《大行》瑞銀:AI成中興通訊(00763.HK)第二增長曲線 升目標價至37.7元
瑞銀發表研究報告指,中興通訊(00763.HK)今年第二季收入按年增長近21%,較市場預期高12%,主要來自於人工智能需求下伺服器產品銷售增長,推動政府及企業業務強勁增長,期內毛利及淨利潤分別跌4.1%及12.9%,較市場預期低2%至3%,相信是由於收入組合轉向伺服器產品導致毛利率下降。
瑞銀指出,人工智能將成為中興通訊的第二增長曲線,電訊商將資本開支轉向人工智能計算基礎設施,而中興的市場份額正持續提升,同時非營運商業務方面,伺服器業務亦正成為關鍵增長動力。瑞銀將中興目標價由26.45元升至37.7元,基於2026年及之後更高盈利增長及目標市盈率倍數。維持「中性」評級,預測今年政企收入將年倍增,並估算伺服器產品將為2026年淨利潤貢獻約20%。
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