通信行业2024年三季报综述：行业业绩稳步增长，建议关注光模块、卫星通信及运营商等投资主线

Investment Rating - The report maintains a "Recommendation" rating for the communication industry, suggesting a focus on investment opportunities in sectors such as optical modules, satellite communication, and operators [1]. Core Insights - The communication industry has shown steady growth, with a year-to-date increase of 21.63% as of November 1, 2024, ranking fourth among all primary industries. This growth is driven by the rapid development of AI computing power and high dividends from operators [1][10]. - The industry's revenue and performance have improved compared to the same period last year, with a revenue of 22,421.43 billion yuan in Q1-Q3 2024, reflecting a year-on-year growth of 5.24% [20][19]. Summary by Sections Industry Outlook - The communication industry is experiencing an upward trend in market recognition and performance, with significant growth driven by AI and operator themes [1][10]. Q1-Q3 2024 Summary - The communication industry achieved a revenue of 22,421.43 billion yuan, a 5.24% increase year-on-year, and a net profit of 1,935.11 billion yuan, up 6.59% from the previous year [20][19]. - Excluding major operators and ZTE, the adjusted revenue was 6,785.49 billion yuan, showing a significant increase of 12.58% year-on-year [20][19]. Investment Opportunities - Operators: Revenue and profit are expected to steadily increase, with major operators committing to higher dividend rates. For Q1-Q3 2024, China Mobile, China Telecom, and China Unicom reported revenues of 7,914.58 billion yuan, 3,947.18 billion yuan, and 2,889.16 billion yuan, respectively, with year-on-year growth rates of 2.0%, 2.9%, and 3.0% [31][32]. - Equipment Manufacturers: Performance growth has slowed due to reduced capital expenditure from operators, as the peak of 5G network construction has passed [2]. - Optical Modules and Chips: The sector is expected to benefit from AI-driven demand, with strong performance anticipated through 2025 [2]. - Satellite Communication: The industry is seeing improvements with a growing number of satellites in orbit, indicating a robust market potential [2]. - IDC and AIDC: The sector is recovering from previous oversupply, with leading companies gaining competitive advantages in customized data center capabilities [2]. - Fiber Optics: Global demand for fiber optic cables is projected to recover and grow steadily from 2024 to 2028 [2]. - IoT Modules: The development of 5G RedCap and AI-driven edge computing is expected to drive growth in the IoT sector [2]. - Controllers: The sector is poised for a new growth cycle due to recovering demand in traditional and new application areas [2].