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研報掘金丨東吳證券:維持亨通光電“買入”評級,目標價21.92元

東吳證券研報指出,亨通光電爲光通信龍頭,海洋通信與能源業務起量促增長。2024年實現營業收入600億元、同比增長26%;淨利潤27.7億元、同比增長29%。深遠海海風開發潛力大,歐洲海風打開空間;深遠海趨勢帶動海纜價值量提升,高壁壘鑄就穩定競爭格局。海洋通信方面,公司是全球前三具備海底光纜、海底接駁盒、中繼器、分支器研發生產製造能力、跨洋通信網絡系統解決方案提供能力以及跨洋通信網絡系統建設能力的全產業鏈公司。公司緊抓深海科技發展戰略,打造全球跨洋通信系統集成業務領導者。截至24年底,公司擁有海洋通信業務相關在手訂單金額約55億元。考慮到公司海纜/光纜業務均處於龍頭位置,客戶積累深厚,具備成長空間,給予公司25年16xPE,對應目標價21.92元/股,維持“買入”評級。

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