20230913_银河证券_通信行业研究报告：通信中报营收质量边际改善AI和算力催生长期成长性显现_26页.pdf-资源下载-

报告吧 > 资源分类 > PDF文档下载

阅读全文

20230913_银河证券_通信行业研究报告：通信中报营收质量边际改善AI和算力催生长期成长性显现_26页.pdf

资源ID：174562 资源大小：1.93MB 全文页数：26页
资源格式： PDF 下载积分：9.9金币【人民币9.9元】

快捷下载

会员登录下载

三方登录下载：

下载资源需要9.9金币【人民币9.9元】

邮箱/手机：
温馨提示：	用户名和密码都是您填写的邮箱或者手机号，方便查询和重复下载（系统自动生成）
支付说明：	本站最低充值10金币，下载本资源后余额将会存入您的账户，您可在我的个人中心查看。
支付方式：
验证码：	换一换

加入VIP,下载共享资源

友情提示

1、下载资料失败解决办法

2、PDF文件下载后，可能会被浏览器默认打开，此种情况可以点击浏览器菜单，保存网页到桌面，既可以正常下载了。

3、本站不支持迅雷下载，请使用电脑自带的IE浏览器，或者360浏览器、谷歌浏览器下载即可。

4、本站资源下载后的文档和图纸-无水印,预览文档经过压缩，下载后原文更清晰。

5、试题试卷类文档，如果标题没有明确说明有答案则都视为没有答案，请知晓。

网站客服

侵权投诉

20230913_银河证券_通信行业研究报告：通信中报营收质量边际改善AI和算力催生长期成长性显现_26页.pdf

w w w.chi nast oc k.c o Table_IndustryName Table_ReportDate 2023 9 13 Table_Title 行业深度报告模板 AI Table_InvestRank():Table_Summary 1H23 1H23 ST*ST 6.48%8.72%1H23 yoy+0.22pct yoy+0.23pct ROE ROE 1H23 0.11pct PE TTM 2023 5%7.97%29.55%300 33.18%22.36%PE TTM 45.29%63.95%300 57.32%AI AI+2Q23 2Q23 1Q23 AI 2023 AI+ICT ICT 300394 300308 300502 000988+A+H A+H A+H 5G Table_Authors 010-80927619 zhaoliangbi_ S0130522030003 Table_Research Wind 5G 5G 5G-40%-20%0%20%40%60%/1.2 1H23.2 2Q23.4.6 1H23.6 1H23.7 2Q23.8.9+IDC.9.11.16 1H23 5G.18.20.20 1ZAZzQnQoNnMtNsRmRtMpO6M8Q6MoMmMmOoNjMpPuNfQqRyQaQrQsONZpPqPvPrMmQ/2 1H23 SW 2021 ST*ST 6.48%8.72%1H23 9.44%1.81pct 0.66pct 1H23 28.29%0.22pct 10.22%0.23pct 1 1H23 2 Wind Wind 1H23 15.74%0.11pct 1H23 0.35pct 3.46%2023 1Q22 22.87%1H23-3.84%1Q23 1H23 12.8%1.37pct 1Q23 3.71%0.35%8.67%7.89%7.72%8.78%8.45%7.76%7.62%9.44%0.00%2.00%4.00%6.00%8.00%10.00%0.00%5.00%10.00%15.00%20.00%25.00%3Q21 2021 1Q22 1H22 3Q22 2022 1Q23 1H23归母净利润率营收增速归母净利润增速0.00%5.00%10.00%15.00%20.00%25.00%30.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%1Q171H173Q1720171Q181H183Q1820181Q191H193Q1920191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H23毛利率-净利率剪刀差毛利率净利率/3 3 4 Wind Wind 1H22 71 62 58 52 2022 5 1H23()6 1H23 62()Wind Wind 7 1H23()8 1H23 1H22()Wind Wind ROE ROE 1H23 5.28%1H21 0.19pct 3.26pct 0.30 0.15 ROE 0.00%5.00%10.00%15.00%20.00%25.00%-5.00%0.00%5.00%10.00%15.00%3Q1820181Q191H193Q1920191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H23四费占营收比（右）研发费用率财务费用率管理费用率销售费用率0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%-10.00%-5.