研報掘金丨浙商證券:維持中興通訊“買入”評級,AI驅動增長新動能
浙商證券研報指出,中興通訊(000063.SZ)24年歸母淨利潤84.25億元,同比-9.66%。公司24年經營承壓,主要受制於5G網絡建設進入成熟期,國內運營商投資整體下降,結構變化。國內運營商投資整體下降,結構上向算力傾斜,5G相關的無線投資降幅明顯。展望25年,5G網絡進入成熟期,5G-A在低空場景起步,無線投資整體或仍將承壓。展望25年,DeepSeek加速國內AI基建,國內運營商和互聯網大廠或加大AI投入。目前公司智算服務器已實現在互聯網頭部客戶、大型銀行和保險公司的規模經營,25年有望規模起量。AI持續賦能,家庭終端、手機、雲電腦有望延續穩健增長態勢。維持“買入”評級。
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