计算机行业专题：再看信创产业链与格局变化

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The information technology application innovation industry (信创) is fundamental for data security and network security, and is a crucial part of new infrastructure [1][5] - The 信创 industry encompasses basic hardware (chips, servers, complete machines, peripheral devices, storage) and basic software (cloud services, operating systems, middleware, databases) [1][5] - The landscape of basic hardware and software is becoming increasingly clear, with major players identified in both segments [1][7] Summary by Sections 1. Composition of 信创 - 信创 aims to achieve autonomy and controllability in the information technology sector, involving both basic hardware and software [5][6] 2. Changes in the Landscape - Basic Hardware: - Major CPU players include Huawei, Haiguang, Longxin, Feiteng, Zhaoxin, and Shenwei, with significant revenue differences among them [7] - Haiguang's revenue reached 6.01 billion yuan in 2023, while Feiteng's was 1.92 billion yuan [7] - Huawei's partners in the server market, such as Tuowei Information, showed impressive revenue growth rates of 120.6% and 88.8% for 2023 and the first half of 2024, respectively [7] - Longxin experienced negative revenue growth in 2023 and the first half of 2024 [7] - Basic Software: - Dameng Data reported a revenue of 790 million yuan in 2023, with a year-on-year growth of 15.4%, and 350 million yuan in the first half of 2024, growing by 22.4% [9] - Key players in middleware include Dongfang Tong, Baoland, Puyuan Information, and Kingdee Tianyan [9] - In the operating system segment, major players are Kirin Software, Tongxin Software, and Puhua Software, with Tongxin Software achieving a revenue growth of 30.1% in 2023 [9] 3. Investment Recommendations - The advancement of 信创 is expected to provide incremental business revenue and profits for related companies in the industry chain [11] - The selection logic for stocks emphasizes: 1. Ecosystem choice, with significant shares held by Huawei, Haiguang, and Feiteng [11] 2. Importance of positioning and track, particularly in areas with limited competitors like operating systems and printers [12] 3. New layouts and business expansions, such as Chengmai Technology's launch of high-performance computers based on Longxin's latest processors [12]