紫光股份深度解析：ICT设备龙头，云网布局领先
（温馨提示：文末有下载方式）紫光股份作为国内网络设备TOP2、IT分销TOP5，具备核心竞争力。公司旗下新华三，系国内企业级交换机、路由器、服务器、WLAN产品龙头，2018年为公司贡献了超70%净利润。
新华三正面临新的发展机遇:
运营商市场:交换机、路由器在运营商市场的价值量是企业级市场的2倍以上，新华三有望打开该市场，收入贡献提升至20%左右; 海外市场:由于历史原因，公司此前几乎无法独立拓展海外市场，2019年开始公司可以发力海外，势头良好;企业级市场(含数据中心):公司的传统主战场，随着流量增长，发展趋势向好，叠加竞争伙伴更加聚焦原主业，带来新机遇;网络安全及私有云市场:公司积极布局云网络安全，国内私有云市场占有率领先，未来发展空间仍大。
预计公司2019-2021年归母净利润分别为20.36亿元、24.53亿元、32.61亿元，对应PE分别为33X/27X/20X。从中期来看，我们认为公司 具备核心技术壁垒，属“核心资产类公司”，发展潜力仍大，预计公司市值可以突破1000亿元。
报告内容：
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……
（报告来源：中信建设证券；分析师：阎贵成、武超则）
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