PB-ROE框架下看行业系列三：PB-ROE视角下的计算机与传媒底部反转机遇

Group 1 - The report emphasizes the investment opportunities for the computer and media sectors based on the PB-ROE framework, which serves as a classic value discovery tool in the secondary market [3][8][9] - The current PB-ROE positions of the computer and media sectors are similar to those of the telecommunications sector in 2019-2020, indicating a historical bottom in valuation and profitability [10][19] - As of Q1 2025, the computer sector has entered a historical bottom zone with a ROE of 1.7% and a PB of 2.6, reflecting a significant decline in profitability over the past seven years [10][11] Group 2 - The computer sector is currently the only underweighted industry in the TMT sector relative to performance benchmarks, with a 3.5% holding compared to a required 4.5%, resulting in a shortfall of 256 billion [24][27] - The report identifies that growth industries often see valuation improvements before profitability, with historical data showing that in most cases, valuation increases precede profit recovery during market bottoms [21][24] - The report highlights that the AI application sector, including media and computer industries, is expected to benefit from ongoing trends in artificial intelligence, with potential for ROE recovery [21][24] Group 3 - The media sector has shown signs of recovery, with a 35% increase in net profit and a 6% increase in revenue in Q1 2025, indicating positive financial improvements [21][23] - The report notes that the media sector's current profitability and valuation are at historical low levels, similar to the telecommunications sector's position in 2020 [19][21] - The report suggests that the transition from hardware to software in the AI sector will lead to increased investment opportunities in application-oriented companies, particularly in the Hong Kong internet sector [21][24]