计算机行业动态跟踪：地方化债有助计算机行业需求扩张与应收款下降

Investment Rating - The report maintains a "Positive" outlook for the computer industry [3] Core Insights - The approval of an additional 6 trillion yuan in local government debt limits and the allocation of 800 billion yuan annually for debt reduction over the next five years is expected to positively impact the computer industry by improving cash flow and reducing accounts receivable pressure [1] - The computer sector has faced increasing accounts receivable pressure over the past four years, with the ratio of (accounts receivable + notes receivable) to revenue rising from 30.1% in 2020 to 35.4% in 2023, indicating a growing financial strain on companies [1] - The increase in bad debt provisions has significantly impacted the profitability of the sector, with total bad debt provisions rising from 21.93 billion yuan in 2020 to 42.15 billion yuan in 2023, while the median net profit of companies in the sector has decreased [1] - The government's debt reduction and clearance of corporate debts are expected to improve the fundamentals of the sector, leading to better profitability and financial statements [1] Summary by Sections Investment Suggestions and Targets - In the field of domestic software and innovation, companies such as China Software, Zhongfu Information, and others are recommended for attention [2] - In the area of government digitalization, companies like Boss Software and Digital Government are highlighted for potential investment [2] - In cybersecurity and related fields, companies such as Anheng Information and Green Alliance Technology are suggested for investment [2]