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%3Q21 2021 1Q22 1H22 3Q22 2022 1Q23 1H23存货占资产比存货YoY 营收YoY0.0010.0020.0030.0040.001H21 1H22 1H230.005.0010.0015.0020.0025.0030.0035.001H21 1H22 1H230204060801H22 1H2354.0056.0058.0060.0062.0064.0066.00利润-营收增速差值为正利润-营收差值为负1H22 1H23/4 9 1H23 ROE%10 1H23 Wind Wind 2Q23 2 Q 2 3 4.37%8.10%1Q23 2.86pct 2Q23 2Q23 11.05%3.42pct 1.22pct 1H23 30.22%0.54pct 12.12%0.44pct 11 2Q23 12 2Q23 Wind Wind 2Q23 15.60%0.29pct 2Q23 2Q23 0.38pct 3.83%-6-4-202468-4-20246810同比增长（右）通信(申万)-0.06-0.05-0.04-0.03-0.02-0.0100.010.020.030.040.050.000.100.200.300.400.500.600.701Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q23通信(申万)同比增长（右）8.19%6.15%7.72%9.83%7.81%5.71%7.62%11.05%0.00%2.00%4.00%6.00%8.00%10.00%12.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%3Q21 2021 1Q22 1H22 3Q22 2022 1Q23 1H23归母净利润率营收增速归母净利润增速0.00%5.00%10.00%15.00%20.00%25.00%30.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%1Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q23毛利率-净利率剪刀差毛利率净利率/5 13 2Q23 Wind 71 62 58 52 2022 14 2Q23 15 2Q23 Wind Wind 16 1H23 17 1H23 1H22 Wind Wind 0.00%5.00%10.00%15.00%20.00%25.00%-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%3Q1820181Q191H193Q1920191Q201H203Q2020201Q211H213Q2120211Q221H223Q2220221Q231H23四费占营收比（右）研发费用率财务费用率管理费用率销售费用率0.005.0010.0015.0020.0025.0030.002Q21 2Q22 2Q230.005.0010.0015.0020.0025.0030.002Q21 2Q22 2Q230.0010.0020.0030.0040.0050.0060.001H22 1H230.0020.0040.0060.0080.00利润-营收增速差值为正利润-营收差值为负1H22 1H23/6 2021/9/8-2023/9/8 300 2023 AI 18 19 Wind Wind SW 2021 PE TTM 2023 5%7.97%29.55%300 33.18%22.36%PE TTM 45.29%63.95%300 57.32%20 PE TTM 21 PE TTM Wind Wind 1H23 4 17-60.00%-40.00%-20.00%0.00%20.00%40.00%60.00%通信(申万)创业板指深证成指沪深300-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%通信(申万)创业板指深证成指沪深300020406080100120140160通信(申万)上证指数沪深300创业板指深证成指0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%通信(申万)上证指数沪深300创业板指深证成指/7 1-U/IDC 5G W i n d 1H23 1H23 1H22 1H23 6.70%4.42%3.95%5.94%2.28pct 26.77%0.25pct 0.22pct 0.18pct 28.04%35.60%28.48%22 1H23 23 1H23 Wind Wind-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%3Q21 2021A 1Q22 1H22 3Q22 2022A 1Q23 1H23运营商物联网通信应用板块算力20.00%25.00%30.00%35.00%40.00%45.00%运营商物联网通信应用板块算力/8 1H22 2.46pct 18.63%1.70pct 3.28pct 13.48%1H22 1H23 1H23 24 1H23 25 1H23 Wind Wind 2Q23 2Q23 2Q23 1Q23 pct 16.42%28.57%0.25pct 0.22pct 0.18pct 28.04%35.60%28.48%26 2Q23 27 2Q23 Wind Wind 10.00%15.00%20.00%25.00%30.00%35.00%运营商物联网通信应用板块算力0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%运营商物联网通信应用板块算力-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23运营商物联网通信应用板块算力20.00%22.00%24.00%26.00%28.00%30.00%32.00%34.00%36.00%38.00%4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23运营商物联网通信应用板块算力/9 1H22 28 2Q23 2.24pct 16.86%0.3pct 15.62%0.24pct 2Q23+2023 28 2Q23 29 2Q23 Wind Wind+IDC IDC AI 1H23 IDC 30 1H23 31 1H23 Wind Wind IDC 1H23 0.66pct 14.49%IDC 0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23运营商物联网通信应用板块算力-5.00%0.00%5.00%10.00%15.00%20.00%4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23运营商物联网通信应用板块算力-20.00%0.00%20.00%40.00%60.00%1H21 3Q21 2021A 1Q22 1H22 3Q22 2022A 1Q23 1H23IDC及温控光模块光器件10.00%15.00%20.00%25.00%30.00%35.00%40.