2024年计算机行业中报总结：赛道分化，工业软件、智能汽车和云计算高景气

Investment Rating - The report maintains an "Overweight" rating for the computer industry, indicating a positive outlook for the sector [1]. Core Insights - The computer industry showed robust revenue growth in H1 2024, with total revenue reaching CNY 543.93 billion, a year-on-year increase of 7.53%, significantly improving from a decline of 0.21% in H1 2023 [2][12]. - However, the net profit attributable to shareholders saw a substantial decline of 43.86% year-on-year, indicating challenges in profitability despite revenue growth [2][12]. - The report highlights a significant divergence in performance across sub-sectors, with industrial software, smart vehicles, and cloud computing exhibiting relatively high growth rates [3][19]. Revenue and Profitability Overview - In H1 2024, the overall gross margin for the industry was 25.66%, down 1.81 percentage points year-on-year, while the three major expense ratios (selling, administrative, and R&D) showed slight declines [2][15]. - For Q2 2024, total revenue was CNY 302.80 billion, reflecting an 8.91% year-on-year increase, but net profit still fell by 18.95% [2][12]. Sub-sector Performance - Revenue growth rates for H1 2024 by sub-sector included: industrial software (11.79%), smart vehicles (11.08%), and cloud computing (10.19%) [3][19]. - In Q2 2024, smart vehicles led with a revenue growth of 18.72%, followed by industrial software (11.98%) and energy IT (9.52%) [23]. - Profitability metrics for H1 2024 showed smart vehicles with a non-GAAP net profit growth of 19.54%, while energy IT experienced a decline of 6.16% [19][28]. Institutional Holdings - The top ten computer companies by the number of funds holding their shares include Hikvision, Kingsoft, and Baoxin Software, indicating strong institutional interest [4][6]. Valuation Metrics - As of August 30, 2024, the computer sector's price-to-earnings (P/E) ratio was 31.66, significantly below the historical median of 49.03, suggesting the sector is undervalued [4][12].