三個皮匠報告
政策庫
new
付費
搜索

三大運營商云業務估值（截止2025年3月28日）-行業數據

三大運營商云業務估值（截止2025年3月28日）
三大運營商云業務估值（截止2025年3月28日）
云業務通過PS估值，運營商市值亟待重構。早在2022年7月三大運營商聯合舉辦電信行業投資者交流活動上，中國聯通董事長劉烈宏表示按當前云計算廠商4到8倍的市銷率估值。目前（2025年3月30日）可比公司金山云目前PS（TTM）為3.6。
行業數據 下載Excel 下載圖片 原圖定位
圖片屬性
圖片格式：PNG 圖片大?。?9KB 圖片尺寸：3856*640
同報告圖片
 / 48
三大運營商云業務估值（截止2025年3月28日）_第1頁
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
三大運營商云業務估值（截止2025年3月28日）_第2頁
三大運營商云業務估值（截止2025年3月28日）_第3頁
三大運營商云業務估值（截止2025年3月28日）_第4頁
三大運營商云業務估值（截止2025年3月28日）_第5頁
fCDlubTku70gfCDkuK3lm73np7vliqjvvIjkur/lhYPvvIkgfCDkuK3lm73nlLXkv6HvvIjkur/lhYPvvIkgfCDkuK3lm73ogZTpgJrvvIjkur/lhYPvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMTggfCAyMDAwICAgICAgICAgICAgIHwgMTAwMCAgICAgICAgICAgICB8IDEwMDAgICAgICAgICAgICAgfAp8IDIwMTkgfCAyNTAwICAgICAgICAgICAgIHwgMTIwMCAgICAgICAgICAgICB8IDExMDAgICAgICAgICAgICAgfAp8IDIwMjAgfCAzMDAwICAgICAgICAgICAgIHwgMTMwMCAgICAgICAgICAgICB8IDEyMDAgICAgICAgICAgICAgfAp8IDIwMjEgfCAzMjAwICAgICAgICAgICAgIHwgMTQwMCAgICAgICAgICAgICB8IDEyMDAgICAgICAgICAgICAgfAp8IDIwMjIgfCAyODAwICAgICAgICAgICAgIHwgMTQwMCAgICAgICAgICAgICB8IDExMDAgICAgICAgICAgICAgfAp8IDIwMjMgfCAzMDAwICAgICAgICAgICAgIHwgMTUwMCAgICAgICAgICAgICB8IDExMDAgICAgICAgICAgICAgfAp8IDIwMjQgfCAzMjAwICAgICAgICAgICAgIHwgMTYwMCAgICAgICAgICAgICB8IDEwMDAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaV2luZOOAgeWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOaVtOeQhu+8mw==
三大運營商云業務估值（截止2025年3月28日）_第6頁
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
三大運營商云業務估值（截止2025年3月28日）_第7頁
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
三大運營商云業務估值（截止2025年3月28日）_第8頁
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
三大運營商云業務估值（截止2025年3月28日）_第9頁
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
三大運營商云業務估值（截止2025年3月28日）_第10頁
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
三大運營商云業務估值（截止2025年3月28日）_第11頁
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
三大運營商云業務估值（截止2025年3月28日）_第12頁
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
三大運營商云業務估值（截止2025年3月28日）_第13頁
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
三大運營商云業務估值（截止2025年3月28日）_第14頁
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
三大運營商云業務估值（截止2025年3月28日）_第15頁
fCDlubTku70gfCDlpKnnv7zkupHmlLblhaXvvIjkur/lhYPvvIkgfCDnp7vliqjkupHmlLblhaXvvIjkur/lhYPvvIkgfCDogZTpgJrkupHmlLblhaXvvIjkur/lhYPvvIkgfCDnp7vliqjkupFZb1kgfCDlpKnnv7zkupFZb1kgfCDogZTpgJrkupFZb1kgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tLS0tLXwtLS0tLS0tLS0tfAp8IDIwMjAgfCAxMDAgICAgICAgICAgICAgIHwgMTUwICAgICAgICAgICAgICB8IDIwMCAgICAgICAgICAgICAgfCAyMDAlICAgICB8IDIwMCUgICAgIHwgMjAwJSAgICAgfAp8IDIwMjEgfCAzMDAgICAgICAgICAgICAgIHwgMjUwICAgICAgICAgICAgICB8IDE4MCAgICAgICAgICAgICAgfCAxNTAlICAgICB8IDE1MCUgICAgIHwgMTUwJSAgICAgfAp8IDIwMjIgfCA1MDAgICAgICAgICAgICAgIHwgNDAwICAgICAgICAgICAgICB8IDMwMCAgICAgICAgICAgICAgfCAxMDAlICAgICB8IDEwMCUgICAgIHwgMTAwJSAgICAgfAp8IDIwMjMgfCA4MDAgICAgICAgICAgICAgIHwgNjAwICAgICAgICAgICAgICB8IDQwMCAgICAgICAgICAgICAgfCA1MCUgICAgICB8IDUwJSAgICAgIHwgNTAlICAgICAgfAp8IDIwMjQgfCAxMTAwICAgICAgICAgICAgIHwgOTAwICAgICAgICAgICAgICB8IDUwMCAgICAgICAgICAgICAgfCAyNSUgICAgICB8IDI1JSAgICAgIHwgMjUlICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya6L+Q6JCl5ZWG5a6Y572R5o6o5LuL5p2Q5paZ44CB5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CG
