通信行业2024年三季报综述：AI快速发展，光模块业绩表现亮眼

Investment Rating - The report maintains a "Recommended" rating for the communication industry [1] Core Insights - The communication industry achieved a total revenue of 18,535.12 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 3.77%. The net profit attributable to shareholders reached 1,775.24 billion yuan, up 8.07% year-on-year. The industry's gross margin was 29.06%, an increase of 0.74 percentage points, while the net margin was 9.58%, up 0.38 percentage points. The optical module sector showed remarkable performance, driven by the rapid development of AI technology, which is expected to sustain growth in optical module demand [1][20][21]. Summary by Sections 1. Optical Module Industry - The optical module sector reported a revenue of 53.612 billion yuan in the first three quarters of 2024, with a year-on-year growth of 36.03%. The net profit attributable to shareholders was 7.157 billion yuan, marking a significant increase of 156.74% [1][20]. 2. Operators - The three major operators generated a revenue of 14,735.49 billion yuan, reflecting a year-on-year increase of 2.45%, and a net profit of 1,485.18 billion yuan, up 5.94% year-on-year. The number of 5G users reached 1.17 billion by the end of September 2024, with significant growth in 5G user numbers expected to enhance operational performance [1][31][40]. 3. Communication Engineering and Services - The communication engineering and services sector saw a revenue of 19.916 billion yuan, with a slight year-on-year increase of 0.11%. However, net profit dropped by 28.83% year-on-year, indicating pressure on profitability [1][49]. 4. Satellite Internet - The satellite internet sector reported a revenue of 19.462 billion yuan, down 14.36% year-on-year, with a net profit of 800 million yuan, a decrease of 17.14% year-on-year. The market size for satellite internet in China is projected to reach 44.692 billion yuan by 2025, indicating potential opportunities for related companies [1][3]. 5. Communication Equipment Manufacturers - The communication network equipment and devices sector achieved a revenue of 116.357 billion yuan, a year-on-year increase of 2.84%, but net profit declined by 1.86% [1][20].