计算机行业上市公司整体2024年营收平稳增长，2025年一季度利润明显向好

Investment Rating - The industry investment rating is "Outperform the Market" [1][24]. Core Insights - The computer industry is expected to achieve stable revenue growth in 2024, with a significant improvement in profits in the first quarter of 2025. As of the end of April, 360 A-share listed companies in the computer sector have released their 2024 annual reports and 2025 Q1 reports. In 2024, the overall revenue of these companies is projected to reach CNY 12,492.99 billion, a year-on-year increase of 4.76%, while net profit is expected to decline by 49.91% to CNY 163.28 billion. In Q1 2025, revenue is anticipated to grow rapidly, achieving CNY 2,818.69 billion, a year-on-year increase of 15.92%, with net profit rising significantly by 652.15% to CNY 23.29 billion [3][6][7]. Summary by Sections Industry Performance - In 2024, the computer equipment sector (89 companies) is expected to achieve revenue of CNY 4,130.51 billion, a year-on-year increase of 12.74%, and a net profit of CNY 239.41 billion, up 10.96%. The software development sector (139 companies) is projected to generate CNY 3,472.89 billion in revenue, a slight increase of 0.92%, but a net loss of CNY 22.92 billion. The IT services sector (132 companies) is expected to have revenue of CNY 4,889.59 billion, a growth of 1.44%, with a net loss of CNY 53.22 billion [6][7]. Q1 2025 Performance - In Q1 2025, the computer equipment sector is expected to achieve revenue of CNY 1,059.13 billion, a year-on-year increase of 39.27%, and a net profit of CNY 43.18 billion, up 12.03%. The software development sector is projected to generate CNY 677.01 billion in revenue, a slight increase of 0.86%, with a net loss of CNY 23.79 billion. The IT services sector is expected to achieve revenue of CNY 1,082.56 billion, a growth of 8.28%, with a net profit of CNY 3.90 billion [7]. Key Company Announcements - Notable announcements include Industrial Fulian reporting a 2024 revenue of CNY 6,091.35 billion, a year-on-year increase of 27.88%, and a Q1 2025 revenue of CNY 1,604.15 billion, up 35.16%. Inspur Information reported a Q1 2025 revenue of CNY 468.58 billion, a significant increase of 165.31%. Unisplendour reported a 2024 revenue of CNY 790.24 billion, a growth of 2.22%, and a Q1 2025 revenue of CNY 207.90 billion, up 22.25% [12][14]. Market Performance - The computer industry index rose by 2.47% last week, outperforming the CSI 300 index, which fell by 0.43%. The overall P/E ratio for the computer industry is 50.6 times, with 262 out of 360 A-share stocks rising in price [15][17]. Investment Recommendations - The report suggests focusing on several sectors: 1. New Infrastructure: Recommended companies include Haiguang Information, Longxin Zhongke, and others. 2. Huawei Supply Chain: Recommended companies include Digital China and others. 3. AI Sector: Strong recommendations for Zhongke Chuangda and others. 4. Low-altitude Economy: Recommended companies include Daotong Technology and others. 5. Financial IT: Strong recommendation for Hengsheng Electronics and others [20].