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Industry Investment Rating - The report maintains a positive outlook on the computer industry, particularly highlighting the growth potential in cloud computing, AI, and security sectors [3][6] Core Views - The computer industry in 2024H1 showed steady revenue growth with a 7% YoY increase, while net profit declined by 26% due to external factors, though non-GAAP net profit only fell by 7% [3][6] - Cloud computing, AI, and security sectors are identified as high-growth areas, with cloud computing driven by hardware performance and AI software companies showing steady growth despite reliance on traditional businesses [3][6] - Black Sesame, a leading domestic autonomous driving solution provider, has successfully listed on the Hong Kong Stock Exchange and released its first post-IPO financial report, showcasing its strong position in the autonomous driving chip market [3][15] Company Updates - Dream Database: Reported a 22.4% YoY revenue increase in 2024H1, with net profit up 40.7%, benefiting from the ongoing replacement of legacy databases in the domestic market [22] - Foxit Software: Achieved an 18% YoY revenue growth in 2024H1, with subscription revenue growing by 67.8%, indicating a successful transition to a subscription-based model [23] - Runda Medical: Collaborated with Huawei Cloud and Meinian Health to launch an AI health management robot, "Health Xiaomei," which is expected to contribute significantly to revenue in 2024 [25][26] Industry Performance and Trends - The computer industry's gross margin declined by 2 percentage points in 2024H1, but leading companies showed a recovery in gross margins, indicating a potential turnaround in the industry's fundamentals [6] - Leading indicators such as accounts receivable growth (0%) and prepayment growth (+3%) suggest a positive outlook for the industry in the second half of 2024 [6] - The cloud computing sector is expected to see continued growth, driven by server demand and the gradual integration of AI, though the full impact of AI on the sector is yet to be realized [12] Autonomous Driving and Chip Development - Black Sesame has developed a comprehensive product line for autonomous driving chips, including the Hua Shan A1000 series, which supports L2+/L3 autonomous driving, and the upcoming Hua Shan A2000, targeting L3+ scenarios [15][18] - The company's Wu Dang C1200 cross-domain fusion chip is designed to integrate autonomous driving and smart cockpit functionalities, with mass production expected by 2025 [19] - Black Sesame's market share in China's autonomous driving chip sector increased to 7.2% in 2023, up from 5.2% in 2022, solidifying its position as the second-largest domestic chip provider [20] Key Investment Themes - Digital Economy Leaders: Companies like Hikvision, Kingsoft Office, and Hundsun Electronics are expected to benefit from the ongoing digital transformation [28] - AIGC Applications: Companies such as Kingsoft Office, Foxit Software, and Runda Medical are leveraging AI to drive growth, with significant revenue contributions expected from AI-driven products [29] - AIGC Computing Power: Firms like Inspur, Hygon, and Sugon are positioned to benefit from the increasing demand for AI computing power [30] - Data Elements: Companies including Tax Friend, Boss Software, and Shanghai Steel Union are expected to capitalize on the growing importance of data in various industries [30]