计算机行业2024年半年度展望：聚焦新质生产力，把握行业结构性机会

Investment Rating - The report maintains a "Positive" investment rating for the computer industry [1]. Core Insights - The computer sector has experienced a weak performance in the first half of the year, with a significant underperformance compared to the CSI 300 index, lagging by nearly 28 percentage points. Despite this, high-growth segments such as intelligent computing and smart transportation have shown promising structural trends [1][8]. - The report emphasizes the importance of focusing on structural opportunities driven by policy and demand cycles in the second half of the year, with expectations of steady growth in the computer industry [2][21]. Summary by Sections Industry Review - The computer sector's performance has been heavily influenced by market sentiment, with the SW Computer Index down 27.61% year-to-date as of July 25, while the CSI 300 index rose by 0.38%. This indicates a significant underperformance of 27.99% [8][11]. - The sector is characterized by a high beta and growth potential, primarily composed of small to mid-cap companies, which have been adversely affected by stricter market regulations and lower risk appetite [1][8]. Industry Outlook - The report identifies two main types of investment opportunities: those driven by technological changes or authoritative policies and those driven by market sentiment and sector-specific themes. The latter often leads to short-term gains in specific segments [21][24]. - The focus for the second half of the year should be on structural opportunities in intelligent computing, smart transportation, and smart driving, particularly in light of policy support and demand cycles [2][28]. Investment Strategy - The report recommends three main investment lines: 1. Intelligent Computing: Benefiting from policy support and the growth of AI applications, with a focus on companies like Zhongke Shuguang and Longxin Zhongke [2][28]. 2. Smart Transportation: With ongoing pilot projects and clear policy support, companies like Qianfang Technology and Wanjie Technology are expected to benefit [2][28]. 3. Smart Driving: The anticipated entry of Tesla's FSD in China and the growth of Robotaxi operations are expected to create a positive feedback loop for the industry [2][28]. Key Company Earnings Forecasts and Ratings - Companies such as Zhongke Chuangda, Longxin Zhongke, and Zhongke Shuguang are rated as "Strong Buy" with projected earnings per share (EPS) growth over the next few years [4]. - The report highlights the current low valuation levels of the computer sector, with PS and PE ratios at historical lows, indicating a high investment value [4][25].