计算机行业2024年中报总结：行业整体加速复苏，关注：算力、出海、华为链

Investment Rating - The report maintains a "Recommended" rating for the computer industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The computer industry is showing signs of recovery, with a focus on computing power, overseas expansion, and the Huawei supply chain [1]. - In H1 2024, the industry's total revenue reached 551.84 billion yuan, a year-on-year increase of 8.06%, while net profit attributable to shareholders was 7.784 billion yuan, a decline of 46.08% [4][6]. - The industry is entering a phase of cost reduction and efficiency improvement, with a slight decrease in gross margin but better control over overall expense ratios [4][6]. Summary by Sections 1. Industry Performance in H1 2024 - The computer industry experienced a marginal improvement in revenue, with total revenue of 551.84 billion yuan, up 8.06% year-on-year, compared to a decline of 0.05% in H1 2023 [4][7]. - The net profit attributable to shareholders was 7.784 billion yuan, down 46.08% year-on-year, indicating pressure on profitability [4][7]. 2. Revenue and Profit Trends - In Q2 2024, total revenue was 306.61 billion yuan, reflecting a year-on-year increase of 9.27% and an improvement from Q1 2024 [9]. - The net profit for Q2 2024 was 7.627 billion yuan, a decrease of 19.94% year-on-year, but a significant improvement from Q1 2024 [9]. 3. Cost and Expense Management - The overall gross margin for H1 2024 was 25.72%, a decrease of 1.63 percentage points year-on-year, while the expense ratios for sales, management, and R&D were 8.05%, 5.40%, and 9.86%, respectively, showing a reduction in costs [4][14]. - In Q2 2024, the gross margin slightly rebounded to 25.84%, although it still represented a year-on-year decline [17]. 4. Segment Analysis - The overseas expansion segment showed the highest revenue growth, followed by computing power, which benefited from increased AI capital investments from major internet companies [24][26]. - The Huawei supply chain also demonstrated strong revenue growth, aided by strategic acquisitions and a robust return of Huawei's business lines [24][26]. 5. Valuation Insights - As of the end of August 2024, the industry’s median PE (TTM) was 22.69x, marking a low point over the past eight years [5][29]. - Specific segments such as financial technology and computing power are valued below 30x, while the Huawei supply chain has the highest valuation at 193x [29][30].