the compound annual growth rate exceeds 15%, the innovation capability of network security technology is obviously improved, and the level of products and services is continuously improved. In terms of demand release, the Action Plan puts forward higher requirements for the security capabilities of key industries, and clarifies that the network security investment of key industries such as telecommunications accounts for 10% of the information investment. With the frequent introduction of policies, the medium and long-term high growth of the network security industry has once again been supported. At present, the network security market in China is changing from passive defense that meets formal compliance requirements to active defense that emphasizes actual combat, and it is in the process of accelerating demand and gradually increasing industry concentration in the medium and long term. We believe that with the continuous release of demand for active defense products, manufacturers with system construction capabilities in various segments are expected to accelerate their growth and lead the industry to a higher stage of development.
Emphasizing innovation ability is expected to promote the development of network security technology under the new situation. With the rapid development of new technologies such as 5G, big data, artificial intelligence, car networking, industrial Internet and Internet of Things, network security products and services are booming. The Action Plan proposes to develop innovative security technologies at the supply level, promote the endogenous and adaptive development of network security architecture, and accelerate the research and development of network security system based on safe operation, active immunity and zero trust development; At the demand level, accelerate the security application in emerging convergence areas, face the security of vehicle networking, and encourage vehicle manufacturers to improve the security protection and detection capabilities of automobiles, key network equipment and cloud platforms. For terminals, gateways, platforms and other key links of the Internet of Things, we will carry out Internet of Things security detection, exception handling and public services to create "Internet of Things security products".
The data security policy continues to increase, and the potential of the blue ocean market is highlighted.
With the gradual implementation of policies such as the Data Security Law and the Network Security Review Measures (revised draft for comments), the state's supervision over data security has increased, and the data security market is expected to become a new blue ocean. The Measures for Network Security Review (Revised Draft for Comment) points out that operators with more than 1 10,000 users' personal information must apply to the Network Security Review Office for network security review when going public abroad. In addition, the Action Plan proposes to strengthen the research and application of data security technology, further optimize the functions and performance of products such as data security management and hierarchical security protection, meet the traditional data security requirements such as data leakage prevention, tampering prevention and theft prevention, and improve the intelligent protection and management level of data security.
Capital proposal
Risk warning
COVID-19 broke out repeatedly; Industry-related policies did not advance as expected; Industry competition intensifies and overall profitability declines; The research and development and marketing of new track products such as zero trust are not as good as expected.
Category: Industry organization: Everbright Securities Co., Ltd. Researcher: Zhu Yue Date: 202 1-07- 13.
Household industry: domestic growth structure changes in the post-epidemic era, and overseas import demand is improving. E-cigarette: the policy is expected to standardize the industry, and the market still enjoys the industry dividend. Recommended target: leading companies in three sectors: home, e-cigarette and paper making. We recommend: 1) Gujiajia (6038 16. SH): Go into battle lightly, retail transformation, supply chain integration. 2) Oupai Home Furnishing (603833. SH): The whole house service system has strong ability and is expected to be a big customer. 3) SMO international (6969. HK): Relying on high-quality atomizing core, optimistic about domestic and foreign markets is expected to benefit. 4) Sun Paper (002078. SZ): Paper price rises to improve performance, and high-quality management crosses bulls and bears. 5) Chen Guang Stationery (603899. SH): Integrate the healthy development of the two-wing business, and the new business gradually grows. 6) Bull Group (603 195. SH): With channel barriers and product innovation, the business will advance steadily.
Risk warning: The epidemic situation repeatedly affects the demand, the real estate growth is less than expected, the e-cigarette monopoly system is implemented, and the demand of paper mills is less than expected.
Paper-making: the plastic limit order and the waste ban order are superimposed, and there is still room for paper prices to rise. After the epidemic, the growth rate of demand for new houses slowed down, and the transformation of second-hand houses and "the youngest" became the growth point of the home market. Since 20021,the retail demand of home furnishing industry has been released obviously, and the change from February to April exceeded the historical growth average. Overseas furniture demand has soared, and export-oriented home furnishing enterprises have benefited from it.
Since 20 18, China's e-cigarette market has been growing rapidly, and its low penetration rate has provided sufficient room for growth. E-cigarette reference tobacco supervision will contribute to healthy competition in the industry, and leading companies are expected to benefit from a good market environment to achieve revenue growth.
Wood pulp department: the price of pulp and paper falls at a high level, the demand slows down, the inventory is at a relatively high level, or the market continues to slump; Waste paper department: the price of waste paper is picking up under the waste paper ban, and the upward price of imported paper is expected to support the domestic paper price. In the context of warmer downstream demand, the third quarter is expected to usher in the peak season.