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通信行业三季报综述：AI+算力提振营收质量，高景气度有望延续
2024-11-26 07:34

Investment Rating - The communication industry maintains a "Recommended" rating [5] Core Insights - The communication index has performed well, ranking second in the industry year-to-date, with a growth of 31.52% since the beginning of 2024, driven by the momentum from artificial intelligence [12][13] - Revenue and profit levels in the communication industry have shown signs of recovery, with significant improvements in revenue growth and gross margin [2][41] - The capital expenditure structure optimization by operators, combined with AI developments, is expected to drive strong performance in the computing and communication application sectors [3][19] Summary by Sections 1. Communication Industry: Increased Attention and High Concentration of Holdings - The communication industry has seen a significant increase in market capitalization and trading volume, with a market share of approximately 2.62% of the total A-share market [12][13] - Fund companies have shown a high concentration in holdings within the communication sector, with a total holding amount reaching 139.37 billion yuan, a year-on-year increase of 73.82% [20][22] 2. Continuous Improvement in Revenue Quality and Effective Cost Control - The communication industry achieved a total revenue of 1.89 trillion yuan in the first three quarters of 2024, with a year-on-year growth of 3.85% [41] - The gross margin for the communication industry reached 28.93%, with a year-on-year increase of 0.73 percentage points [47] 3. AI and Capital Expenditure Structure Optimization Resonance - The AI-driven computing sector has seen significant revenue growth, while the Internet of Things sector is recovering from a downturn [3] - The gross margin for the computing sector continues to show an upward trend, indicating strong performance [3] 4. Investment Recommendations - Recommended companies include major operators such as China Mobile, China Unicom, and China Telecom, as well as key players in various sub-sectors like ZTE Corporation and Zhongtian Technology [3]