通信设备及服务2024年第47周周报：三季报业绩分化明显，海外CSP资本开支乐观

Investment Rating - The report maintains an "Overweight" rating for the communication equipment and services industry, consistent with the previous rating [2]. Core Insights - The third quarter earnings show significant differentiation, with overseas cloud service providers (CSPs) focusing heavily on AI investments. The performance of the domestic and overseas computing power supply chains is notably strong, while other segments have not shown significant improvement [4][10]. - Major overseas cloud computing companies, such as Google, Meta, Microsoft, and Amazon, have reported substantial increases in capital expenditures, particularly in infrastructure related to AI and cloud services [4][10]. Summary by Sections 1. Investment Highlights - The third quarter earnings reveal a stark contrast in performance across different segments, with overseas computing power chains and domestic offshore wind-related stocks stabilizing. However, other sub-sectors have not shown clear improvements. For instance, within the overseas computing power chain, leading companies have varying performance due to differences in customer structure and material shortages affecting delivery [4][10]. - The telecommunications operators continue to demonstrate strong growth trends, while the subsector of submarine cable businesses is showing signs of recovery, with year-on-year growth returning to double digits [4][10]. 2. AI Investment Focus - Overseas CSPs are prioritizing AI investments, with Google reporting better-than-expected revenue and rapid growth in cloud income. Their capital expenditure for Q3 2024 is projected at $13 billion, with 60% allocated to servers and 40% to data centers and network equipment. Similar trends are observed with Meta, Microsoft, and Amazon, all increasing their capital expenditures significantly [4][10]. 3. Investment Recommendations - The report suggests focusing on the global AI industry's resonance, emphasizing the investment value in optical interconnects. It also recommends balancing investments in state-owned enterprises with high dividends and opportunities in emerging business models. Specific investment themes include low-altitude economy, satellite communication, and vehicle-mounted communication [4][10]. - Key recommended stocks include: - Core players benefiting from increased demand for optical modules: NewEase and Tianfu Communication - Upstream optical chip domestic penetration opportunities: LightSpeed Technology and Shijia Photon - Beneficiaries of 400G backbone network procurement: ZTE Corporation and Fenghuo Communication - Key components for interstellar optical networks: LightSpeed Technology, Shijia Photon, and Xinke Mobile - Companies involved in industrial IoT and electronic components export: Tuobang Co., Heertai, Weisheng Information, and Yinghantong [4][10].