TF Securities(SH:601162) 智通财经网·2025-05-13 22:52Core Insights - The report from Tianfeng Securities emphasizes the importance of investing in "AI + overseas expansion + satellites" as core opportunities in the medium to long term [1][5] - The communication equipment sector is experiencing a recovery, with revenue growth expected to continue driven by AI computing power [2][4] Financial Summary and Outlook - The overall revenue for the communication equipment sector is projected to grow by 2.9% and 12.9% year-on-year in Q4 2024 and Q1 2025 respectively, indicating a recovery since Q4 2023 [2] - Net profit for the sector is expected to decline by 141% in Q4 2024 but then grow by 24% in Q1 2025, reflecting a transition in industry dynamics [2] Key Industry Segments to Watch 1. Optical Devices: Revenue growth of 52.6% and 67.5% year-on-year in Q4 2024 and Q1 2025, with net profit growth of 124.4% and 114.3% respectively, indicating strong demand driven by AI [3] 2. Internet of Things (IoT): Positive revenue and profit growth in Q1 2025, confirming the ongoing recovery trend in the industry [3] 3. Submarine and Optical Cables: Revenue and net profit growth of 12% and 46.3% year-on-year in Q1 2025, supported by demand from high-voltage and smart grid projects [3] 4. IDC & CDN: Traditional IDC faces challenges, but AIDC is expected to see high growth due to AI applications [4] 5. Telecom Operators: Revenue growth of 6.4% and 0.8% year-on-year in Q4 2024 and Q1 2025, indicating stable growth [4] 6. Main Equipment: Revenue and net profit are under pressure, but recovery is anticipated as AI demand increases [4] 7. Satellite Industry: Net profit has been declining but shows signs of recovery, with expectations for normalization post-2024 [4] Investment Recommendations - Continued focus on "AI + overseas expansion + satellites" as key investment themes, particularly in optical modules, liquid cooling, and domestic computing power sectors [1][5] - Recommendations for leading companies in the submarine cable sector as domestic recovery accelerates [5]