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研報掘金丨中信建投:維持中興通訊“買入”評級,AI驅動收入重回增長

中信建投證券研報指出,近年來,中興通訊(000063.SZ)持續推進從全連接向連接+算力的戰略升級,初見成效。AI創新驅動,2025年一季度公司營收同比增長7.8%,重回增長軌道,包括算力、終端等在內的第二曲線佔比超過35%。DeepSeek 加速國內AI基礎設施建設和AI 應用發展,公司加快構建全域AI 能力體系,涵蓋智算基礎設施、終端、行業智能化等,有望中長期受益。一季度,公司政企業務營收同比倍增,佔比超過20%,服務器及存儲營收快速增長,其中智算服務器訂貨佔比超60%,智算一體機產品在電信、教育、醫療、電力、政務等多行業落地。公司積極推動AI 端側應用,一季度手機產品營收保持增長態勢,雲電腦產品銷售加速。維持“買入”評級。

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