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研報掘金丨國聯證券:中興通訊經營情況穩健,盈利能力提升,予“買入”評級

國聯證券研報指出,鑑於中興通訊(000063.SZ)經營情況穩健,政企業務快速增長,盈利能力提升,給予公司“買入”評級。2024年H1,公司毛利率為40.47%,同比下降2.75個百分點,主要是由於收入結構變動,運營商業務和消費者業務毛利率提升而政企業務毛利率下降的綜合影響;公司淨利率為9.14%,同比提升0.26個百分點,持續提升盈利能力。上半年,公司政企業務營收為91.72億元,同比增長56.09%,主要由於服務器及存儲營業收入增長;政企業務毛利率為21.77%,同比下降5.74個百分點,主要是由於收入結構的變動。公司在服務器及存儲領域,落地JDM深度合作模式,實現收入規模增長;在數據中心交換機領域,公司加速佈局互聯網和金融行業,國內訂貨同比快速增長。公司上半年國際市場營收同比增長10.44%,營收佔比為31.09%,其中,亞洲市場(不含中國)增長明顯,營收同比增長22.76%;毛利率為36.02%,同比提升2.64 個百分點。面向海外運營商客户,公司堅持大國大T 大網聚焦戰略,把握各類業務機會,繼續突破大T 價值區域,提升市場份額。

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