国泰海通｜通信：盈利提速，算力板块表现亮眼——通信行业2025中期业绩总结

Core Viewpoint - The communication industry is experiencing steady revenue growth and accelerated profitability in H1 2025, with a total revenue of 1785.003 billion yuan (up 10.07% year-on-year) and a net profit attributable to shareholders of 160.432 billion yuan (up 11.26% year-on-year) [1][2] Revenue and Profit Analysis - In H1 2025, the communication industry achieved a total revenue of 1785.003 billion yuan, with a year-on-year growth of 10.07%. The net profit attributable to shareholders reached 160.432 billion yuan, reflecting an increase of 11.26%. The net profit after deducting non-recurring items was 149.023 billion yuan, up 13.04% year-on-year [1] - In Q2 2025, the industry reported a revenue of 942.483 billion yuan, marking a year-on-year increase of 10.91%. The net profit attributable to shareholders was 98.682 billion yuan, up 12.33%, while the net profit after deducting non-recurring items was 91.262 billion yuan, reflecting a growth of 12.94% [1] Sector Performance - In H1 2025, the top-performing sectors in terms of revenue growth included optical modules, communication PCBs, network equipment manufacturers, IoT modules, and RF components related to base station equipment. The sectors with the highest net profit growth were also led by optical modules, communication PCBs, network security and visualization analysis, IoT modules, and network equipment manufacturers [2] - The industry is currently underweight, with capital expenditures on computing power maintaining high growth. The domestic market is accelerating in line with global AI development, indicating significant upward potential for holdings in the communication sector [2] Future Outlook - The AI computing power industry chain is expected to continue its rapid development in 2025, driven by ongoing advancements in GPU capabilities and increased investments from major cloud computing companies in North America. This trend is anticipated to benefit companies closely linked to the overseas AI industry chain, leading to impressive performance [2]