计算机行业2024三季报业绩前瞻：短期紧抓超跌品种，长期聚焦信创、智驾、算力板块

Industry Investment Rating - The report maintains a Positive rating for the computer industry, indicating optimism about its performance relative to the CSI 300 Index over the next six months [1][116] Core Views - The computer industry is expected to maintain its performance from the first half of 2024, with a potential inflection point in Q3 [1][6] - Key sectors to focus on include basic software and hardware, computing power, smart vehicles, industrial software, and power IT [1][6] - The domestic substitution of basic software and hardware is seen as a mid-term opportunity, with computing power and smart vehicles expected to remain strong [1][6] - Power IT is expected to continue showing defensive attributes against economic cycles in the second half of 2024 [1][6] Computing Power - Overseas, cloud-based inference computing demand is expected to gradually increase, driven by model upgrades and cost reductions in inference computing [8] - Domestically, the shortage of domestic computing chips is expected to ease, with performance improvements anticipated as the supply chain becomes more localized [8] - AI terminal penetration is expected to rise rapidly, with major ecosystem players like Microsoft, Apple, and Huawei integrating large models into their systems [8] Key Companies in Computing Power - Inspur Information: AI server demand remains strong, with overseas capabilities expanding [15] - Lenovo Group: AI servers are a major contributor to revenue growth, with steady growth expected in Q3 [13] - China Great Wall: Improved chip supply and demand from government clients are expected to drive revenue growth [17] Digital Economy - The digital economy sector, including data elements, IT innovation, and government IT, is expected to see accelerated IT innovation and clearer data element policies [19][20] - Broadway Information Technology: Strong growth in overseas business and IT innovation is expected to drive Q3 performance [22] - YunSai Zhilian: AI-driven demand for computing power and data elements is expected to boost performance [26] IT Innovation - IT innovation is expected to accelerate, with government and industry demand driving growth [20] - DAMENG Data: As a leading database company, it is expected to benefit from IT innovation policies [36] - Kingsoft Office: SaaS transformation and IT innovation are expected to drive steady growth [45] Cloud Applications and Security - Hangzhou Hikvision Digital Technology: Benefiting from low base effects, the company is expected to maintain positive growth [76] - Sangfor Technologies: Focus on large clients and overseas business breakthroughs is expected to drive growth [79] AI and Industrial Software - iFlytek: The Spark large model is expected to drive growth across government, business, and consumer sectors [95] - Suzhou Industrial Park Raytron Technology: AI and industrial software are expected to grow, with expansion in the nuclear power sector [105] Low-Altitude Economy - Laisi Information: As a leader in domestic air traffic management, the company is expected to benefit from the growth of the low-altitude economy [111]