银河证券每日晨报-20250523

Core Viewpoints - The computer industry is experiencing a structural recovery led by AI computing power, with the DeepSeek model catalyzing significant market interest and performance [3][6] - The computer sector remains underweight in public fund holdings, indicating potential for future portfolio adjustments [3] Industry Performance Summary - In 2024, the computer industry reported revenues of 12,728 billion, a year-on-year increase of 5.54%, while net profit attributable to shareholders was 234 billion, down 39.24% [4] - The overall gross margin for 2024 was 25.82%, a decrease of 1.8 percentage points, and the net profit margin was 2.49%, down 1.2 percentage points, indicating pressure on profitability due to macroeconomic conditions and intensified competition [4] - The first quarter of 2025 showed signs of recovery, with revenues reaching 2,893.26 billion, a year-on-year growth of 17.12%, and net profit attributable to shareholders increasing by 215.1% to 39 billion [5] Cost Management and Efficiency - The first quarter of 2025 saw a reduction in overall expense ratio to 22.09%, down 3.83 percentage points, with specific reductions in R&D, sales, and management expense ratios [5] - The industry is beginning to see the effects of cost control measures and efficiency improvements, particularly through AI and personnel optimization [5] Future Outlook - The computer industry is expected to gradually improve cash flow and profitability in 2025, supported by the issuance of long-term special government bonds and ongoing local debt progress [6] - High-demand sectors such as AI computing infrastructure and domestic technology autonomy are projected to perform well, contributing to the overall recovery of the industry [6]