思科:穿越周期的网络基建领军者 AI时代再出发

中金公司
Jul 13, 2025

投资亮点首次覆盖思科(CISCO)(CSCO)给予跑赢行业评级,目标价78.00 美元,基于P/E 估值法,对应FY2026E 19 倍P/E。公司是全球领先的网络解决方案供应商,未来有望受益于AI 基础设施建设及AI 赋能。理由如下:思科是全球通信设备龙头;交换机领域市占率有望保持领先,无线领域Wi-Fi 7 带动上行周期。思科是全球领先的网络解决方案供应商,以“连接”为主线拓展布局,目前业务...

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