三大運營商云業務估值（截止2025年3月28日）_第16頁
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
三大運營商云業務估值（截止2025年3月28日）_第17頁
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
三大運營商云業務估值（截止2025年3月28日）_第18頁
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
三大運營商云業務估值（截止2025年3月28日）_第19頁
5Lul5LiL5piv5o+Q5Y+W55qE5pWw5o2u5bm255Sf5oiQ55qE6KGo5qC877yM5Lul5Y+K6KGo5qC85LiL5pa555qE6LWE5paZ5p2l5rqQ77yaCgp8IOi/kOiQpeWVhiAgIHwg5pWw5o2u5Lit5b+D5py65p625pWw77yI5LiH5p6277yJIHwKfC0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCDkuK3lm73ogZTpgJogfCAzOCAgICAgICAgICAgICAgICAgICB8Cnwg5Lit5Zu956e75YqoIHwgNDcuOCAgICAgICAgICAgICAgICAgfAp8IOS4reWbveeUteS/oSB8IDUzLjQgICAgICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muS4ieWkp+i/kOiQpeWVhuW5tOaKpe+8jOWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOaVtOeQhg==
三大運營商云業務估值（截止2025年3月28日）_第20頁
三大運營商云業務估值（截止2025年3月28日）_第21頁
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
三大運營商云業務估值（截止2025年3月28日）_第22頁
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
三大運營商云業務估值（截止2025年3月28日）_第23頁
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
三大運營商云業務估值（截止2025年3月28日）_第24頁
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
三大運營商云業務估值（截止2025年3月28日）_第25頁
fCDkupHmnI3liqHmj5DkvpvllYYgfCDluILlnLrku73pop0gfAp8IC0tLSB8IC0tLSB8Cnwg6Zi/6YeM5LqRIHwgMTklIHwKfCDljY7kuLrkupEgfCA4JSB8Cnwg5aSp57+85LqRIHwgMTUlIHwKfCDohb7orq/kupEgfCA2JSB8Cnwg56e75Yqo5LqRIHwgMTIlIHwKfCDogZTpgJrkupEgfCAzJSB8Cnwg5YW25LuWIHwgMzclIHwKCui1hOaWmeadpea6kO+8mklEQ+S4reWbve+8jOWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOaVtOeQhg==
三大運營商云業務估值（截止2025年3月28日）_第26頁
fCDlubTku70gfCDkuK3lm73mmbrog73nrpflipvop4TmqKHvvIhFRkxPUFPvvIkgfCB5b3kgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLXwKfCAyMDIzIHwgNDE2LjcgICAgICAgICAgICAgICAgICAgICAgIHwgLSAgICB8CnwgMjAyNCB8IDcyNS4zICAgICAgICAgICAgICAgICAgICAgICB8IC0gICAgfAp8IDIwMjUgfCAxMDM3LjMgICAgICAgICAgICAgICAgICAgICAgfCAtICAgIHwKfCAyMDI2IHwgMTQ2MC4zICAgICAgICAgICAgICAgICAgICAgIHwgLSAgICB8CnwgMjAyNyB8IDIwMTkuOSAgICAgICAgICAgICAgICAgICAgICB8IC0gICAgfAp8IDIwMjggfCAyNzgxLjkgICAgICAgICAgICAgICAgICAgICAgfCAtICAgIHwKCui1hOaWmeadpea6kO+8mklEQywg5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CGIOazqO+8mkZQMTbnsr7luqblj6PlvoQ=
三大運營商云業務估值（截止2025年3月28日）_第27頁
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
三大運營商云業務估值（截止2025年3月28日）_第28頁
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
三大運營商云業務估值（截止2025年3月28日）_第29頁
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
三大運營商云業務估值（截止2025年3月28日）_第30頁
