研報掘金丨山西證券:予中興通訊“增持-A”評級,市場風偏改善下估值體系有望重塑
山西證券研報指出,中興通訊(000063.SZ)24年歸母淨利潤84.25億元,同比-9.66%;24Q4歸母淨利潤5.18億元,同比-65.08%,環比-76.15%。運營商業務受國內投資環境影響業務承壓,政企及消費者業務保持增長。公司家庭終端、手機及移動互聯產品、雲電腦營業收入均實現增長,家庭終端FTTR 產品在國內市場實現規模出貨,並帶動消費者業務毛利率提升。公司算力第二增長曲線不斷深化,以手機為代表的端側業務加速拓展。認為公司經營穩健,市場風偏改善下估值體系有望重塑,建議關注5G-A、Ai手機、自研芯片等事件催化以及自研芯片對公司智算業務價值的重估。維持給予“增持-A”評級。
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