TMT行业月报：市场对科技领域关注度提高，三季度通信行业业绩保持稳定增长，计算机行业呈现分化

Investment Rating - The report rates the communication industry as "Outperform" [1] Core Insights - The communication industry maintained stable growth in Q3 2024, with significant performance from the optical module sector driven by strong AI computing demand [3][16] - The satellite internet sector faced challenges with slower project delivery and declining downstream demand, leading to revenue declines for many companies [21] - Major telecom operators like China Mobile, China Telecom, and China Unicom made notable progress in AI computing and digital transformation, contributing to steady performance in the sector [23] Summary by Sections Communication Industry - In Q3 2024, the communication industry achieved a total revenue of 612.25 billion yuan, a year-on-year increase of 2.9%, but a quarter-on-quarter decrease of 8.1% [16] - The optical module sector reported revenue of 52.69 billion yuan, up 29.3% year-on-year, and a net profit of 5 billion yuan, up 72.9% [16][19] - The satellite internet sector's revenue was 53.79 billion yuan, down 11% year-on-year, with a net profit of 3.33 billion yuan, down 21.66% [21] Computer Industry - The computer industry showed a mixed performance in Q3 2024, with total revenue of 296.34 billion yuan, a year-on-year increase of 4% but a net profit decline of 5.3% [29] - The computing power sector thrived, achieving revenue of 141.18 billion yuan, up 17.4% year-on-year, and a net profit of 1.18 billion yuan, up 656% [29] - The software sector's revenue was 1,278.9 billion yuan in September, a year-on-year increase of 2.81%, while profits fell by 4.58% [25] Gaming Industry - The gaming industry showed signs of recovery in Q3 2024, supported by government policies aimed at promoting healthy development [4] - However, leading gaming companies faced challenges as older games' profitability declined while new games were still in the promotion phase, leading to overall profit decreases [4]