计算机行业2024年中报总结：业绩再筑底，左侧布局景气赛道龙头

Investment Rating - The report maintains the investment rating for the computer industry [2] Core Insights - The overall revenue of the computer industry showed a slight increase, while profits continued to be under pressure. In H1 2024, the total revenue reached 774.84 billion yuan, a year-on-year increase of 15.74%. Excluding key server companies, the revenue was 357.14 billion yuan, with a smaller growth of 4.27% [10][12] - The net profit attributable to shareholders in H1 2024 was 12.52 billion yuan, down 22.53% year-on-year, indicating ongoing profit pressure [12] - The gross margin for H1 2024 was 16.60%, a decrease of 2.03 percentage points compared to the previous year, which affected profit growth [19] - The industry is experiencing a continuous differentiation in performance across segments, with B-end and C-end fields performing relatively better. Key segments like cloud computing, smart vehicles, and industrial software showed strong growth, while sectors like network security and financial technology faced declines [31][10] Summary by Sections Overall Industry Performance - In H1 2024, the computer industry achieved a revenue of 774.84 billion yuan, with a year-on-year growth of 15.74%. The revenue growth rate for the median company was only 0.9%, indicating stronger resilience among leading companies [10][12] - For Q2 2024, the revenue was 428.43 billion yuan, a year-on-year increase of 21.32%, with a median growth rate of 0.7% [10][12] Profitability - The net profit attributable to shareholders for H1 2024 was 12.52 billion yuan, down 22.53% year-on-year, with a median growth rate of -11.76% [12][15] - In Q2 2024, the net profit was 9.60 billion yuan, a decrease of 4.04% year-on-year, with a median growth rate of -7.36% [12][15] Segment Analysis - The cloud computing segment showed robust growth, with SaaS leading the way. In H1 2024, the average revenue for leading SaaS companies was 3.06 billion yuan, up 6.57% year-on-year, with a gross margin of 71.87% [31][34] - The industrial software segment also demonstrated resilience, while sectors like network security and financial technology faced challenges due to reduced IT spending [31][10] Cost and Margin Analysis - The overall gross margin for H1 2024 was 16.60%, down 2.03 percentage points from the previous year. The cost structure showed a slight decrease in expense ratios across management, sales, R&D, and financial expenses [19][23]