通信行业周报（2月10日-2月16日）-20250319

Investment Rating - The communication industry is rated as "Positive" with expectations for the industry index to outperform the market index by over 5% in the next six months [39]. Core Insights - The communication sector has shown steady growth, with traditional businesses performing well and innovative applications being actively developed. Despite recent market adjustments, valuation levels are recovering, and companies are exploring new growth points based on current performance [5][36]. - The communication industry has experienced a cumulative increase of 4.08% this year, ranking 8th among 30 sectors in the CITIC index, indicating a mid-to-high level performance [11]. Market Review - From February 10 to February 16, 2025, the CITIC communication sector rose by 3.2%, outperforming the CSI 300 index by 2.01 percentage points. The sector's performance ranked 6th among CITIC's primary industries during this period [11][12]. - As of February 14, the CITIC communication sector's PE TTM was 22.64 times, positioned at the 25.69 percentile [13]. Industry Data for 2024 - The total telecom business revenue reached 1.74 trillion yuan in 2024, a year-on-year increase of 3.2%, with a 10% growth in telecom business volume at constant prices [3][31]. - By the end of 2024, the number of mobile phone users reached 1.956 billion, with 5G users accounting for 1.014 billion, representing 56.7% of total mobile users [32]. - The total number of 5G base stations reached 4.251 million, making up 33.6% of all mobile base stations [34]. Mobile Device Market - In 2024, the domestic smartphone shipment reached 314 million units, a year-on-year increase of 8.7%, with 5G smartphones accounting for 86.4% of total shipments [4][30]. - In December 2024, smartphone shipments were 34.528 million units, up 22.1% year-on-year, with 5G smartphones at 30.433 million units, reflecting a 25.8% increase [30]. Investment Recommendations - The report suggests maintaining a cautiously optimistic outlook, focusing on operators with sustained profit growth and enhanced network value, companies benefiting from traffic growth and computing networks, and high-quality firms with continuous investment in technological innovation [5][36].