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The IoT module market is expected to resume growth in the second half of the year as inventory levels normalize and demand increases in various fields.

In the morning trading on August 27, A-share heavyweight stocks led the gains, with oil and gas giantsChina National Petroleum CorporationThe intraday increase was more than 3%, and the A-share market value returned to 1.5 trillion yuan;SinopecThe stock price rose by more than 4% during the session, reaching a 14-year high.Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction BankBoth stocks rose in the early trading session, and the intraday highs once again set new historical highs.

The hype of theme stocks has cooled down significantly, with AI glasses, Huawei HiSilicon, folding screens, consumer electronics, and Micro LED sectors leading the decline. More than 4,000 stocks on the market were in the red, includingDongfang Carbon, Century Dingli, Thundersoft, Huaru Technology, Jiebang TechnologyDown more than 10%.

Smart driving leader Thundersoft plummets

ThunderSoftThe stock opened sharply lower in the morning, with the largest drop of nearly 15%. The company released its semi-annual report yesterday evening, with a net profit of 104 million yuan in the first half of the year, a year-on-year decline of 73.1%, the largest decline since its listing. The company's net profit in the second quarter was 14 million yuan, a month-on-month decline of 85%.

The semi-annual report shows that Thundersoft is the world's leading provider of intelligent operating system products and technologies. In the first half of 2024, due to the extended acceptance cycle of automobile manufacturers and the lower-than-expected shipments of some manufacturers' models,The growth rate of the company's smart car business has temporarily slowed downIn addition, the competitive environment in the smartphone industry is still facing challenges, with fierce competition in the mid- and low-end price segments. The selection or adjustment of some undertaken projects has also caused a decline in the revenue of smart software business.

As of the end of the second quarter, among the top ten shareholders of Thundersoft, the proportion of northbound funds holdings decreased compared with the previous reporting period. The social security fund portfolio, which held a large position of 347 million yuan in the stock at the end of the first quarter, has withdrawn from the top ten shareholders.

The scale of the Internet of Things industry is expected to exceed 5 trillion yuan

The Ministry of Industry and Information Technology and the National Standards Administration recently issued the "Guidelines for the Construction of the Internet of Things Standards System (2024 Edition)" (hereinafter referred to as the "Guidelines").

The Guidelines state thatBy 2025, more than 30 new national and industry standards in the field of IoT will be formulated., guide social groups to formulate advanced group standards, strengthen the publicity and implementation of standards, participate in the formulation of more than 10 international standards, and accelerate the formation of a standard system to lead the high-quality development of the Internet of Things industry.

The Internet of Things is an important part of the new generation of information technology, which realizes ubiquitous connection between people, machines and things. A large number of new technologies, new products and new models are constantly emerging, profoundly changing the traditional industrial structure and social lifestyle.

In recent years, my country's Internet of Things industry has flourished and is showing an overall good trend.The 14th Five-Year Plan and the Outline of the 2035 Long-Term Goals propose to promote the comprehensive development of the Internet of Things and build IoT access capabilities that support fixed-mobile convergence and the combination of broadband and narrowband.

The Shenzhen Internet of Things Industry White Paper (2023) shows that in 2023, the growth rate of the national Internet of Things industry will increase by 2 percentage points year-on-year, reaching about 3.6 trillion yuan. During the 13th Five-Year Plan period, the average annual compound growth rate of the national Internet of Things industry reached 23.4%. During the 14th Five-Year Plan period, it is expected to maintain a high growth rate of 18.9%. In 2025, the scale of the national Internet of Things industry is expected to exceed 5 trillion yuan.

According to research firm Counterpoint, due to reduced demand, global IoT module shipments will drop 2% year-on-year in 2023. It is expected that by 2024, as inventory levels normalize and demand in smart meters, POS, and automobiles increases, the module market is expected to resume growth in the second half of the year. With the application of technologies such as 5G, the market is expected to grow significantly in 2025.

High R&D + High Growth + Social Security Fund

The list of heavily-weighted stocks is released

According to statistics from Securities Times Databao, among the concept stocks related to the Internet of Things in the A-share market, more than 170 stocks have disclosed their 2024 semi-annual reports, and 56 stocks have achieved a year-on-year net profit growth of more than 20% (including turning losses into profits).Deepwater Planning Institute, Yitong Century, Allwinner Technology, Rockchip, SolingThe growth rate of net profit ranked among the top five.

Deepwater Planning InstituteThe company achieved a net profit of RMB 45 million in the first half of the year, a year-on-year increase of 12.45 times. The company is the first A-share listed company in China that focuses on the water conservancy survey and design industry. It is currently committed to building an "integrated service platform that systematically solves urban water problems" that integrates creativity, technology and services, and provides customers with comprehensive, intelligent and ecological professional services for the entire life cycle of water services.

Yitong CenturyIn the first half of the year, the company achieved a net profit of 36 million yuan, a year-on-year increase of 10.58 times. The company is committed to providing highly adaptable connection capabilities that seamlessly integrate multiple devices and systems, and standardized IoT capabilities that ensure device interoperability and unified management through comprehensive low-code transformation.

According to Databao statistics, in terms of R&D efforts, the total R&D expenses of IoT concept stocks that have disclosed their semi-annual reports have reached 68.236 billion yuan, of which 12 companies have R&D expenses exceeding 1 billion yuan.

ZTER&D expenses reached 12.726 billion yuan, ranking first. In addition,China MobileThe R&D expenses are also over 10 billion yuan.Foxconn Industrial Internet, China Telecom, China Unicom, Tsinghua Unigroup, GoertekR&D expenses range from 2 billion yuan to 5 billion yuan.

Among the above-mentioned IoT concept stocks with high performance growth, some stocks not only have large R&D investment scale, but also high R&D intensity (the proportion of R&D expenses to revenue).

According to Databao statistics, R&D expenses in the first half of 2024 exceeded 100 million yuan, and the proportion of R&D expenses to revenue exceeded 5%. At the same time, there were 26 stocks whose net profit growth rate exceeded 20% in the first half of the year.

Among these 26 concept stocks, the one with the highest proportion of R&D expenses to revenue in the first half of the year isActions Technology, accounting for 35.73%.Allwinner Technology, Espressif Systems, Goodix Technology, Rockchip, the proportion of R&D expenses to revenue is more than 20%.

Judging from the institutional holdings data, as of the end of the second quarter, 9 concept stocks were heavily held by the social security fund, includingDongfang Electronics, Xingyu Shares, Shenzhou Taiyue, Soft Control Shares, Siyuan ElectricEtc. Among themOriental ElectronicsThe proportion of holdings by the social security fund ranked first, reaching 5.3%.