研報掘金丨中金:維持中科曙光“跑贏行業”評級,目標價73.20元
中金公司研報指出,中科曙光(603019.SH)24年實現歸母淨利潤19.11億元,同比增長4.10%;扣非歸母淨利潤13.72億元,同比增長7.34%,低於我們此前預期,判斷主要原因為公司逐步減少競爭激烈且毛利偏低項目的業務轉型期疊加曙光雲計算雲服務產品收入下滑所致。收入端短期承壓,產銷管理優化及營銷戰略調整推升毛利率。認為國內算力基礎設施建設在AI 大模型驅動下有望進入加速階段,公司的產品及服務覆蓋高端計算機/存儲/網絡安全/雲計算服務/數據/計算服務等領域,有望受益於算力擴容。此外,看好公司的技術優勢,認為其在產業鏈與生態的深度佈局為公司的長期發展注入增長動力。看好公司業務長期受益於算力需求的持續擴張,維持“跑贏行業”評級及73.20元目標價。
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