云计算2024半年报回顾暨云计算系列深度之十二：云模式具备增长韧性，AI商业化持续推进

Investment Rating - The report indicates a positive outlook for the cloud computing industry, suggesting it is at a turning point for profitability and growth [2][25][48]. Core Insights - The cloud model demonstrates significant resilience, with profitability potentially reaching a turning point as cloud revenue growth outpaces overall revenue growth [2][19][48]. - Cloud computing serves as the foundational platform for AI applications, addressing high computational requirements and enabling effective deployment [3][29][48]. - Major companies in the cloud sector are currently valued at historically low levels, presenting unique growth opportunities [4][48]. Summary by Sections Performance Review - In H1 2024, the cloud software industry experienced a revenue growth rate of 5%, while the cloud hardware sector saw a 17% increase in revenue [2][9]. - The computer industry reported a revenue and net profit change of 7% and -21% year-on-year, respectively, with cloud software maintaining a similar growth trajectory [2][7]. Profitability Turning Point - The report highlights that the cloud computing transformation is nearing the end of its "growing pains," with major companies achieving high year-on-year growth in cloud revenue [2][16][48]. - Many companies have cloud revenue exceeding 80% of their total revenue, indicating a successful transition to cloud services [16][48]. AI-Driven Growth - Cloud computing is identified as the optimal environment for AI deployment, effectively bridging the gap between high computational demands and limited edge device capabilities [3][29]. - The report emphasizes that AI applications are likely to emerge first in sectors where cloud development is already advanced [3][29]. Key Companies - The report lists several key players in the cloud software and hardware sectors, including Kingsoft Office, Kingdee International, and Inspur Information, noting their unique business models and growth potential [4][48]. - Valuations of these companies are currently low, suggesting potential for significant upside as the market recovers [4][48]. Revenue and Profitability Trends - Cloud software revenue growth is expected to continue outpacing overall revenue growth, with many companies reporting cloud revenue as a significant portion of their total income [16][18]. - The report indicates that profitability metrics, such as gross margins, are stabilizing, reflecting the resilience of cloud business models [19][21]. Market Dynamics - The global server market is entering a new growth phase, transitioning from general cloud computing to AI server demands, benefiting foundational suppliers [26][29]. - The report notes that while global capital expenditures are recovering, domestic players like BAT are lagging due to supply chain constraints [26][29]. Company-Specific Updates - Kingsoft Office reported a revenue increase of 11% in H1 2024, with a significant rise in personal subscription services [49][50]. - Kingdee International's annual recurring revenue (ARR) grew by 24.2%, indicating strong performance in cloud subscription services [56][58]. - Foxit Software achieved an 18% revenue increase, with subscription services showing robust growth [63][64]. Valuation Insights - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings, highlighting potential investment opportunities [80].