业锟斤拷锟斤拷锟斤拷双位锟斤拷锟斤拷锟斤拷锟斤拷锟矫伙拷锟斤拷锟斤拷锟斤拷锟斤拷6锟斤拷锟铰革拷_锟斤拷票频锟斤拷

锟斤拷锟斤拷锟斤拷锟斤拷锟捷达拷山锟斤拷证券锟斤拷业锟斤拷锟斤拷锟斤拷双位锟斤拷锟斤拷锟斤拷锟斤拷锟矫伙拷锟斤拷锟斤拷锟斤拷锟斤拷6锟斤拷锟铰高★拷锟叫憋拷锟斤拷锟斤拷原锟斤拷摘录锟斤拷
锟叫癸拷锟斤拷通(600050)
锟铰硷拷锟斤拷锟斤拷锟斤拷
锟叫癸拷锟斤拷通锟斤拷锟斤拷2024锟斤拷锟斤拷锟斤拷锟饺憋拷锟芥。2024Q1-Q3锟斤拷锟斤拷司实锟斤拷营业锟斤拷锟斤拷2,901.2锟斤拷元锟斤拷同锟斤拷+3.0%锟斤拷实锟斤拷锟斤拷锟斤拷锟杰讹拷234.2锟斤拷元锟斤拷同锟斤拷+10.0%锟斤拷锟斤拷母锟斤拷锟斤拷锟斤拷83.4锟斤拷元锟斤拷同锟斤拷+10.0%锟斤拷
锟铰硷拷锟斤拷锟斤拷锟斤拷
锟斤拷锟斤拷通锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟绞ｏ拷锟矫伙拷锟结构锟斤拷锟斤拷锟脚伙拷锟斤拷2024Q3锟斤拷锟斤拷司锟狡讹拷锟矫伙拷锟斤到3.45锟节伙拷锟斤拷全锟斤拷锟桔计撅拷锟斤拷1,123锟津户ｏ拷锟斤拷锟斤拷6锟斤拷同锟斤拷锟铰高ｏ拷锟斤拷锟叫ｏ拷5G锟阶诧拷锟矫伙拷锟斤拷2.86锟节伙拷锟斤拷5G锟阶诧拷锟斤拷透锟绞达拷83%锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤到5.94锟节革拷锟斤拷锟斤拷锟斤拷锟斤拷锟节革拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟矫伙拷锟斤到1.21锟节伙拷锟斤拷全锟斤拷锟桔计撅拷锟斤拷712锟津户ｏ拷锟斤拷模锟斤拷展锟斤拷锟斤拷锟斤拷锟斤拷态锟狡★拷未锟斤拷锟斤拷司锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷诤锟斤拷锟秸癸拷鲁锟斤拷锟斤拷锟斤拷录锟街碉拷锟斤拷锟斤拷业锟斤拷锟斤拷
锟较★拷锟斤拷品锟节合ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷十锟节硷拷锟斤拷品锟斤拷锟斤拷锟斤拷通锟斤拷锟教★拷锟斤拷频锟斤拷锟藉；锟斤拷庭锟酵伙拷全锟捷癸拷锟斤拷锟斤拷欤拷锟秸癸拷锟斤拷芗揖印锟斤拷腔郯锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷荩锟斤拷约锟斤拷斩锟斤拷诤稀锟�
锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷效锟斤拷锟斤拷要业锟斤拷锟斤拷锟皆憋拷锟街革拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵拷锟斤拷锟斤拷锟斤拷438.6锟斤拷元锟斤拷同锟斤拷+19.5%锟斤拷锟斤拷司通锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟角伙拷锟斤拷锟斤拷锟斤拷锟紸IDC锟斤拷锟街ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟�196.9锟斤拷元锟斤拷同锟斤拷+6.8%锟斤拷锟斤拷锟�5G+锟斤拷业锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷品锟斤拷影锟斤拷锟斤拷锟斤拷凸锟皆ｏ拷5G锟斤拷业锟斤拷锟斤拷专锟斤拷锟桔计凤拷锟斤拷突锟斤拷锟斤拷锏�14,013锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷态锟斤拷锟劫的★拷锟斤拷全锟斤拷锟斤拷系锟斤拷锟斤拷锟脚帮拷全锟斤拷锟斤拷维锟斤拷强锟斤拷锟斤拷锟狡★拷锟斤拷锟斤拷业锟斤拷锟斤拷锟角匡拷锟斤拷锟斤拷投锟绞ｏ拷2024锟斤拷AI锟斤拷锟斤拷锟斤拷锟斤拷锟缴癸拷模锟斤拷2503台锟斤拷锟斤拷陆锟斤拷锟斤拷锟斤拷20锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟皆帮拷锟斤拷锟皆拷锟�2.0平台锟斤拷锟接︼拷贸锟斤拷锟斤拷锟轿拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷谐锟斤拷诜锟秸癸拷露锟斤拷堋锟�
锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟劫ｏ拷锟狡讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷水平锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷司锟斤拷锟斤拷锟筋化锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷5G锟斤拷频锟斤拷站锟斤拷136锟斤拷站锟斤拷锟斤拷24H1锟斤拷锟斤拷5锟斤拷站锟斤拷锟斤拷4G锟斤拷频锟斤拷锟斤拷锟斤拷站锟斤拷200锟斤拷站锟斤拷未锟斤拷锟斤拷锟斤拷锟斤拷锟狡讹拷锟斤拷锟劫革拷锟斤拷锟斤拷实锟斤拷RedCap锟斤拷5G-A锟斤拷锟矫诧拷锟金；筹拷锟斤拷锟狡讹拷千锟斤拷锟斤拷锟斤拷锟秸硷拷锟斤拷锟绞ｏ拷10GPON锟剿匡拷占锟饺达拷80%锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷AINet锟斤拷锟斤拷
锟斤拷锟斤拷锟斤拷锟捷达拷锟斤拷锟斤拷锟襟，具憋拷锟斤拷通锟斤拷锟斤拷锟斤拷锟斤拷锟杰★拷锟斤拷锟斤拷锟斤拷锟截点。锟斤拷映锟节成憋拷锟杰匡拷锟较ｏ拷锟斤拷司锟斤拷锟斤拷锟斤拷营锟斤拷支锟脚成憋拷占锟秸比憋拷锟斤拷锟饺讹拷锟斤拷锟桔旧硷拷摊锟斤拷同锟斤拷锟皆斤拷锟斤拷展锟斤拷全锟疥，锟斤拷锟斤拷锟斤拷为锟斤拷司毛锟斤拷锟斤拷水平锟斤拷锟斤拷锟斤拷锟叫斤拷锟斤拷
未锟斤拷展锟斤拷锟斤拷锟斤拷锟斤拷实锟斤拷锟斤拷锟斤拷双位锟斤拷锟斤拷锟斤拷锟斤拷锟绞憋拷锟斤拷支锟杰讹拷锟铰斤拷锟斤拷锟斤拷锟斤拷2024锟疥经营业锟斤拷展锟斤拷锟斤拷锟斤拷司锟斤拷锟斤拷实锟斤拷锟斤拷锟斤拷锟饺斤拷锟斤拷锟斤拷锟斤拷税前锟斤拷锟斤拷双位锟斤拷锟斤拷锟斤拷锟斤拷全锟斤拷锟绞憋拷锟斤拷支锟斤拷锟斤拷锟斤拷锟斤拷约650锟斤拷元锟斤拷同锟斤拷-12%锟斤拷
盈锟斤拷预锟解、锟斤拷值锟斤拷锟斤拷锟斤拷投锟绞斤拷锟介：预锟狡癸拷司2024-2026锟斤拷锟侥革拷锟斤拷锟斤拷锟�91.31/100.99/111.16锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷11.7%/10.6%/10.1%锟斤拷锟斤拷应EPS为0.29/0.32/0.35元锟斤拷2024锟斤拷11锟斤拷4锟斤拷锟斤拷锟教价讹拷应PE锟街憋拷为17.6/15.9/14.4锟斤拷锟斤拷锟斤拷司业锟斤拷锟斤拷锟斤拷预锟斤拷维锟斤拷锟斤拷锟斤拷业锟叫革拷水平锟斤拷未锟斤拷ROE锟斤拷锟街猴拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿拷帧锟斤拷锟斤拷锟�-A锟斤拷锟斤拷锟斤拷锟斤拷
锟斤拷锟斤拷锟斤拷示锟斤拷
锟狡讹拷锟斤拷锟斤拷锟斤拷业锟斤拷ARPU值锟铰伙拷锟斤拷锟秸★拷锟斤拷司5G锟阶诧拷锟斤拷透锟斤拷锟窖筹拷78%锟斤拷锟斤拷锟脚高硷拷值5G锟矫伙拷锟斤拷锟斤拷锟酵革拷锟轿达拷锟斤拷贫锟紸RPU值锟斤拷锟劫斤拷锟斤拷锟斤拷锟斤拷锟斤拷5G锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷预锟节伙拷锟节猴拷锟斤拷息业锟斤拷展锟斤拷锟斤拷预锟节ｏ拷ARPU锟斤拷锟铰伙拷锟斤拷锟秸★拷