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23IDC 及温控光模块光器件/10 IDC 1H23 1.82pct 14.81%800G 1.6T 32 1H23 33 1H23 Wind Wind 2Q23 2Q23 1H23 IDC IDC 2Q23 1H23 1Q23 2Q23 34 2Q23 35 2Q23 Wind Wind 36 2Q23 37 2Q23 Wind Wind 10.00%12.00%14.00%16.00%18.00%20.00%22.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23IDC 及温控光模块光器件0.00%5.00%10.00%15.00%20.00%2018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23IDC及温控光模块光器件-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%1H21 3Q21 2021A 1Q22 1H22 3Q22 4Q22 1Q23 2Q23IDC及温控光模块光器件20.00%25.00%30.00%35.00%40.00%45.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23IDC 及温控光模块光器件8.00%10.00%12.00%14.00%16.00%18.00%20.00%22.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23IDC 及温控光模块光器件-20.00%-10.00%0.00%10.00%20.00%30.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23IDC及温控光模块光器件/11 PE 2023 2023 6 PE IDC PE 38 PE 39 PE Wind Wind 1H23 40 1H23 41 1H23 Wind Wind 1H23 1.81pct 25.79%020406080100120140光器件 IDC及温控光模块-100%-50%0%50%100%150%200%光器件 IDC及温控光模块0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%3Q21 2021A 1Q22 1H22 3Q22 2022A 1Q23 1H23主设备商光纤光缆运营商通信设备及服务商10.00%15.00%20.00%25.00%30.00%35.00%40.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23主设备商光纤光缆运营商通信设备及服务商/12 42 1H23 43 1H23 Wind Wind 2Q23 1Q23 2Q23 1Q23 1H23 2Q23 1H23 44 2Q23 45 2Q23 Wind Wind 46 2Q23 47 2Q23 Wind Wind 2023 2023 4 2023 2023 4 2023 7 5.00%10.00%15.00%20.00%25.00%30.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23主设备商光纤光缆运营商通信设备及服务商-6.00%-4.00%-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23主设备商光纤光缆运营商通信设备及服务商-10.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%3Q21 2021A 1Q22 1H22 3Q22 4Q22 1Q23 2Q23主设备商光纤光缆运营商通信设备及服务商10.00%15.00%20.00%25.00%30.00%35.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23主设备商光纤光缆运营商通信设备及服务商0.00%5.00%10.00%15.00%20.00%25.00%30.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23主设备商光纤光缆运营商通信设备及服务商-15.00%-10.00%-5.00%0.00%5.00%10.00%15.