通信行业一周谈：华为披露2024年前三季度业绩，北美云厂商资本开支指引乐观

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected return above the benchmark index by more than 10% [20]. Core Insights - Huawei's revenue for the first three quarters of 2024 reached 585.9 billion yuan, a year-on-year increase of 29.55%, while the net profit attributable to shareholders decreased by 13.75% to 62.868 billion yuan [2]. - Major cloud service providers, including Google, Microsoft, META, and Amazon, have optimistic capital expenditure guidance, indicating strong demand for technology infrastructure driven by AI and cloud services [3][4]. - The communication industry is experiencing a shift towards AI-driven applications, with significant investments in GPU technology and data centers, enhancing communication capabilities [1]. Summary by Sections Industry Performance - The communication sector saw a decline of 2.86% in the last week, with an average drop of 1.12% in the investment portfolio [14]. - Year-to-date performance shows significant gains in specific segments, such as optical modules (+87.47%) and PCB-related stocks (+84.31%) [16]. Company Performance - LightSpeed Technology reported a revenue of 2.268 billion yuan for Q3, up 49.99% year-on-year, with a net profit of 255 million yuan, reflecting a 45.76% increase [6]. - Other companies like Taicheng Technology and Bochuang Technology also reported substantial revenue growth, with increases of 74.52% and 40.76% respectively [8][9]. Investment Portfolio - The simulated investment portfolio for the communication industry includes companies like Zhongji Xuchuang (20% weight) and Xinyi Technology (10% weight), with varying expected earnings per share (EPS) for 2024 [13]. - The average performance of the investment portfolio has been negative, with a decline of 4.00% since November [14]. Market Trends - The report highlights the increasing demand for AI and cloud services, with major investments from leading tech companies indicating a robust growth trajectory in the sector [3][4]. - The satellite communication market is expected to grow rapidly, supported by favorable government policies and local government initiatives [1].