国泰海通｜计算机：2024年进一步探底，2025Q1边际复苏——2024年年报及2025年1季报复盘

Core Viewpoint - The overall revenue and net profit growth rates for companies in Q1 2025 have improved, with a notable increase in the number of companies reporting positive growth. Large-cap companies show more stable performance compared to mid and small-cap companies [1][4]. Group 1: Industry Performance - In 2024, the computer industry generated a revenue of 1,269.399 billion yuan, reflecting a year-on-year increase of 4.78%. However, the net profit attributable to shareholders decreased by 46.82% to 18.796 billion yuan, and the non-recurring net profit fell by 52.28% to 8.248 billion yuan [3]. - In Q1 2025, the total revenue for the computer industry reached 286.032 billion yuan, marking a year-on-year increase of 15.25%. The net profit attributable to shareholders surged by 193.52% to 2.816 billion yuan, while the non-recurring net profit increased by 102.25% to 0.036 billion yuan [3]. - The proportion of companies with positive revenue growth increased from 49.45% in 2024 to 54.27% in Q1 2025. The percentage of companies with positive net profit attributable to shareholders rose from 42.82% to 45.03%, while the percentage of companies with positive non-recurring net profit decreased from 45.86% to 42.82% [3]. Group 2: Market Capitalization Analysis - In 2024, large-cap companies (market cap over 10 billion yuan) showed more stable revenue growth, with revenue growth rates of 8%, while mid-cap companies (5-10 billion yuan) had a revenue growth rate of 0%, and small-cap companies (under 5 billion yuan) experienced a decline of 9% [4]. - In Q1 2025, large-cap companies reported positive growth in both revenue and net profit, with revenue growth rates of 22%, net profit growth of 57%, and non-recurring net profit growth of 167%. Mid-cap companies saw a slight decline in revenue by 2%, but a significant increase in net profit by 185%. Small-cap companies had a revenue decline of 7%, with net profit growth of 5% [4]. Group 3: Sector Recovery - Multiple sectors, including AI and energy IT, have shown signs of recovery in Q1 2025, indicating a broader market rebound [5].