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23主设备商光纤光缆运营商通信设备及服务商/13 PE 48 PE 49 PE Wind Wind 1H23 5307.19 6.80%2586.79 7.68%1918.33 8.83%2023 761.73 8.39%201.53 10.18%54.44 13.74%50 1H23%51%Wind Wind 50%1H23 814 1832 44.43%1H23 416 990 42.02%1H23 276 769 35.89%2022 49.68%45.08%38.27%020406080100主设备商运营商通信设备及服务商光纤光缆-40%-20%0%20%40%60%80%主设备商运营商通信设备及服务商光纤光缆02468101214中国移动中国联通中国电信1H20 1H21 1H22 1H2314.36526.49347.798705101520中国移动中国联通中国电信1H20 1H21 1H22 1H23/14 52 53 2022 2023%Wind Wind 118 28.4%4.1pct 33%23%1H23 301 IDC 47.8 1.1 80.4 9.1 9.4EFLOPS 1.4EFLOPS 4.7EFLOPS 62.1%3.7EFLOPS 19.4%53.4 70%32 202 IDC 1.7 38 54%55%IPTV 1,880 19.2%CHBN 1H23 1043.86 235.08 14.6%18.4%DICT 601.77 24.9%101.47 25.9%130.37 12.5%2593.98 649.46 1.3%9.3%172.86 21.4%1H23 81427641618327699900200400600800100012001400160018002000中国移动中国联通中国电信1H23 2023E00.10.20.30.40.50.6中国移动中国联通中国电信1H22 1H23移动网运营系统和基础设施宽带网产业数字化政企及创新业务家庭互联网及固话移动网络承载网、基础设施及其它/15 688.02 16.75%1016.07 620.24 2.68%3.60%430 56 1H23 422 80.5%459 63.4%255 36%500 IaaS top3 IaaS+PaaS 100%IaaS IaaS+PaaS 5G ARPU ARPU ARPU 52.4 1H23 976 5G 1.01 924 XR 5G 5G 73.4%ARPU 46.2 0.4%8,700 90%ARPU 57 58 ARPU/0.00%20.00%40.00%60.00%80.00%100.00%0100200300400500中国电信中国联通中国移动1H23 YoY政企及创新业务家庭互联网及固话移动网络承载网、基础设施及其它/16 1H23 17.47%/10.96%1.79pct 41.14%59 1H23 60 1H23 Wind Wind 1H23 1H23/3.42pct 1.08pct 4.72%1H22 1Q23 61 1H23 62 1H23 Wind Wind 2Q23-50.00%0.00%50.00%100.00%3Q21 2021A 1Q22 1H22 3Q22 2022A 1Q23 1H23北斗上游及导航应用车/物联网智能控制器连接器工业物联网载波通信及电网0.00%20.00%40.00%60.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23北斗上游及导航应用车/物联网智能控制器连接器工业物联网载波通信及电网0.00%10.00%20.00%30.00%40.00%50.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23北斗上游及导航应用车/物联网智能控制器连接器工业物联网载波通信及电网-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%1Q21 1H21 3Q21 2021A 1Q22 1H22 3Q22 2022A 1Q23 1H23北斗上游及导航应用车/物联网智能控制器连接器工业物联网载波通信及电网/17 2Q23 1H23 2Q23 IDC 2Q23 1H23 1Q23 2Q23 63 2Q23 64 2Q23 Wind Wind 65 2Q23 66 2Q23 Wind Wind/PE 3.71%PE 4.09%/PE 16.87%PE 5.60%/ToB/C PE 67 PE 68 PE-20.00%0.00%20.00%40.00%60.00%80.00%100.00%3Q21 2021A 1Q22 1H22 3Q22 4Q22 1Q23 2Q23北斗上游及导航应用车载模组智能控制器连接器工业物联网载波通信及电网0.00%10.00%20.00%30.00%40.00%50.00%60.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23北斗上游及导航应用车载模组智能控制器连接器工业物联网载波通信及电网0.00%10.00%20.00%30.00%40.00%50.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23北斗上游及导航应用车载模组智能控制器连接器工业物联网载波通信及电网-5.00%0.00%5.00%10.00%15.00%20.00%1Q21 1H21 3Q21 2021A 1Q22 1H22 3Q22 4Q22 1Q23 2Q23北斗上游及导航应用车载模组智能控制器连接器工业物联网载波通信及电网/18 Wind PE 150 Wind PE 100%-100%1H23 5G 1Q23 1H23 5G 1H22 1H22 1H22 5G 1H23 1H22 5G 27.84%42.27%5G 1H23 5G 5G 69 1H23 70 1H23 Wind Wind 050100150北斗上游及导航应用车/物联网智能控制器连接器载波通信及电网工业物联网-100.00%-50.00%0.00%50.00%100.00%北斗上游及导航应用车/物联网智能控制器连接器载波通信及电网工业物联网-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%3Q21 2021A 1Q22 1H22 3Q22 2022A 1Q23 1H23智能卡视频会议 5G应用专网通信0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23智能卡视频会议 5G应用专网通信/19 1H23 1H23 0.15pct 24.57%3.54pct 1.64pct 35.38%1.47pct 34.35%71 1H23 72 1H23 Wind Wind 2Q23 2Q23 1H23 73 2Q23 74 2Q23 Wind Wind 75 2Q23 76 2Q23 0.00%10.00%20.00%30.00%40.00%50.00%60.