澜起科技与区块链概念关系,澜起科技是什么板块

㈠Does the military industry still have a chance?

Military industry

After four months of sharp correction, the military industry may have a chance to recover.

Ace believes that the previous adjustment was a valuation reduction after a periodic rapid rise, and the fundamental logic of being bullish on the military industry has not changed:

1) Supply side, Thirteen During the Five-Year Plan period, many of my country's key equipments were created from scratch. According to the life cycle of military products, my country's key equipment models have now entered a stage of rapid ramp-up in production capacity;

2) The demand ceiling has moved upward, and the trend of domestic substitution has been established and small The transformation of the organizational model of core large-scale collaboration industries has led to more and more markets opening up to high-quality enterprises, bringing more sustainable growth.

3) Strategically, the world's major changes unseen in a century are accelerating. The national defense and military industry is an important tool for "big powers to compete with each other". The "2027 Centenary Goal of Army Building" in the 14th Five-Year Plan is proposed Really loud.

At this point in time, the probability of the theme driving the market is increasing, and there are also layout opportunities with more reasonable valuations from a growth perspective.

After taking office, Biden has no intention of easing Trump’s policies and has proposed the “Indo-Pacific Strategy” to maintain regional free economy through strategic integration with allies and partners such as India, Japan, and Australia. order and counter China’s expanding overseas influence.

The United States and its allies have frequently caused troubles in my country's southern waters at the beginning of 2021, sailing through the South China Sea to support the so-called "freedom of navigation" issue. There are already 4 aircraft carrier strike groups and 3 amphibious assault ship formations. appeared around China.

Against this background, it is not difficult to understand the navy spokesperson’s calm statement that “the Chinese Navy’s Shandong aircraft carrier formation will conduct training in relevant waters of the South China Sea.”

In early April, the Liaoning aircraft carrier group left the port for training. After entering the Philippine Sea through the Miyako Strait on April 4, it entered the southern waters for cruise on April 10, and crossed the sea again on April 27. Miyako Strait, returning to the East China Sea. The Shandong aircraft carrier formation will begin out-of-port sea training at the end of April, and will appear in the southern waters for training around April 28.

At this stage, my country's navy's aircraft carrier formation frequently conducts long-distance training, which reflects that the navy's dual aircraft carriers cruise alternately. It reflects that my country's navy's ocean-going force has rapidly taken shape. The Shandong carrier fleet is rapidly forming actual combat capabilities. The dual-carrier combat formation will become the future ocean-going force. Pillar of strength.

The investment in ship equipment, led by aircraft carriers, is the key layout of our country’s 12th Five-Year Plan. Now we set sail to the sea to protect our country's prestige. The input and output of the military industry are slow, but there is no doubt that the country is determined to continue to increase investment.

Judging from the annual and quarterly reports of the military industry, its growth potential is also very prominent. 2021-202Three years will be the key to speeding up the industry, with the compound growth rate expected to exceed 30%.

In 2020, the total revenue was 479.5 billion yuan (+8.1%); the net profit attributable to the parent company was 32.6 billion yuan (+36%); the net profit after non-attribution to the parent company was 23.7 billion yuan (+46%) ).

In 2021Q1, the total revenue was 104.4 billion yuan (+44%); the net profit attributable to the parent company was 8 billion yuan (+147%); the net profit after non-attribution to the parent company was 6.7 billion yuan (+189%) .

The high prosperity of the industry is confirmed.

Looking at the sub-sections, the aviation and information technology sectors are the main growth points, accounting for 84% of the total profit. The growth rate of aviation main engine plants is steady, and the performance of companies in the advanced fighter industry chain is high; in the field of information technology, components and integrated circuits have continued to maintain high growth in 20 years and 21Q1, with significant increases in net profit margins and significant scale effects.

From the perspective of profitability, the overall gross profit margin increased by 0.9pct in 2020, and the expense rate decreased by 0.5pct during the period. The learning curve and scale effect are highlighted.

my country's military industry is guided by the will of the country. The industrial development context is clear and predictable. The production schedule and delivery rhythm have strong execution. Under balanced production, the production interval is smaller than that of the United States, and the forgetting curve effect is smaller. If it is low, the learning curve will improve the cost more significantly. The performance of the military industry is worth looking forward to.

