通信行业24Q3前瞻：行业价值修复，聚焦景气上行

Investment Rating - The report rates the communication industry as "Positive" for investment, indicating an optimistic outlook for the sector in the upcoming quarters [2]. Core Insights - The communication industry is expected to experience significant growth driven by three main themes: integration of computing and networking, satellite communication advancements, and industry extensions [2][3]. - The performance of various sub-sectors is improving, with operators actively investing in computing power, benefiting from AI demand, and structural boosts in capital expenditures [3][4]. - Key companies are projected to see substantial profit growth, with some expected to achieve over 50% year-on-year increases in net profit for Q3 2024 [2][7]. Summary by Relevant Sections Computing and Networking Integration - AI continues to contribute to the growth of the communication network industry, with rising domestic and overseas demand for cloud investments [2]. - Operators are expected to maintain steady growth in computing power construction, with high dividend yields enhancing their investment appeal [3]. Satellite Communication - The industry is witnessing intensive catalysts, with significant advancements in satellite communication technologies, including direct satellite connections that are likely to drive growth in antennas, RF chips, and inter-satellite communication [2][3]. Industry Extensions - Various sectors such as controllers, Beidou positioning, IoT, and submarine cables are showing improved market conditions, with notable breakthroughs in overseas markets [2][3]. - The demand for high-precision positioning is stable, with policies supporting growth, while the automotive sector's performance is under observation for further developments [3]. Key Company Performance Predictions - Companies like NewEase (projected +410%), Zhenyou Technology (+245%), and Lexin Technology (+210%) are expected to see significant profit increases [2][7]. - Other companies such as Electric Connection Technology (+39%) and Topband (+35%) are also forecasted to experience robust growth [2][7]. Notable Companies and Their Prospects - China Mobile is focusing on AI computing networks, with a capital expenditure structure leaning towards computing and networking investments [4]. - Zhongji Xuchuang is leading in optical modules, benefiting from AI demand, while NewEase and Tianfu Communication are also positioned for strong growth in the optical communication sector [4][5]. - Companies like Weifeng Electronics and Yiyuan Communication are expected to capitalize on the recovery in demand for connectors and IoT modules, respectively [5][6].