20230303_东方证券_通信行业证券研究报告：数字中国建设关键基础设施“算力网络”时代来临_23页.pdf

|-10%IDC 2 27 5G 2022 IDC 42.9 2.2 59.3 700 8.1 3.1EFLOPS 2022 3.8EFLOPS 80%IDC 1.9 32.9 2022 480 IDC 45 66 140 16 65 IDC 4.5 145 1(601728)(00728)(600941)(00941)(600050)(00762)2(000063)(301165)3(300308)(300502)(603083)4 IDC(000815)(300738)(300383)(600845)(GDS.O)-SW(09698)/2023 03 03 021-63325888*6085 S0860514090001 BRW773 2023-02-27 ChatGPT 2023-02-13 2022-12-13 2.5.7.8.9.10 3.1.10 3.2.11 3.3.12 3.4.13 3.5.14 3.6.14 3.7.15 3.8.16 3.9.16 3.10.17 3.11.18 3.12.19 3.13.19.20 ZXFUyRsPnOrQpRsRqNqPpO7N8Q6MmOpPsQtQiNnNmPjMmMtM6MmMuMuOqMoRuOpNsN 3 1“”.5 2.5 3-.6 4.6 5 SRV6.8 6.8 7.9 8.9 9.10 10.10 11.11 12.11 13.11 14.12 15.12 16.13 17 2017-2022H1.13 18 2017-2022H1.13 19.14 20.14 21 2017-2022H1.15 22 2017-2022H1.15 23 2017-2022H1.15 24 2017-2022H1.15 25 2017-2022H1.16 26 2017-2022H1.16 27 2017-2022.17 28 2017-2022.17 29 2017-2022H1.17 30 2017-2022H1.17 31 2017-2022H1.18 32 2017-2022H1.18 33.19 34.19 4 35 2017-2022H1.20 36 2017-2022H1.20 1.7 2.9 5 IT 60 60%-70%40%14-16 2022 2 8 10 2022 150EFlops,1 2-26%21%16%15%19%3%上海及周边 北京及周边 广深及周边中部地区 西部地区 东北地区 6 3-1/3 5ns/m 2030ms CNCC2022 4 1+1 2 7 2 27 5G IPv6 2025 2035 1-2 2 2 SLA 1 8 3 SLA SRv6 SRv6 MPLS SRv6 SLA 5 SRV6 6 CCSA TC3 ITU-T SG11 SG13 SG11 Q.CPN Q.BNG-INC SG13 Y.CPN-arch Y.CAN CCSA TC1 TC5 9 CCSA TC608 TC614 5.0 TC621 2 CCSA TC3 ITU-T SG11 SG13 CCSA TC1 CCSA 7 8 4+3+X 2022 IDC 42.9 2.2 2+4+31+X+O+10 2022 700 IDC 48.7 72%IDC 8.1 3.1EFLOPS 160 5+4+31+X 2022 IDC 1.9 32.9 2022 145 65%IDC 1 2 3 4 IDC 3.1 2022 2022 2402 10.4%2214 8.8%182.91 3.09%5G 2022 H1 3.84 1179 2022 1.75 573“”9 10 wind wind-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%0100020003000400050002018 2019 2020 2021 2022H1营业收入(亿元,左轴）同比增速(%,右轴)0.00%5.00%10.00%15.00%20.00%25.00%30.00%0501001502002503002018 2019 2020 2021 2022H1净利润(亿元,左轴）同比增速(%,右轴)11 3.0 2+4+31+X+0 4 50 11 3.2“2G 3G 4G 5G”200 2022 6 9.70 2.56 12 13 0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%02000400060008000100002018 2019 2020 2021 2022H1营业收入(亿元,左轴）同比增速(%,右轴)0%20%40%60%80%100%2018 2019 2020 2021 2022H1个人市场 家庭市场 政企市场 新兴市场 12 wind wind IDC DICT 4+3+X 2022 6 IDC 42.9 2.2 N+31+X-59.3 11.2 3.3+X 5G 4+3+X 2022 1610 8.3%48 18.7%2022 187 143.2%14 15 wind wind 5+4+31+X 14-2.00%0.00%2.00%4.00%6.00%8.00%10.00%05001000150020002500300035002018 2019 2020 2021 2022H1营业收入(亿元,左轴）同比增速(%,右轴)0.00%50.00%100.00%2018 2019 2020 2021 2022H1语音通话及月租费 增值服务宽带及移动数据服务 数据及其他互联网应用收入网间结算收入 电路及网元服务其他 销售通信产品 13 1+N+X 16 3.4 ICT 2022 H1 598.18 12.71%45.66 11.95%17 2017-2022H1 18 2017-2022H1 wind wind 1+9+9 PoC AI 2021 2022-30%-20%-10%0%10%20%0500100015002017 2018 2019 2020 2021 2022H1营业收入(亿元，左轴)同比增长(%,右轴)-300%-200%-100%0%100%200%300%-100-500501002017 2018 2019 2020 2021 2022H1净利润(亿元，左轴)同比增长(%,右轴)14 5G ATG 3.5 ICT 2003 ICT 2022 H1 45.22 34.19%2.61 