1) Leading companies in the aviation industry chain: AVIC Science and Technology, AVIC Shenyang Aircraft Corporation, Hongdu Airlines, AVIC Electromechanical, AVIC Optoelectronics, AVIC XAC, China Direct Holdings, AVIC Hi-Tech, Western Superconducting, China Simple Technology etc.

2) Aviation engine industry chain: aircraft engine power, aircraft engine control, Hangya Technology, Tunan Co., Ltd., Fushun Special Steel, etc.

3) Missile equipment industry chain: Hongdu Aviation, Aerospace Electric, Tianjian Technology, Dali Technology, etc.

4) Low-valued varieties in the middle and upper reaches of the industry: AVIC Electromechanical, Zhenhua Technology, Aerospace Electrical, AVIC Electronics, etc.

Reference research report:

"CITIC Construction Investment-National Defense Industry: Tensions between aircraft carriers' alternating voyages have become normal, and an inflection point has been established and sustainable growth can be expected"

" Guosen Securities - National Defense and Military Industry Weekly Report: The net profits of central enterprises in the military industry doubled in the first quarter, maintaining the view of the military industry allocation window"

"Industrial Securities - Military Industry Observation: There is great potential for investment in the military industry sector, and growth dividends can be grasped from the bottom up 》

"Changjiang Securities-Wright's Law of the National Defense and Military Industry: Exploring the First Principles Thinking of Sustainable Military Industry Performance"

Memory "Mining"

From April 2Since the analysis of the cryptocurrency Chia on the 5th, the market enthusiasm has greatly exceeded my expectations. Guokewei has doubled since April 26th. We review our previous analysis:

The cryptocurrency Chia has become popular, and memory “mining” may boost the market price of large-capacity flash memory.

Unlike Bitcoin, Ethereum, etc., which rely on mining machines and graphics cards for mining, Chia requires a larger capacity of storage space for mining.

According to the white paper, the Chia protocol hopes to create an energy-saving, secure, and more decentralized payment network. In order to change the concentrated computing power of Bitcoin, Chia uses Proof of space and time (PoST). Users compete for accounting rights based on unused storage space on the hard disk and receive the native token XCH as a reward. All ordinary users can participate, and no special hardware, funds, or registration are required to join.

Chia realizes the economic incentives of the blockchain network through "farming rewards". "Farmers" use hard drives as "cultivated land" and make profits based on the "cultivated land size".

The main steps for Chia farming are: Plotting (filling the storage space with data using a set algorithm, which can be regarded as locking the corresponding storage space for mining), Harvesting (using your own Find the target random number in the storage space to determine the accounting rights) and time proof (so that blocks are generated according to the specified period).

Overall, Chia has constructed a mining model in which users store data on hard drives for a period of time, and the chance of winning block accounting rights is proportional to the amount of storage space allocated by the user. . This mechanism is similar to lottery winning. The larger the storage space used for mining, the greater the probability of obtaining accounting rights and income.

In the short term, hard drive production capacity cannot meet the surge in demand, and hard drive prices still have room to rise.

The founder of Chia tweeted on May 7: "Judging from the current growth rate, Chia will exceed the total storage capacity of the earth within two months."

A16Z, one of the leading investors in Chia, has raised US$1 billion in funding, which will make A16Z one of the highest-funded investment pools dedicated to cryptocurrency, and has made Chia a key support project. This round of investment is expected to exceed US$40 million.

Currently, since Chia was listed on May 7, its currency value has doubled in less than a week. If the subsequent currency value surges, it may stimulate new enthusiasm for mining in the market.

In the long term, the consensus model of hard disk mining still needs time to test, or there may be opportunitiesCreate a new mining industry form.

1) Storage equipment manufacturing: Tongyou Technology, Xinyuan Technology, Netac Technology, etc.;

2) Storage chip design: Goke Micro, GigaDevice, Montage Technology, etc. ;

3) Storage testing: Deep Technology, Huatian Technology, etc.

Reference research report:

"GF Securities-Information Technology Industry: Memory "mining" may boost the market price of large-capacity flash memory"

"Guosheng Securities -Blockchain industry: Catalyzed by Chia’s new model, hard disk storage equipment is in short supply”

“GF Securities-Information Technology Industry in May: Focus on SSD price increases and TV panel demand differentiation”