光大证券研究·2025-05-09 14:12Core Viewpoint - The communication industry is experiencing significant growth in Q1 2025, particularly in sectors such as optical modules, Beidou navigation, and AI supply chains, while some traditional sectors are facing declines in profitability [2][3][4]. Summary by Sections Overall Industry Performance - In 2024, the communication industry (A-shares) with 170 companies achieved a net profit of 208.29 billion yuan, a year-on-year increase of 4.4%. Excluding the three major operators, the net profit was 27.88 billion yuan, a decrease of 4.2% [2]. - In Q1 2025, the same 170 companies reported a net profit of 52.51 billion yuan, a year-on-year increase of 5.4% and a quarter-on-quarter increase of 88.3%. Excluding the three major operators, the net profit was 10.41 billion yuan, a year-on-year increase of 13.7% [2]. Sub-industry Performance in 2024 - The sub-industry net profit growth rates for 2024, ranked from highest to lowest, are as follows: - Optical Modules: 12.30 billion yuan, +113% - IoT: 1.18 billion yuan, +69% - AI Supply Chain: 43.59 billion yuan, +37% - Operators: 180.41 billion yuan, +6% - Server Supply Chain: 14.69 billion yuan, +3% - Fiber Optics and Cables: 6.28 billion yuan, -4% - Main Equipment: 8.85 billion yuan, -7% - Connectors and Cables: 7.49 billion yuan, -7% - IDC: 5.01 billion yuan, -9% - Switches: 1.61 billion yuan, -30% - Enterprise Communication: 3.25 billion yuan, breakeven - Beidou Navigation: -0.05 billion yuan, N/A - Network Visualization: -0.33 billion yuan, N/A - Antenna RF: -0.005 billion yuan, N/A - Satellite Communication: -0.49 billion yuan, N/A - Private Networks: -3.33 billion yuan, N/A [3]. Sub-industry Performance in Q1 2025 - The sub-industry net profit growth rates for Q1 2025, ranked from highest to lowest, are as follows: - Beidou Navigation: 0.13 billion yuan, +193% - Optical Modules: 4.50 billion yuan, +110% - AI Supply Chain: 12.82 billion yuan, +65% - IoT: 0.34 billion yuan, +18% - Fiber Optics and Cables: 1.34 billion yuan, +11% - Server Supply Chain: 3.94 billion yuan, +4% - Operators: 42.10 billion yuan, +4% - Enterprise Communication: 0.68 billion yuan, +0% - Connectors and Cables: 1.90 billion yuan, -6% - Main Equipment: 2.35 billion yuan, -10% - Switches: 0.38 billion yuan, -16% - IDC: 1.11 billion yuan, -20% - Satellite Communication: 0.07 billion yuan, -31% - Private Networks: -0.03 billion yuan, -112% - Network Visualization: -0.17 billion yuan, N/A - Antenna RF: -0.036 billion yuan, N/A [4]. Top Companies by Profit in Q1 2025 - The top 10 companies by net profit in Q1 2025 are: - China Mobile: 30.63 billion yuan, +3% - China Telecom: 8.86 billion yuan, +3% - China Unicom: 2.61 billion yuan, +7% - ZTE: 2.45 billion yuan, -11% - Zhongji Xuchuang: 1.58 billion yuan, +57% - Runze Technology: 0.43 billion yuan, -9% - Unisplendour: 0.35 billion yuan, -16% - NewEase: 1.57 billion yuan, +385% - Zhongtian Technology: 0.63 billion yuan, -1% - Yilian Network: 0.56 billion yuan, -1% [5][8]. Top Companies by Year-on-Year Growth in Q1 2025 - The top 10 companies by year-on-year growth in net profit for Q1 2025 are: - Bochuang Technology: 0.09 billion yuan, +322652% - Ruijie Networks: 0.11 billion yuan, +4544% - Guangha Communication: 0.0009 billion yuan, +1034% - Shijia Photon: 0.093 billion yuan, +1004% - Yongding Co.: 0.29 billion yuan, +961% - NewEase: 1.57 billion yuan, +385% - Pingzhi Information: 0.011 billion yuan, +287% - Yiyuan Communication: 0.21 billion yuan, +287% - Gongjin Co.: 0.022 billion yuan, +268% - Xingwang Ruijie: 0.042 billion yuan, +265% [9].