Citic Securities: Зростання цін на обчислювальні потужності поширюється, зверніть увагу на три сигнали з квартальної звітності, що перевищує очікування

Mars Finance news. On April 3, a report from CICC Securities said that the performance of the technology sector in March shows that overall computing power is still in short supply and that price increases continue to spread to areas such as cloud services and CPUs. However, due to macro disturbances and geopolitical shocks, the technology sector’s valuation has been hit significantly. Looking ahead to April, on the one hand, historically after April enters the earnings period, the market is often in a phase where risk appetite contracts; on the other hand, the current geopolitical disruptions are still hard to determine how long they will last. Therefore, it is recommended to focus on resilient names with strong performance in the first quarter of 2026, with reasonable valuations.

By reviewing A-share technology companies that have already disclosed their 2025 earnings forecasts, CICC’s third-level industry categories show that AI computing infrastructure-related sectors are overall in a high level of optimism. Among the areas where year-on-year profit growth is more than 50%, many include network access cabinets and tower installation, PCB, cables, semiconductor equipment, integrated circuits, and others. In addition, the motorcycle sector, games, and display spare parts are also in relatively high levels of optimism.

For positioning, it is recommended to focus on three directions: 1) domestic semiconductor equipment that benefits from two types of memory continuing to expand capacity; 2) optical modules, optical fibers and fiber-optic cables, PCB, and upstream components, storage that remain in a sustained optimistic cycle—there is also a “catch-up rally” logic for passive component segments; the first choice is an optical-module leading company with high earnings certainty and relatively reasonable valuation levels; 3) domestic computing power is still continuously in short supply—focus on ByteChain and AscendChain companies, as well as exchange chips and server contract manufacturing segments that benefit from the breakout of supernodes. Meanwhile, CICC Securities notes the opportunities that will be brought by the iteration of multimodal models in May and June. (Wide-angle observation)