研報掘金丨中原證券:維持中國電信“買入”評級,基礎業務和產數業務雙輪驅動
中原證券研報指出,中國電信(601728.SH)24年歸母淨利潤爲330.12億元,同比增長8.4%。2024Q4歸母淨利潤爲37.13億元,同比增長11.01%。基礎業務穩健增長,用戶價值保持穩定。公司加大量子密信密話、手機直連衛星等業務規模拓展;行業內率先推出內置自研星辰語音語義通用大模型的定製AI 手機;推進家庭寬帶向千兆和FTTR升級,並推出AI攝像頭、AI雲電腦、AI家庭中屏等智能終端,保持領先一步的差異化發展能力。此外,公司深化智算佈局,已接入50家算力合作夥伴,自有和接入的智能算力合計達到62EFLOPS,位居我國算力互聯調度市場第一。公司基礎業務和產數業務雙輪驅動,股東回報持續提升。資本開支指引下降有望降低折舊和攤銷成本, 增強自由現金流。DeepSeek爲公司雲計算業務帶來良好增長前景。維持“買入”評級。
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