17.06%2022 11 21 19 20 wind wind DDC 2023 2 17 2 32 100G 48 1G 2.3 3.6 5G 100-800G LightCounting 2021 0.00%10.00%20.00%30.00%40.00%0204060801002017 2018 2019 2020 2021 2022H1营业收入(亿元,左轴）同比增速(%,右轴)-20.00%0.00%20.00%40.00%60.00%0123452017 2018 2019 2020 2021 2022H1净利润(亿元,左轴）同比增速(%,右轴)15 2022 96.42 25.30%12.36 40.92%2017-2021 34.42%/52.54%21 2017-2022H1 22 2017-2022H1 wind wind 100G 200G 400G 800G 800G 3.7 5G OSA XPON 10G 25G 40G 50G 100G 200G 400G 800G 2022 2022 8.9-10.2 34.46%-54.1%2022H1 14.79 2.61%4.61 42.75%,2023 800G 23 2017-2022H1 24 2017-2022H1-20%0%20%40%60%80%100%120%140%0204060801002017 2018 2019 2020 2021 2022H1营业收入(亿元,左轴)同比增长(%,右轴）-50%0%50%100%150%200%250%300%350%02468102017 2018 2019 2020 2021 2022H1归母净利润(亿元,左轴)同比增长(%,右轴）16 wind wind 3.8 ICT 5G 2022 14.35 1.6%-0.87 38.15%9.57 39.5%2000 25 2017-2022H1 26 2017-2022H1 wind wind 2009 100G/200G/400G/800G PAM4 400G 800G 3.9 70%-80%15%2022-20%0%20%40%60%80%051015202530352017 2018 2019 2020 2021 2022H1(,)(%,-200%-100%0%100%200%300%400%500%600%700%012345672017 2018 2019 2020 2021 2022H1(,)(%,-20.00%-10.00%0.00%10.00%20.00%30.00%0102030402017 2018 2019 2020 2021 2022H1营业收入(亿元，左轴)同比增长(%,右轴)-1500.00%-1000.00%-500.00%0.00%500.00%-3-2-101归母净利润(亿元，左轴)同比增长(%,右轴)17 2022 11.00 10.69%-2.32-0.16 27 2017-2022 28 2017-2022 wind wnd 2022 E1 E3 B1 B3 C1 C3 C1 3.10 IDC IDC IDC IP IDC 30 10 12 22000 2017-2021 33.53%23.17%2021 12.05 43.35%1.45 7.67%29 2017-2022H1 30 2017-2022H1 wind wind-20%-10%0%10%20%30%40%50%0510152017 2018 2019 2020 2021 2022营业收入(亿元，左轴)同比增长(%,右轴)-1500%-1000%-500%0%500%-3-2-1012017 2018 2019 2020 2021 2022净利润(亿元，左轴)同比增长(%,右轴)-20.00%0.00%20.00%40.00%60.00%80.00%100.00%120.00%140.00%024681012142017 2018 2019 2020 2021 2022H1营业收入(亿元，左轴)同比增长(%,右轴)-20.00%0.00%20.00%40.00%60.00%80.00%100.00%00.511.52归母净利润(亿元，左轴)同比增长(%,右轴)18 IDC IDC 2022-2023 50000 12.57 9.4 B C A 3.11 IDC 20 IDC 4.7 6 2022 36.02 8.49%3.33 25.49%PUE 31 2017-2022H1 32 2017-2022H1 wind wind 11 2022 10.6 76.83%22 2022-20.00%0.00%20.00%40.00%60.00%80.00%100.00%020406080100营业收入(亿元，左轴)同比增长(%,右轴)-40.00%-20.00%0.00%20.00%40.00%60.00%02468102017 2018 2019 2020 2021 2022H1归母净利润(亿元，左轴)同比增长(%,右轴)19 3.12 40 IDC 2022 49.62 1.82%9.91 5.34%2017-2021 ICT 2017 47.76 2021 117.59 25.25%4.25 18.19 43.83%1.2.3.QHSEI CMMI 4.33 34 wind wind 3.13 IDC 2022 Q3 817 69.29 51.05 48.07 95.6%IDC 2022 Q3 23.68 14.9%-3.39 2022 Q3 18.23 15.98%4.03 178.62%0%10%20%30%40%50%60%0204060801001201402017 2018 2019 2020 2021 2022H1营业收入(亿元,左轴)同比增长(%,右轴）0%20%40%60%80%100%120%051015202017 2018 2019 2020 2021 2022H1归母净利润(亿元,左轴)同比增长(%,右轴）20 35 2017-2022H1 36 2017-2022H1 wind wind 0%20%40%60%80%0204060801002017 2018 2019 2020 2021 2022H1营业收入(亿元，左轴)同比增长(%,右轴)-80%-60%-40%-20%0%-14-12-10-8-6-4-202017 2018 2019 2020 2021 2022H1净利润(亿元，左轴)同比增长(%,右轴)21 Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告