通信行业周专题-24中报回顾：景气持续兑现，聚焦确定增长！

Investment Rating - The report maintains a "Positive" outlook on the communication industry, highlighting sectors with strong growth potential and favorable valuations [3]. Core Insights - The report emphasizes the continued economic recovery in the communication sector, focusing on high-growth areas such as unified communication, IDC, Beidou positioning, and connectors [3][4]. - Key companies are identified for their robust performance, including Yilian Network, Runze Technology, and Huace Navigation, which have shown significant revenue and profit growth [3][4][11]. Summary by Relevant Sections Unified Communication - Yilian Network reported revenue of 2.667 billion yuan for H1 2024, a year-on-year increase of 30%, with net profit reaching 1.36 billion yuan, up 32% [3][11]. - The growth is attributed to improved downstream demand and rising profit margins, with a net margin of 53% in Q2 2024, up from 49% in Q1 2024 [11]. IDC - The IDC sector is experiencing a shift towards AIDC as a new growth driver, with Runze Technology's AIDC business showing a revenue increase of 1147.85% [3][12]. - Traditional IDC is undergoing supply pressure relief, with a focus on cluster delivery capabilities becoming crucial for competition [12][14]. Beidou Positioning - Huace Navigation achieved revenue of 1.484 billion yuan in H1 2024, a 22.86% increase, with net profit growing by 42.96% [3][17]. - The company is expanding its overseas business, with international revenue accounting for 30% of total revenue, reflecting strong growth potential [17]. Connectors - Dielian Technology reported H1 2024 revenue of 2.144 billion yuan, a 57.1% increase, with net profit soaring by 145.8% [3][18]. - The company has seen significant growth in automotive connectors, with revenue up 90.3%, and is expanding its global presence [18][19]. Operators - The report highlights the resilience of operators like China Mobile, China Telecom, and China Unicom, with stable growth in both personal and enterprise markets [3][20][22]. - Operators are expected to play a crucial role in supporting the digital transformation of society, with a focus on AI and cloud network demands [22]. Submarine Cables - The submarine cable sector is recovering, supported by ongoing offshore wind projects and opportunities in Europe due to supply shortages [4][23][24]. - The report suggests that domestic companies are well-positioned to capitalize on these opportunities as the industry enters a phase of increased construction activity [24]. Liquid Cooling - The demand for liquid cooling solutions is expected to surge due to rising power density in data centers, with a projected compound annual growth rate of 59% from 2023 to 2027 [4][25]. - The report emphasizes the necessity of liquid cooling in meeting the cooling requirements of high-performance computing environments [25].