中银晨会聚焦-20250515

Core Insights - The report highlights a focus on the AI industry chain and robotics, which are expected to initiate a second round of rebound trends [6] - The telecommunications sector shows resilience with continuous revenue and profit growth among the three major operators, indicating a shift from traditional communication services to digital services [7][9] - Industrial Fulian is experiencing steady growth in revenue and profit, driven by optimized product structure and robust performance in cloud computing [11][12] - Demingli is poised for accelerated growth due to significant revenue increases and high-end product breakthroughs in the storage market [14][15] Telecommunications Sector - The three major telecom operators (China Mobile, China Telecom, and China Unicom) achieved revenue of 6,268 billion, 3,282 billion, and 2,613 billion CNY respectively in 2024, with year-on-year growth rates of 0.8%, 3.0%, and 1.5% [7] - The operators are transitioning towards digital services, with cloud revenue exceeding 1,000 billion CNY for each operator, reflecting a shift from "network connection" to "intelligent connection" [7][9] - In 2024, the combined revenue of the three operators surpassed 1.9 trillion CNY, with a net profit of 1,804 billion CNY, marking a year-on-year growth of 3.4% and 5.9% respectively [9] Industrial Fulian - In 2024, Industrial Fulian reported a revenue of 6,091.35 billion CNY, a year-on-year increase of 27.88%, and a net profit of 232.16 billion CNY, up 10.34% [11] - The cloud computing segment achieved a revenue of 3,193.77 billion CNY in 2024, growing by 64.37% and accounting for over 50% of the company's total revenue [12] - The company is focusing on high-performance AI servers, which saw revenue growth exceeding 150% [12][13] Demingli - Demingli's revenue for 2024 reached 47.73 billion CNY, reflecting a significant year-on-year increase of 168.74%, with a net profit of 3.51 billion CNY, up 1,302.30% [14] - The company is expanding its high-end storage product offerings, which are expected to drive rapid growth in both scale and profitability [15][16] - The storage market is anticipated to stabilize and gradually recover in 2025, driven by emerging demands in AI and automotive electronics [16]