AI和算力需求成为行业发展核心驱动力

Investment Rating - The report maintains an "Outperform" rating for the communication industry [7]. Core Insights - The communication industry is experiencing a resurgence driven by AI and computing power demands, with overall revenue growth and improved profitability in early 2024 compared to 2023 [1][13]. - The light communication sector is benefiting significantly from the demand for 800G optical modules, particularly in North America, leading to substantial revenue and profit growth [2][31]. - Telecom operators are showing stable growth with increasing dividend payouts, while focusing on digital transformation and R&D investments [3][19]. - The Internet of Things (IoT) module market is recovering, with companies investing in R&D to enhance future capabilities [4][39]. - Equipment manufacturers and RF antenna suppliers are facing short-term pressure due to declining capital expenditures from operators, but AI-related demand may provide new growth opportunities [5][25]. Summary by Sections 1. Industry Overview - In 2023, the communication industry (excluding major operators and ZTE) achieved total revenue of CNY 517.27 billion, a year-on-year growth of 2.3%, while net profit fell by 14.1% to CNY 19.63 billion. In Q1 2024, revenue grew by 7.7% year-on-year to CNY 116.56 billion, with net profit increasing by 21.2% to CNY 6.42 billion [1][13]. 2. Telecom Operators - The three major telecom operators reported a combined revenue of CNY 1889.75 billion in 2023, a growth of 6.9%, with China Mobile leading at 7.7%. In Q1 2024, their revenue grew by 4.2% to CNY 497.7 billion, and net profit increased by 6.1% to CNY 40.65 billion [3][19]. 3. Equipment Manufacturers - Five selected equipment manufacturers reported a total revenue of CNY 246.3 billion in 2023, a growth of 1.9%. In Q1 2024, revenue increased by 3.5% to CNY 55.2 billion, while net profit saw a slight decline of 1.8% [5][25]. 4. Light Communication - Light communication manufacturers achieved a total revenue of CNY 30.5 billion in 2023, a slight decline of 0.4%. However, in Q1 2024, revenue surged by 60.2% to CNY 10.15 billion, with net profit increasing by 135.4% [2][31]. 5. IoT Modules - The IoT module market saw a total revenue of CNY 24.66 billion in 2023, growing by 7.1%. In Q1 2024, revenue jumped by 34.6% to CNY 7.51 billion, with significant growth from companies like Youfang Technology [4][39].