计算机行业24年3季报总结：24Q3业绩下滑速度进一步放缓，4季度业绩有望进一步改善

Investment Rating - The report maintains a "Positive" outlook for the computer industry [5] Core Insights - As of October 30, all listed companies have disclosed their Q3 results. The computer sector, comprising 342 listed companies (excluding B shares and ST stocks), reported a total revenue of 784.17 billion (YoY +7.6%) for the first nine months of 2024, with Q3 revenue at 283.03 billion (YoY +5.9%), a slowdown from Q2's 10.1% growth. The net profit attributable to shareholders for the first three quarters was 7.4 billion, a significant decline of 50%, but Q3's net profit totaled 4.43 billion, with a reduced decline of 11.0% [11][12][14] Summary by Sections Revenue and Profitability - The overall gross margin and net margin for the sector have significantly decreased compared to the same period last year, with declines of 2.37 and 1.09 percentage points respectively. In Q3, the gross margin fell by 2.72 percentage points, and the net margin decreased by 0.30 percentage points. The sector has been focusing on cost control since the beginning of the year, leading to a reduction in sales, management, and R&D expense ratios by 0.68, 0.34, and 0.88 percentage points respectively for the first nine months [2][12][30] Sector Performance - Revenue growth has been robust in hardware equipment, IDC, and digital infrastructure services. The top five sub-sectors by revenue growth are hardware equipment (+29.9%), security (+24.2%), IDC and digital infrastructure services (+23.3%), artificial intelligence (+16.1%), and IT services & outsourcing (+14.7%). Conversely, sectors like government informationization (-21.4%), smart cities (-18.8%), and industry informationization (-12.2%) have seen significant declines due to macroeconomic factors [3][13][36] Future Outlook - The report suggests actively seeking demand expansion opportunities in the fourth quarter. It notes that the pressure on expenses has begun to ease, and some sectors are showing signs of improvement in demand. Key areas to focus on include computing power, AI applications, trusted computing, low-altitude economy, and data elements [3][12][33] Investment Recommendations - In the computing power sector, recommended companies include Haiguang Information, Cambrian-U, Digital China, Zhongke Shuguang, Unisoc, and Inspur Information. For AI applications, suggested companies are CaiXun Co., Ltd., iFlytek, Kingsoft Office, Hehe Information, and Hongsoft Technology. In the data element sector, recommended companies include Yunsai Zhili, Shanda Diwei, Meiri Hudong, Guangdian Yuntong, Jiuyuan Yinhai, Taiji Co., Ltd., and others. In the trusted computing sector, recommended companies include China Software, Dameng Data, Foxit Software, and others [4][39]