通信行業(yè)年報(bào)一季報(bào)綜述

1、請(qǐng)閱讀最后評(píng)級(jí)說(shuō)明和重要聲明230目錄行業(yè)概覽：向上拐點(diǎn)已至，高景氣序幕拉開(kāi).................................................................................55G：行業(yè)新一輪爆發(fā)機(jī)遇已來(lái)......................................................................................

2、...............9無(wú)線：4G意外爆發(fā)，5G增量助力.........................................................................................................................9無(wú)線系統(tǒng)設(shè)備商：核心利潤(rùn)創(chuàng)新高，成為行業(yè)結(jié)構(gòu)性受益環(huán)節(jié).......................................

3、................................................9基站配套廠商：受通信周期沖擊明顯，業(yè)績(jī)上升拐點(diǎn)初現(xiàn)............................................................................................11網(wǎng)絡(luò)優(yōu)化設(shè)備廠商：同質(zhì)化競(jìng)爭(zhēng)拉低毛利率.................................

4、.................................................................................13光通信：行業(yè)需求有望逐漸改善，靜待5G助力..................................................................................................14光設(shè)備：后4G時(shí)代業(yè)績(jī)穩(wěn)中有升，

5、5G助力烽火再啟程..............................................................................................14光模塊：“過(guò)渡之年，否極泰來(lái)”....................................................................................................

6、.................................16光纖光纜：價(jià)格承壓，靜待5G催化.............................................................................................................................20北斗：業(yè)績(jī)延續(xù)高增長(zhǎng)，軍民市場(chǎng)齊發(fā)力驅(qū)動(dòng)未來(lái)成長(zhǎng)..................

7、...........................................21拐點(diǎn)之年，2018年北斗行業(yè)拐點(diǎn)確立..................................................................................................................21民用市場(chǎng)占比提升，北斗行業(yè)毛利率下滑.......................

8、......................................................................................22IDC：第三方IDC服務(wù)業(yè)景氣持續(xù).............................................................................................25營(yíng)收與業(yè)績(jī)持續(xù)高增長(zhǎng)..........

9、................................................................................................................................25毛利率走高，負(fù)債率仍處相對(duì)低位...........................................................................

10、.............................................26物聯(lián)網(wǎng)：萬(wàn)物互聯(lián)時(shí)代已至，高增長(zhǎng)態(tài)勢(shì)不減...........................................................................28圖表目錄圖1：通信行業(yè)上市公司年度營(yíng)業(yè)收入（未統(tǒng)計(jì)中國(guó)聯(lián)通）..............................................

11、..........................................5圖2：通信行業(yè)上市公司年度營(yíng)業(yè)收入（剔除中興通訊）...........................................................................................5圖3：通信行業(yè)上市公司年度歸母凈利潤(rùn)（未統(tǒng)計(jì)中國(guó)聯(lián)通）.................................

12、...................................................5圖4：通信行業(yè)上市公司年度歸母凈利潤(rùn)（剔除中興通訊）........................................................................................5圖5：通信行業(yè)上市公司季度營(yíng)業(yè)收入（未統(tǒng)計(jì)中國(guó)聯(lián)通）...........................

13、.............................................................6圖6：通信行業(yè)上市公司季度營(yíng)業(yè)收入（剔除中興通訊）...........................................................................................6圖7：通信行業(yè)上市公司季度歸母凈利潤(rùn)（未統(tǒng)計(jì)中國(guó)聯(lián)通）..............

14、......................................................................6圖8：通信行業(yè)上市公司季度歸母凈利潤(rùn)（剔除中興通訊）........................................................................................6圖9：通信板塊基金重倉(cāng)比例仍處于歷史較低水平............

15、..........................................................................................6圖10：申萬(wàn)通信板塊估值.....................................................................................................................

16、.......................6圖11：中興通訊營(yíng)收（億元，%）..............................................................................................................................9圖12：中興通訊歸母凈利潤(rùn)（億元）....................................

17、......................................................................................9圖13：中興通訊三大業(yè)務(wù)營(yíng)收變化情況（億元）......................................................................................................10圖14：中興通

18、訊海外市場(chǎng)營(yíng)收變化情況(億元，%)....................................................................................................10圖15：中興通訊季度累計(jì)銷售毛利率（%）.................................................................................

19、............................10本報(bào)告僅供巨杉（上海）資產(chǎn)管理有限公司巨杉公共郵箱使用p2請(qǐng)閱讀最后評(píng)級(jí)說(shuō)明和重要聲明430行業(yè)研究┃深度報(bào)告圖59：2018年，北斗行業(yè)研發(fā)投入占總營(yíng)收的13.17%...........................................................................................24圖60：北斗行業(yè)主要上市公

20、司近年來(lái)研發(fā)投入占比（%）......................................................................................24圖61：2018年第三方IDC服務(wù)業(yè)營(yíng)收繼續(xù)高增長(zhǎng)..............................................................................................

21、.....25圖62：2019年一季度第三方IDC服務(wù)業(yè)營(yíng)收繼續(xù)高增長(zhǎng)........................................................................................25圖63：2018年第三方IDC服務(wù)業(yè)業(yè)績(jī)?cè)鏊賱?chuàng)新高......................................................................

22、.............................26圖64：2019年一季度第三方IDC服務(wù)業(yè)業(yè)績(jī)繼續(xù)高增長(zhǎng)........................................................................................26圖65：第三方IDC服務(wù)業(yè)毛利率環(huán)比提升...................................................

23、.............................................................26圖66：第三方IDC服務(wù)業(yè)財(cái)務(wù)費(fèi)用率環(huán)比提升.........................................................................................................26圖67：第三方IDC服務(wù)業(yè)資產(chǎn)負(fù)債率（%）.......

24、......................................................................................................27圖68：中國(guó)移動(dòng)物聯(lián)網(wǎng)連接數(shù)（個(gè)）...................................................................................................

25、.....................28圖69：中國(guó)電信物聯(lián)網(wǎng)連接數(shù)（個(gè)）........................................................................................................................28圖70：物聯(lián)網(wǎng)行業(yè)營(yíng)收情況（億元，%）.......................................

26、..........................................................................28圖71：物聯(lián)網(wǎng)行業(yè)歸母凈利潤(rùn)情況（億元，剔除宜通世紀(jì)業(yè)績(jī)影響）.....................................................................28圖72：物聯(lián)網(wǎng)行業(yè)季度累計(jì)毛利率情況（%）.....................

27、.....................................................................................29表1：通信行業(yè)重點(diǎn)監(jiān)測(cè)公司列表（采用2019年4月30日數(shù)據(jù)）..........................................................................7本報(bào)告僅供巨杉（上海）資產(chǎn)管理有限公司巨杉公共郵箱使用