[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio1e1acdcd":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio1e1acdcd","大摩：思科(CSCO)正步入“更持久增加阶段”-硬件升级周期仍处“极早期”","\u002Fdoc\u002Fdcio1e1acdcd","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，在与思科(CSCO)管理层完成多轮沟通后，摩根士丹利判断，这家由查克·罗宾斯(Chuck Robbins)掌舵的科技巨头正迈入“更为持久的增长轨道”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>分析师梅塔·马歇尔(Meta Marshall)在给客户的报告中指出，目前Catalyst 4K和6K系列设备的存量更新比例仅约7%，“整个更新周期尚处于非常早期的阶段”。其中，Catalyst 4K将于今年年底停止服务，而Catalyst 6K则将在2027年底迎来生命周期终点。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>马歇尔补充道“无线接入点同样面临换代需求，而第一代Catalyst 9K的客户也可能逐步向更新平台迁移。”她还提到，“投资者关系团队还指出，已出货的Meraki硬件中，软件激活数据显示未激活率已降至五年最低，这表明客户正快速安装并启用设备，而非将其积压在渠道或自身库存中。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>马歇尔给予思科“增持”评级，目标股价为135美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>深入来看，马歇尔表示思科的供应链依然偏紧，但凭借其强劲的资产负债表、大规模采购承诺以及与台积电(TSMC)的直接合作关系，其在获取供应方面拥有“竞争优势”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>她补充道“预计在2027财年，思科在台积电的3nm、5nm和7nm制程晶圆量将增长约10倍，其中3nm仍是最紧缺的节点。”她进一步指出，“短期内3nm产能仅用于思科G300芯片，该芯片尚未量产，但管理层表示已有近期设计中标项目的明确预期。投资者关系团队也提到，思科为台积电提供了客户多元化的价值，这为双方深化合作创造了强劲动力。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>会议中其他值得关注的要点包括尽管当前毛利率承压，但随着2027财年的推进，有望迎来一些利好因素。马歇尔指出，约64%的毛利率水平被视为“合理基准”，但当前指引并未计入任何定价上行空间。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>马歇尔还提到“管理层强调，并不打算通过结构性低利润率的业务来追求增长。将Silicon One技术融入园区交换产品组合，即便硬件占比仍然较高，也应能在未来为毛利率带来正向推动。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最后，马歇尔表示，公司的安全业务是“被市场低估的潜在增长点，随着网络现代化进程的不断扩展，其上行空间将逐渐显现”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>她总结道“新一代防火墙和Hypershield产品需求稳健，同时思科正通过淘汰老旧产品、集中投资于新平台来简化产品组合，进一步提升运营效率。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]