计算机行业2024年半年度业绩总结：剪刀差扩大，先导指标乐观

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a recovery in profitability and a stable revenue growth trend [5][7]. Core Insights - The computer industry reported a revenue growth of 7% year-on-year for the first half of 2024, while net profit decreased by 26%, primarily due to non-recurring losses [5][6]. - The report highlights that the industry is experiencing a recovery in profitability, with expectations for further improvement in the second half of 2024 [5][12]. - Key sectors such as cloud computing, AI, and secure controllability are showing higher levels of prosperity, while sectors like medical IT and financial IT are experiencing more subdued growth [17][18]. Summary by Sections Industry Performance - In H1 2024, the overall revenue growth for the computer industry was 7%, with operating costs increasing by 10%, leading to a decline in gross margin by 2 percentage points to 27% [5][7]. - The net profit growth rate for the industry was -26%, while the non-recurring net profit growth rate was -7%, indicating significant impacts from non-recurring losses [5][10]. Key Financial Metrics - The report indicates that the industry’s gross profit margin decreased from 29% in H1 2023 to 27% in H1 2024, while the total number of employees remained stable [7][10]. - The report also notes that the industry’s accounts receivable growth rate was 6%, and goodwill decreased by 11%, suggesting a reduction in historical burdens [10][12]. Sector Analysis - High-growth sectors include cloud computing, AI, and secure controllability, with cloud computing driven by hardware performance and AI showing stable revenue growth despite reliance on traditional business [17][18]. - Sectors with moderate growth include automotive IT and energy IT, while medical IT and financial IT are experiencing relatively flat growth due to limited IT budget expenditures from downstream clients [18][19]. Company Performance Distribution - The revenue growth rates among 328 companies in the computer industry showed a normal distribution, primarily concentrated between -16% and +14%, while net profit growth rates exhibited a "sandwich" distribution [15][17]. - Several key companies exceeded market expectations, indicating a shift from mainline investments to accumulating "differentiated" optimistic forces in the industry [6][12].