Zhao Yang, a researcher at Southern Finance and Economics, and Li Geyu, an intern, reported comprehensively
【Rating Research Report Investment Points】
This company focuses on automotive software innovation, conforms to the development trend of the industry, and with the rapid development of the intelligent automotive industry and the continuous improvement of the proportion of software, the company has ushered in good development opportunities.
This company is the pioneer of intelligent manufacturing reform, and intelligent manufacturing has helped improve the efficiency of the military industry. Benefiting from the development of intelligent manufacturing in the military industry and independent control, the company has built a middle stage of intelligent manufacturing technology and has good prospects for the development of the industry.
The company started from the graph display module, and its current main business includes graphic display control, small specialized radar, and chip. Some of these products are used in the military field, and some products have completed performance tests, which are expected to expand into the civilian general market. Driven by the Xinchuang market, the amount of GPU in 2021 will drive the company's high performance growth.
Recently, the securities company research report for the first time covered listed companies, including Guangting Information, Nengke Technology and Jingjiawei, respectively, belong to the information technology and national defense and military industries.
For the first time, the Guoyuan Securities Research Report covered Guangting Information and gave the company a "buy" rating
Guoyuan Securities believes that Guangting Information (301221 . SZ) focuses on automotive electronics software innovation, the industry prospects are good, the company conforms to the development trend of the industry, and it is expected that the operating income and net profit in the next three years are expected to maintain a high compound growth rate, and rapid growth can be expected.
Focus on automotive electronics software innovation, and open up new development space
Founded in 2011, the company is a software solution provider for smart cars. Facing the future EEA architecture, it provides global development services and full-stack solutions for automotive electronics software integrating end-and-cloud integration. The company was listed on the Growth Enterprise Market in December 2021, and the total investment amount of the fundraising project revolved around intelligent and automotive electronic software, with a total investment of 387 million yuan.
The automotive electronics software industry has a good prospect, and software service providers have ushered in a high boom cycle
"Software-defined vehicles" have become an important development trend in the automotive industry, and According to McKinsey, the proportion of software-driven in the global automotive vehicle content structure will reach 30% by 2030. With the intensive introduction of industrial development policies and the increasing support of government agencies for intelligent and connected vehicles and new energy vehicles, the automotive industry has ushered in a new strategic opportunity. Smart driving will drive continuous innovation in the automotive electronics software industry.
Conform to the development trend of the industry, the first "super software workshop"
The company revolves around three major product lines and two major supports, with a clear layout, and the company's products and technical services cover the fields of intelligent cockpit, intelligent electronic control and intelligent driving. The company pioneered the concept of "super software workshop", using software production automation platform and data-driven AI intelligent platform to achieve digital intelligent manufacturing.
It is worth noting that in the past three months, Kaiyuan Securities, Dongxing Securities and Huaxin Securities released research reports covering Huaguangting information for the first time, giving companies "buy" or "overweight" ratings.
Guotai Junan Research Report covered Energy Technology for the first time, giving the company an "overweight" rating
Guotai Junan believes that Nengke Technology (603859.SH) is the leader of intelligent manufacturing reform, benefiting from the development of intelligent manufacturing in the military industry and independent control, and the company's future growth can be expected.
Intelligent manufacturing helps the military industry improve efficiency
Under the 14th Five-Year Plan, the upgrading of weapons and equipment has accelerated, and in order to cope with the continuous growth of downstream demand, military enterprises have focused on expanding production capacity.
The military industry is a typical discrete manufacturing industry, with small batches, multiple varieties, many models, more complex plan changes, and high reliability requirements, and the efficiency of capacity expansion in the continental military industry depends to a certain extent on the improvement of the level of informatization, and the latter still has a large room for improvement.
Building a middle platform for intelligent manufacturing technology has built a solid barrier
The company has been deeply engaged in intelligent manufacturing in the military industry for many years and has built a solid barrier. In the previous fixed increase, the company introduced a military-civilian integration industry investment fund, which will help the company to further establish a good demonstration effect in the industry and provide assistance for subsequent market development. In addition, the company previously acquired Lianhong, and the business gradually expanded to civilian products, opening up room for growth.
Tianfeng Securities Research Report covered Jingjiawei for the first time and gave the company an "overweight" rating
Tianfeng Securities believes that Jing Jiawei (300474. SZ) as a domestic graphics display control and GPU chip leader, during the "Fourteenth Five-Year Plan" period in the military field product revenue growth steadily, the civilian market is expected to develop, it is expected that the company's performance in 2022 is expected to maintain a high growth trend.
Domestic graphics display control and GPU chip leader
The company's current main business includes graphic display control, small specialized radar, chip three categories, of which graphic display, radar products are mainly used in the military field. Chip products are mainly GPU-based, and some products have been mass-produced and applied on a large scale, which is expected to expand in the civilian general market. Driven by the Xinchuang market, the amount of GPU in 2021 will drive the company's high performance growth. And the national large fund strategically invested in the shares, equity incentives bound the interests of employees.
The company's GPU information creation market landed in batches, and the new chip targeted the civilian market
GPU is a microprocessor that does image and graphics-related computing work on computers, and is widely used in PCs, servers, game consoles, automobiles, mobile and other fields. According to VMR data, the global GPU market size will reach 25.41 billion US dollars in 2020, and it is expected to reach 246.51 billion US dollars in 2028, caGR is 32.82%, and Tianfeng Securities estimates that the Chinese mainland market size in 2020 will be about 5.92 billion US dollars.
The company independently developed GPUs, completed the batch landing of the Xinchuang market, and the JM9 series chips have excellent performance, which is expected to open up the pure civilian market.
In addition, in the past three months, Zhongtai Securities and Zheshang Securities have given Jingjiawei a "buy" rating.
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