二季度业绩前瞻：聚焦低估值龙头

Group 1: Market Overview - The computer industry faces performance and valuation pressure due to external disturbances and high valuation starting points from the generative AI technology introduction in 2023[6] - As of June 25, 2024, the Shenyuan Computer Index's TTM price-to-earnings ratio has dropped to 46.18, below the opportunity value of 47.32, at the 18.6th percentile[9] - The overall sector is expected to have limited horizontal comparative advantages in 2024[9] Group 2: Investment Focus - Focus on undervalued leading companies in vertical fields that can integrate into the global generative AI industry chain and have strong customer payment capabilities[6] - The AI hardware sector is projected to maintain double-digit growth, with domestic manufacturers expanding into overseas markets[16] - The smart automotive sector is expected to see L2+ penetration rates rise from 30% in 2023 to 50% in 2024, benefiting leading companies[14] Group 3: Risk Factors - Risks include potential underperformance of AI technology iterations and lower-than-expected IT investments from downstream clients[40] - The macroeconomic environment poses risks to vertical companies linked to economic conditions[29]