Guotai Haitong Securities Co., Ltd. has released a research report indicating that the computer industry experienced continued revenue and profit growth in the first half of 2026, with the pace of expansion quickening. Looking at specific sub-sectors, AI computing power, information technology application innovation (信创), the Internet of Things (IoT), fintech, and AI applications have demonstrated stronger performance.

The firm believes that as China is currently in a phase of policy support and sustained economic recovery, downstream clients are steadily resuming IT-related spending. This suggests the computer sector's revenue trajectory is likely to maintain an upward trend. Furthermore, as the AI industry trend becomes increasingly clear, with AI products maturing and projects being implemented, profit margins are expected to recover. Guotai Haitong Securities Co., Ltd. advises investors to pay attention to targets within AI computing power, AI applications, technological self-reliance, and fintech sectors.


H1 2026 data shows simultaneous growth in revenue and profit, with acceleration compared to 2025

According to the report, the computer industry's total revenue for the first half of 2026 reached ¥675.556 billion, marking a year-on-year increase of 9.40%. Net profit attributable to shareholders rose 56.62% year-on-year to ¥21.673 billion, while non-GAAP net profit climbed 80.22% to ¥14.606 billion. The industry's total headcount stood at approximately 1.1897 million by mid-2026, largely unchanged from the end of 2025.

On a quarterly basis, Q2 2026 revenue reached ¥376.849 billion, up 13.28% year-on-year. Net profit attributable to shareholders totaled ¥15.968 billion, a 45.25% jump, and non-GAAP net profit was ¥11.251 billion, rising 40.63%. Overall, the first half performance indicates a sustained growth trend with a notable acceleration in momentum relative to the prior year.


Average net margin in the computer sector rebounds during H1 2026

The average gross margin for the computer industry in H1 2026 stood at 36.66%, while the average net margin was -12.03%. Although gross margins experienced a slight decline, net margins have started to stabilize and rebound. In recent years, total contract liabilities plus advances from customers have been consistently increasing, with the growth rate trending higher. In H1 2026, this combined figure reached ¥164.722 billion, up 11.01% year-on-year.

Receivables in the sector also increased notably during the period, accounting for 55.14% of total revenue. The AI-driven catalyst appears to have elevated the overall business climate within the computer industry.


AI infrastructure, 信创, IoT, fintech, and AI applications stand out in performance

By sub-sector, the sectors showing positive growth in both revenue and net profit during H1 2026 included SaaS, 信创, AI computing power, IoT, AI applications, and fintech. In Q2 2026, this group comprised AI computing power, 信创, IoT, fintech, and AI applications.

When segmented by market capitalization, larger companies demonstrated more stable performance compared to their small and mid-cap counterparts. Firms with a market value exceeding ¥10 billion recorded revenue, attributable net profit, and non-GAAP net profit growth rates of 12%, 63%, and 74%, respectively, during H1 2026.

Risk factors include the possibility of continued underperformance in earnings, significant market volatility, and a slower-than-expected economic recovery.