Evercore看好思科双重机遇：八年网络升级周期与AI业务共振，上调评级至“跑赢大盘”

智通财经01-27

当地时间周一，Evercore 将思科评级从“与大盘持平”(In Line)上调至“跑赢大盘”(Outperform)，目标价亦从 80 美元上调至 100 美元。Evercore 此次上调评级的核心逻辑在于思科在人工智能(AI)领域的强劲增长势头以及企业网络设备更新换代带来的周期性机遇。该行由阿米特·达里亚纳尼(Amit Daryanani)领衔的分析师团队表示：“尽管市场仍在争论思科属于周期性...

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艾伦猴
01-28
艾伦猴
这不是废话吗

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倍，相较于其他大型科技同业，该股具备相当的吸引力。”该行分析师指出，此次上调评级的核心逻辑包括：首先，园区网络(Campus)更新周期。 据其渠道调研，客户正向下一代园区解决方案升级，预计该市场将持续增长至 2026 年(行业复合增速约 6%–8%)，距离上一轮更新已逾八年。增量催化在于，思科即将对旧版解决方案启动停产(End of Life, EOL)及终止服务(End of Services, EOS)。此外，Wi-Fi 7 需求强劲，正推动企业向更高带宽端口迁移，并催生更多以太网供电(PoE)需求。其次，AI 业务动能超预期。 该行分析师称，思科有望在 2026 财年实现约 30 亿美元的 AI 收入(约占销售额 5%)，订单额超 40 亿美元(去年同期为 20 亿美元)。达里亚纳尼团队指出，这一增长目前由四大超大规模云厂商(hyperscalers)驱动，而借助新品 P200 及企业/主权客户拓展，该业务仍有上行空间。该行分析师进一步解释：“在供应端风险犹存的背景下，客户正寻求 TH5/TH6 之外的多元化方案，Silicon One 因此加速渗透。P200 为思科打开了基于 Scale 与 Jericho 架构的市场，随着云厂商寻求全栈供应商多元化，这有望推动订单与收入再上新台阶。此外，受 800G 可插拔光模块部署驱动，思科的光学业务亦将迎来强劲顺风(增速 25% 以上)。”第三，电信与核心企业市场复苏。该行分析师认为，传统企业及电信市场的复苏当前被市场低估，未来将为思科提供更为多元的增长来源，尤其是在企业着手让网络架构适配 AI 工作负载之际。最后，息税前利润率(EBIT margin)扩张。 达里亚纳尼团队表示：“在中高个位数营收增长的带动下，思科每年有望实现约 50–100 个基点的 EBIT 利润率扩张。风险在于，安全与协作业务或相对中两位数(mid-teens)的增长目标表现不及预期;此外，存储器行业波动也可能带来 unforeseen 挑战。”截至周一收盘，该股涨超3%，报77.01美元。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":526378334774024,"gmtCreate":1769538045790,"gmtModify":1769538048286,"author":{"id":"3582170307283305","authorId":"3582170307283305","name":"艾伦猴","avatar":"https://static.tigerbbs.com/d957004dabb4188a8b141f5684b8afaf","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3582170307283305","authorIdStr":"3582170307283305"},"htmlText":"这不是废话吗","listText":"这不是废话吗","text":"这不是废话吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/526378334774024","repostId":1185361019,"repostType":4,"repost":{"id":"1185361019","kind":"news","pubTimestamp":1769497838,"share":"https://www.laohu8.com/m/news/1185361019?lang=zh_CN&edition=full","pubTime":"2026-01-27 15:10","market":"us","language":"zh","title":"Evercore看好思科双重机遇：八年网络升级周期与AI业务共振，上调评级至“跑赢大盘”","url":"https://stock-news.laohu8.com/highlight/detail?id=1185361019","media":"智通财经","summary":"当地时间周一，$Evercore$ 将$思科$评级从“与大盘持平”上调至“跑赢大盘”，目标价亦从 80 美元上调至 100 美元。$Evercore$ 此次上调评级的核心逻辑在于$思科$在人工智能领域的强劲增长势头以及企业网络设备更新换代带来的周期性机遇。其次，AI 业务动能超预期。该行分析师认为，传统企业及电信市场的复苏当前被市场低估，未来将为思科提供更为多元的增长来源，尤其是在企业着手让网络架构适配 AI 工作负载之际。","content":"<html><head></head><body><p>当地时间周一，<a href=\"https://laohu8.com/S/EVR\">Evercore</a> 将<a href=\"https://laohu8.com/S/CSCO\">思科</a>评级从“与大盘持平”(In Line)上调至“跑赢大盘”(Outperform)，目标价亦从 80 美元上调至 100 美元。