研報掘金丨海通證券:維持中興通訊“優於大市”評級,目標價45.6元~54.7元
海通證券研報指出,中興通訊(000063.SZ)24年歸母淨利潤84.25億元,同比-9.66%。其中,服務器、存儲業務拉動政企市場表現突出。分業務來看:運營商網絡業務收入703.27億元,同比-15.02%,毛利率50.90%,同比+1.79PCT;其中運營商算力網絡方面,公司加大智算服務器研發投入,市場項目機會逐步落地;政企業務收入185.66億元,同比+36.68%,主要受益於服務器及存儲營業收入增長,實現通算、智算、信創服務器在互聯網頭部客戶、大型銀行和保險公司的規模經營,收入翻番。資產負債率持續改善,費用率穩步下降。參考可比公司估值,給予公司2025年PE爲25-30倍,對應合理價值區間爲45.6元~54.7元,維持“優於大市”評級。
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