计算机｜营收稳步增长，盈利能力改善

Core Viewpoint - The computer industry is experiencing steady revenue growth in 2024, with net profit and non-recurring net profit under pressure, while segments such as computing chips, servers, and AI are performing well. The first quarter of 2025 shows continued revenue growth and significant improvement in profitability, indicating a potential turning point for the industry [1][2][9]. 2024 Industry Performance Review - The overall revenue of the computer industry in 2024 reached 179,994.77 million, a year-on-year increase of 11.98%, with growth driven by large companies like Inspur Information and Softcom Power [2] - Net profit attributable to shareholders was 3,141.9 million, down 30.17%, while non-recurring net profit was 2,067.6 million, down 33.56%, indicating significant pressure on profitability [2] - The median growth rates for revenue, net profit, and non-recurring net profit were -0.16%, -26.60%, and -22.40%, respectively, showing declines compared to the previous year [2] - 13 companies achieved revenue growth exceeding 50%, primarily in AI and trusted innovation sectors [2] Q1 2025 Industry Performance Review - In Q1 2025, the computer sector achieved revenue of 43,060.06 million, a year-on-year increase of 20.54%, continuing the growth trend from 2024 [6] - Net profit attributable to shareholders was 556.6 million, up 50.99%, and non-recurring net profit was 281.4 million, up 114.66%, indicating a significant improvement in profitability [6] - 200 companies in the computer sector reported revenue growth, accounting for 55.25% of the total, with 33 companies achieving growth rates over 50% [6] Cloud Infrastructure - In 2024, cloud infrastructure maintained rapid growth, driven by AI, with computing chips growing by 50.00% and servers by 25.31% [3] - In Q1 2025, revenue growth accelerated further, with computing chips increasing by 109.27% and servers by 45.60%, driven by sustained AI demand [7] Cloud Applications - In 2024, cloud applications showed resilience, with IT outsourcing growing by 33.57%, AI by 17.96%, and office software by 9.39% [3] - In Q1 2025, AI applications grew by 29.69%, IT outsourcing by 22.95%, and basic software by 7.90%, benefiting from increased investment in AI and trusted innovation [7] Industrial Internet - In 2024, segments like telecom IT and education IT saw revenue growth of 17.35% and 17.15%, respectively, while government IT and medical IT faced declines of 24.41% and 10.04% [4] - In Q1 2025, telecom IT and education IT continued to perform well, with growth rates of 42.70% and 24.92%, while segments like upstream IT and medical IT experienced significant declines [8] Summary and Outlook - The computer industry is showing a gradual improvement in revenue and net profit, with a turning point becoming evident. High demand in sectors like computing chips, servers, AI, and education IT is expected to continue, with AI applications anticipated to accelerate as products evolve [9]