<a href=\"https://laohu8.com/S/EVR\">Evercore</a> 此次上调评级的核心逻辑在于<a href=\"https://laohu8.com/S/CSCO\">思科</a>在人工智能(AI)领域的强劲增长势头以及企业网络设备更新换代带来的周期性机遇。</p><p style=\"text-align: justify;\">该行由阿米特·达里亚纳尼(Amit Daryanani)领衔的分析师团队表示：“尽管市场仍在争论思科属于周期性股票还是结构性成长标的，但我们认为，多重利好因素足以支撑该公司在未来数年维持高个位数的营收增长与低两位数的每股收益(EPS)增速;考虑到其市盈率尚不足 20 倍，相较于其他大型科技同业，该股具备相当的吸引力。”</p><p style=\"text-align: justify;\">该行分析师指出，此次上调评级的核心逻辑包括：</p><p style=\"text-align: justify;\">首先，园区网络(Campus)更新周期。 据其渠道调研，客户正向下一代园区解决方案升级，预计该市场将持续增长至 2026 年(行业复合增速约 6%–8%)，距离上一轮更新已逾八年。增量催化在于，思科即将对旧版解决方案启动停产(End of Life, EOL)及终止服务(End of Services, EOS)。此外，Wi-Fi 7 需求强劲，正推动企业向更高带宽端口迁移，并催生更多以太网供电(PoE)需求。</p><p style=\"text-align: justify;\">其次，AI 业务动能超预期。 该行分析师称，思科有望在 2026 财年实现约 30 亿美元的 AI 收入(约占销售额 5%)，订单额超 40 亿美元(去年同期为 20 亿美元)。达里亚纳尼团队指出，这一增长目前由四大超大规模云厂商(hyperscalers)驱动，而借助新品 P200 及企业/主权客户拓展，该业务仍有上行空间。</p><p style=\"text-align: justify;\">该行分析师进一步解释：“在供应端风险犹存的背景下，客户正寻求 TH5/TH6 之外的多元化方案，Silicon One 因此加速渗透。P200 为思科打开了基于 Scale 与 Jericho 架构的市场，随着云厂商寻求全栈供应商多元化，这有望推动订单与收入再上新台阶。此外，受 800G 可插拔光模块部署驱动，思科的光学业务亦将迎来强劲顺风(增速 25% 以上)。”</p><p style=\"text-align: justify;\">第三，电信与核心企业市场复苏。该行分析师认为，传统企业及电信市场的复苏当前被市场低估，未来将为思科提供更为多元的增长来源，尤其是在企业着手让网络架构适配 AI 工作负载之际。</p><p style=\"text-align: justify;\">最后，息税前利润率(EBIT margin)扩张。 达里亚纳尼团队表示：“在中高个位数营收增长的带动下，思科每年有望实现约 50–100 个基点的 EBIT 利润率扩张。风险在于，安全与协作业务或相对中两位数(mid-teens)的增长目标表现不及预期;此外，存储器行业波动也可能带来 unforeseen 挑战。”</p><p style=\"text-align: justify;\">截至周一收盘，该股涨超3%，报77.01美元。</p></body></html>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Evercore看好思科双重机遇：八年网络升级周期与AI业务共振，上调评级至“跑赢大盘”</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEvercore看好思科双重机遇：八年网络升级周期与AI业务共振，上调评级至“跑赢大盘”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-27 15:10 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.zhitongcaijing.com/content/detail/1397841.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当地时间周一，Evercore 将思科评级从“与大盘持平”(In Line)上调至“跑赢大盘”(Outperform)，目标价亦从 80 美元上调至 100 美元。Evercore 此次上调评级的核心逻辑在于思科在人工智能(AI)领域的强劲增长势头以及企业网络设备更新换代带来的周期性机遇。该行由阿米特·达里亚纳尼(Amit Daryanani)领衔的分析师团队表示：“尽管市场仍在争论思科属于周期性...</p>\n\n<a href=\"https://www.zhitongcaijing.com/content/detail/1397841.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9352eeb054da879ea3921619a5a8a9c","relate_stocks":{"LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE00BVYPNW00.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU0950375773.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4585":"ETF&股票定投概念","SG9999002232.USD":"Allianz Global High 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