研报掘金丨海通证券:维持中兴通讯“优于大市”评级,目标价45.6元~54.7元
海通证券研报指出,中兴通讯(000063.SZ)24年归母净利润84.25亿元,同比-9.66%。其中,服务器、存储业务拉动政企市场表现突出。分业务来看:运营商网络业务收入703.27亿元,同比-15.02%,毛利率50.90%,同比+1.79PCT;其中运营商算力网络方面,公司加大智算服务器研发投入,市场项目机会逐步落地;政企业务收入185.66亿元,同比+36.68%,主要受益于服务器及存储营业收入增长,实现通算、智算、信创服务器在互联网头部客户、大型银行和保险公司的规模经营,收入翻番。资产负债率持续改善,费用率稳步下降。参考可比公司估值,给予公司2025年PE为25-30倍,对应合理价值区间为45.6元~54.7元,维持“优于大市”评级。
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