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通信行业中期策略报告:AI为基算力为石,科技变革浩瀚星辰
1H24回顾:随业绩提升通信指数有所回暖,人工智能仍是重点关注方向。通信行业指数及估值水平自2024年2月起有所提升,走势同上证指数及深证成指趋同。标的方面,一年期涨跌幅前十的标的与年初至今涨跌幅前十的标的约有60%的重合度,AI相关赛道表现较为亮眼。由于人工智能超预期发展,通信行业相关个股的成交额及估值水平持续回暖,或反映了投资者对于相关公司未来业绩预期的乐观预测。业绩方面,通信行业相关样本公司营收水平逐季提升,1Q24归母净利润有所提升。综合考虑在相关公司业务拓展中,人工智能对通信行业的推动作用在业绩方面的正向影响或将逐步显现。
(1)运营商方面:我们认为运营商兼具进攻与防守性质:低估值高成长,作为国家队代表,受益算网基建新变革有望超预期,特别是运营商云业务拓展不断加速迈向第一阵营,持续稳定的较高成长性有望进一步带来估值提升;同时,运营商盈利能力、现金流资产不断改善,资产价值优势凸显,持续增加分红回馈股东。相对历史估值和国外水平,通信运营商均处于估值低位。
(2)光通信方面:我们认为光通信相关的技术壁垒较高,产品具有较宽的护城河,随着400G规模出货,高端800G光模块的不断放量及1.6T产品的送样量产,随着高速率光模块迭代周期缩短,具备优势地位的企业有望获得更高的利润率回报带来业绩的持续边际改善。
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