Zheshang Securities(SH:601878) 智通财经网·2025-10-20 02:57Core Viewpoint - The communication industry is expected to see steady growth in revenue and net profit in the first half of 2025, with a year-on-year revenue increase of 2.8% and a net profit increase of 7.8%, driven by segments such as optical modules and liquid cooling, as well as the establishment of the satellite internet industry trend [1][3]. Industry Overview - The communication industry is projected to achieve stable growth throughout the year, with revenue growth of 2.8% and net profit growth of 7.8% in the first half of 2025, indicating a slight decrease in revenue growth compared to the previous year but an increase in net profit growth [3]. - The industry has benefited from global AI infrastructure, leading to rapid market growth in sub-segments like optical modules and communication devices, with expectations for continued high growth in Q3 and Q4 of 2025 [3]. Market Performance - As of October 10, 2025, the communication sector has seen a price-to-earnings (PE) ratio of 46.03, significantly higher than the 5-year median of 32.22, reflecting market optimism about long-term growth potential [2]. - The communication industry has experienced a 64.91% increase in stock price since the beginning of 2025, outperforming the Shanghai Composite Index by 45.46 percentage points and the CSI 300 Index by 44.06 percentage points, ranking second among 28 primary industries [2]. Key Segments and Opportunities - Computing Power: The penetration rate of super nodes is expected to rise rapidly, driven by sustained global AI demand and the acceleration of shipments for super node solutions [4]. - Telecom Operators: The growth rate of telecom operators' businesses is anticipated to continue recovering, with innovative business segments contributing to higher growth rates and increased market share [4]. - Satellite Internet: The launch schedule for domestic satellite internet is expected to accelerate, with significant commercial rocket launches planned for Q4 2025, leading to increased orders for related companies [5]. Recommended Companies - For computing power, recommended companies include ZTE Corporation, Huqian Technology, and Unisplendour, among others [4]. - For telecom operators, China Mobile, China Telecom, and China Unicom are highlighted for their attractive dividend yields [4]. - In the satellite internet sector, companies such as Changjiang Communication, Zhenlei Technology, and Shanghai Hanhua are recommended [5].