计算机行业周报：跌幅次深，迎来曙光

Investment Rating - The report maintains an "Outperform" rating for the computer industry [2] Core Viewpoints - The computer industry has experienced significant profit downgrades due to a slowdown in fiscal spending, with a notable decline in net profit for the first half of 2024 [4] - The industry is currently at a valuation bottom, with a cumulative decline of 28.88% from January 1 to September 23, 2024, making it one of the worst-performing sectors [4] - Recent monetary and fiscal policies are expected to support a rebound in the computer sector, with increased liquidity and government measures aimed at stabilizing the capital market [5] - The development of domestic innovation (信创) is gaining momentum, with clear policy support and significant potential for growth in the second half of the year [5] Summary by Sections Market Performance - The computer industry saw a net profit of 10.783 billion yuan in H1 2024, a year-on-year decline of 33.40% [4] - The industry’s PE and PS ratios as of September 23, 2024, are 31.83 and 2.24, respectively, both at historical low percentiles [4] Policy Impact - The government has initiated measures such as issuing special bonds to stimulate demand in the domestic innovation sector, with a focus on increasing procurement from state-owned enterprises [5] - The central bank's recent announcements regarding liquidity support and measures to stabilize the stock market are expected to enhance investor confidence [5] Investment Recommendations - The report suggests that the current stock prices in the computer sector are at historical lows, indicating a potential for overall sector rebound [6]