研報掘金丨民生證券:中興通訊業績穩健增長,維持“推薦”評級
民生證券研報指出,中興通訊(000063.SZ)業績穩健增長,政企業務實現快速增長。上半年歸母淨利潤57.3億元,同比增長4.8%;Q2歸母淨利潤29.9億元,同比增長5.7%,環比增長9.1%。在傳統運營商網絡領域,公司保持無線、有線核心產品的領先地位。在運營商算力網絡領域,服務器及存儲產品,公司在國內運營商中保持領先地位。公司在中國移動PC服務器集採項目中以第一名中標,同時加大了對智能計算服務器的研發投入,力求實現突破。此外,公司在數據中心交換機和框式交換機方面,憑藉自主研發的核心器件,持續保持行業領先地位。公司連接主業增強經營韌性,算力全棧部署有望激發公司增長潛力。預計公司2024-2026年歸母淨利潤分別為106/112/125億元,對應PE倍數為12/11/10X。維持“推薦”評級。
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