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研報掘金丨中金:中興通訊智算產品中標份額領先,維持“跑贏行業”評級
格隆匯 03-07 13:41
中金公司研報指出,中興通訊(000063.SZ)24年營收1212.99億元,同比下降2.38%;歸母淨利潤84.25億元,同比下降9.66%。業績低於我們預期。國內運營商業務承壓,智算產品電信市場中標份額領先。展望後市,認爲受益於國內CSP廠商capex上行、金融行業數字化轉型機遇,公司政企業務有望保持較快增長。此外,公司雲終端實現國內運營商市場份額第一,雲電腦年銷量突破150萬臺。維持“跑贏行業”評級,考慮到行業估值中樞擡升,中興手機、服務器等業務有望受益於AI產業趨勢,維持A/H股目標價42元人民幣和29元港幣,對應2025年23/15倍P/E和2026年21/14倍P/E,對應13%/7%的上行空間。
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