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23智能卡视频会议 5G应用专网通信-15.00%-10.00%-5.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q222022A1Q231H23智能卡视频会议 5G应用专网通信-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%3Q21 2021A 1Q22 1H22 3Q22 4Q22 1Q23 2Q23智能卡视频会议 5G应用专网通信0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23智能卡视频会议 5G应用专网通信/20 Wind Wind 7.87%6.01%5G PE 34.01%76.86%67.30%73.21%5G 77 PE 78 PE Wind Wind AI+ICT 5G ICT 300394 300308 300502 000988+A+H A+H A+H 0.00%10.00%20.00%30.00%40.00%50.00%60.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23智能卡视频会议 5G应用专网通信-40.00%-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%3Q182018A1Q191H183Q192019A1Q201H203Q202020A1Q211H213Q212021A1Q221H223Q224Q221Q232Q23智能卡视频会议 5G应用专网通信0%5000%10000%15000%20000%25000%30000%35000%专网通信智能卡 5G应用视频会议-150%-100%-50%0%50%100%150%200%250%300%专网通信智能卡5G 应用视频会议/21 5G /22 1 1H23.2 2.2 3.3 4.3 5 1H23().3 6 1H23 62().3 7 1H23().3 8 1H23 1H22().3 9 1H23 ROE%.4 10 1H23.4 11 2Q23.4 12 2Q23.4 13 2Q23.5 14 2Q23.5 15 2Q23.5 16 1H23.5 17 1H23 1H22.5 18.6 19.6 20 PE TTM.6 21 PE TTM.6 22 1H23.7 23 1H23.7 24 1H23.8 25 1H23.8 26 2Q23.8 27 2Q23.8 28 2Q23.9 29 2Q23.9 30 1H23.9 31 1H23.9 32 1H23.10 33 1H23.10 34 2Q23.10 35 2Q23.10 36 2Q23.10 37 2Q23.10 38 PE.11 39 PE.11 /23 40 1H23.11 41 1H23.11 42 1H23.12 43 1H23.12 44 2Q23.12 45 2Q23.12 46 2Q23.12 47 2Q23.12 48 PE.13 49 PE.13 50 1H23%.13 51%.13 52.14 53 2022 2023%.14 54%.14 55%.14 56.15 57.15 58 ARPU/.15 59 1H23.16 60 1H23.16 61 1H23.16 62 1H23.16 63 2Q23.17 64 2Q23.17 65 2Q23.17 66 2Q23.17 67 PE.17 68 PE.17 69 1H23.18 70 1H23.18 71 1H23.19 72 1H23.19 73 2Q23.19 74 2Q23.19 75 2Q23.19 76 2Q23.19 77 PE.20 78 PE.20 /24 1.7 /25 Table_Resume&2022 8 6 2018/2019 II-2020 Wind 2022 Choice 6-12 300 20%6-12 300 20%Table_Avow table_contact 3088 20 0755-83479312 suyiyun_ 0755-83471683 chengxi_ 99 31 021-20252671 liyangyang_ 021-60387901 luyunru_ 8 1 010-80927721 嫚 010-80927722 tangmanling_

注意事项

本文（20230913_银河证券_通信行业研究报告：通信中报营收质量边际改善AI和算力催生长期成长性显现_26页.pdf）为本站会员（13940259562）主动上传，报告吧仅提供信息存储空间，仅对用户上传内容的表现方式做保护处理，对上载内容本身不做任何修改或编辑。若此文所含内容侵犯了您的版权或隐私，请立即通知报告吧（点击联系客服），我们立即给予删除！

温馨提示：如果因为网速或其他原因下载失败请重新下载，重复下载不扣分。

账号：
密码：
验证码：	换一换
当日自动登录忘记密码？