通信行业24H1综述：经营显著加速增长，持仓仍聚焦高弹性AI、高分红运营商

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The communication industry experienced significant acceleration in operations during H1 2024, with a notable performance in Q2 [3][4] - The overall revenue for the communication industry reached 1.62 trillion yuan, a year-on-year increase of 8.15%, while net profit attributable to shareholders was 144.19 billion yuan, up 10.44% year-on-year [4] - The AI-related sectors continue to lead growth, with substantial increases in revenue and profit across various sub-sectors [12][15] Summary by Sections Overall Performance - The communication industry showed accelerated growth in H1 2024, with Q2 being particularly strong [3] - The revenue growth for the communication sector was 1.62 trillion yuan, with a year-on-year increase of 8.15% [4] - Net profit attributable to shareholders reached 144.19 billion yuan, reflecting a year-on-year growth of 10.44% [4] Sub-sector Performance - AI-related sectors, including optical modules and communication PCBs, demonstrated the highest growth rates, with revenue and net profit growth among the top five in the industry [12][15] - The communication PCB sector reported a revenue of 415.87 billion yuan in H1 2024, a year-on-year increase of 24.88%, and a net profit of 44.57 billion yuan, up 67.78% [28] - The optical module sector saw a net profit of 51.31 billion yuan, a remarkable year-on-year increase of 99.81% [27] Cash Flow and Investment - The operating cash flow for the communication industry was under pressure in H1 2024, with a total of 228.60 billion yuan, down 23.80% year-on-year [22] - However, Q2 showed improvement with a cash flow of 142.64 billion yuan, reflecting a 67.7% increase from the previous quarter [22] Operator Performance - Major operators like China Mobile, China Telecom, and China Unicom reported stable revenue growth in H1 2024, with respective revenues of 546.7 billion yuan, 266.0 billion yuan, and 197.3 billion yuan [40] - The net profit for these operators also showed positive growth, with China Mobile's net profit increasing by 5.29% year-on-year [40] Future Outlook - The report indicates a positive outlook for the communication industry, driven by the ongoing demand for AI and high-speed communication technologies [26][30] - The capital expenditure from overseas cloud providers is expected to continue increasing, supporting future growth in the sector [26]