通信行业2024年三季报总结：业绩实现高增长，光模块、物联网景气度较高

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1] Core Insights - The communication industry achieved significant growth in Q3 2024, particularly in the optical module, IoT, and AI supply chain sectors. The total net profit for 170 companies in the communication sector reached 51.131 billion yuan, a year-on-year increase of 9.7% but a quarter-on-quarter decrease of 35.6%. Excluding the three major operators, the net profit was 10.666 billion yuan, up 30.3% year-on-year and down 11.5% quarter-on-quarter [1][2] Summary by Relevant Sections Sub-industry Performance - The communication industry is divided into 16 sub-industries, with net profit growth rates for Q3 2024 ranked as follows: - Optical Module: 3.407 billion yuan, +130% - IoT: 0.459 billion yuan, +72% - AI Supply Chain: 11.965 billion yuan, +30% - Enterprise Communication: 0.946 billion yuan, +28% - Switches: 0.639 billion yuan, +21% - Fiber Optic Cables: 1.752 billion yuan, +14% - Server Supply Chain: 4.082 billion yuan, +12% - Operators: 40.466 billion yuan, +5% - Main Equipment: 2.242 billion yuan, -5% - Connectors and Wiring: 2.143 billion yuan, -7% - IDC: 1.317 billion yuan, -8% - Private Networks: 0.104 billion yuan, -8% - Beidou Navigation: 0.104 billion yuan, -33% - Satellite Communication: -0.046 billion yuan, -116% - Antenna RF: -0.043 billion yuan, -21528% - Network Visualization: -0.060 billion yuan, N/A [2] Top Companies by Net Profit - The top 10 companies by net profit in Q3 2024 are: - China Mobile: 30.68 billion yuan, +5% - China Telecom: 7.487 billion yuan, +8% - China Unicom: 2.299 billion yuan, +8% - Zhongji Xuchuang: 1.394 billion yuan, +104% - ZTE: 2.174 billion yuan, -8% - Xinyi Sheng: 0.781 billion yuan, +453% - Unisplendour: 0.581 billion yuan, +12% - Tianfu Communication: 0.322 billion yuan, +59% - Zhongtian Technology: 0.851 billion yuan, +21% - Runze Technology: 0.547 billion yuan, +31% [3][7] Investment Recommendations - The report suggests focusing on the following investment themes: - AI: Recommended companies include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Guangxun Technology, Huagong Technology, and Yuanjie Technology - High Dividends: Recommended companies include China Mobile, China Unicom, and China Telecom - Overseas Expansion: Recommended companies include Huace Navigation, Yilian Network, and Yiyuan Communication - Satellite Communication: Recommended companies include Haige Communication, Xinke Mobile-U, and Shanghai Hanhua [5][6]