fCDnibnngrkgfCDmlbDmja4gIHwKfC0tLS0tLS18LS0tLS0tLXwKfCDigJw14oCdICB8IDUgICAgIHwKfCDigJw04oCdICB8IDQgICAgIHwKfCDigJwzMeKAnSB8IDMxICAgIHwKfCDigJxY4oCdICB8IFggICAgIHw=
三大運營商云業務估值（截止2025年3月28日）_第31頁
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
三大運營商云業務估值（截止2025年3月28日）_第32頁
fCDlubTku70gfCDkurrlt6Xmmbrog73mlbDmja7kuK3lv4PluILlnLrop4TmqKHvvIjkur/nvo7lhYPvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjMgfCAxMjkuNSAgICAgICAgICAgICAgICAgICAgICAgfAp8IDIwMjQgfCAxNTEuMyAgICAgICAgICAgICAgICAgICAgICAgfAp8IDIwMzIgfCA5NDAuMyAgICAgICAgICAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQOiBGb3J0dW5lIEJ1c2luZXNzIEluc2lnaHQsIOWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOaVtOeQhg==
三大運營商云業務估值（截止2025年3月28日）_第33頁
fCDlubTku70gIHwgQUkgKEdXKSB8IOmdnkFJIChHVykgfAp8LS0tLS0tLXwtLS0tLS0tLS18LS0tLS0tLS0tLS18CnwgMjAyMyAgfCA1ICAgICAgIHwgNSAgICAgICAgIHwKfCAyMDI0RSB8IDcgICAgICAgfCA2ICAgICAgICAgfAp8IDIwMjVFIHwgMTEgICAgICB8IDggICAgICAgICB8CnwgMjAyNkUgfCAxNiAgICAgIHwgMTAgICAgICAgIHwKfCAyMDI3RSB8IDIwICAgICAgfCAxMiAgICAgICAgfAp8IDIwMjhFIHwgMjIgICAgICB8IDE0ICAgICAgICB8CgrotYTmlpnmnaXmupDvvJpTZW1pYWFuYWx5c2lz77yM5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CG44CC5rOo77yaSVTotJ/ovb3mjIfmlbDmja7kuK3lv4PmnI3liqHlmajjgIHlrZjlgqjlkoznvZHnu5zorr7lpIfnmoToo4XmnLrlip/njofjgII=
三大運營商云業務估值（截止2025年3月28日）_第34頁
fCDlubTku70gfCDlhajnkIPmlbDmja7kuK3lv4PluILlnLrop4TmqKHvvIjkur/nvo7lhYPvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjMgfCAyMTkyLjMgICAgICAgICAgICAgICAgICAgICAgfAp8IDIwMjQgfCAyNDI3LjIgICAgICAgICAgICAgICAgICAgICAgfAp8IDIwMzIgfCA1ODQ4LjYgICAgICAgICAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaRm9ydHVuZSBCdXNpbmVzcyBJbnNpZ2h077yM5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CG
三大運營商云業務估值（截止2025年3月28日）_第35頁
fCDlubTku70gfCDlhajnkIPmmbrog73nrpflipvop4TmqKHvvIhFRkxPUFPvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDIzIHwgODc1ICAgICAgICAgICAgICAgICAgICAgICB8CnwgMjAzMCB8ID4xNDQwMCAgICAgICAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5Lit5Zu95L+h6YCa6Zmi77yM5Zu95L+h6K+B5Yi457uP5rWO56CU56m25omA5pW055CGIOazqO+8mkZQMzLnsr7luqblj6PlvoQ=
三大運營商云業務估值（截止2025年3月28日）_第36頁
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
三大運營商云業務估值（截止2025年3月28日）_第37頁
三大運營商云業務估值（截止2025年3月28日）_第38頁
三大運營商云業務估值（截止2025年3月28日）_第39頁
三大運營商云業務估值（截止2025年3月28日）_第40頁
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
三大運營商云業務估值（截止2025年3月28日）_第41頁
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
三大運營商云業務估值（截止2025年3月28日）_第42頁
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
三大運營商云業務估值（截止2025年3月28日）_第43頁
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
三大運營商云業務估值（截止2025年3月28日）_第44頁
fCAyMDIwIHwgMjAyMSB8IDIwMjIgfCAyMDIzIHwgMjAyNCB8CnwtLS0tLS18LS0tLS0tfC0tLS0tLXwtLS0tLS18LS0tLS0tfAp8IOS4reWbveenu+WKqCB8ICAgICAgfCAgICAgIHwgICAgICB8ICAgICAgfAp8IOaUv+S8geS4muWKoe+8iOS6v+WFg++8iSB8IDExMjkgfCAxMzcxIHwgMTY4MiB8IDE5MjEgfCAyMDkxIHwKfCBZb1koJSkgfCAyNiUgIHwgMjElICB8IDIzJSAgfCAxNCUgIHwgOSUgICB8Cnwg5Y2g5pyN5Yqh5pS25YWl5q+U6YeN77yIJe+8iSB8IDE2JSAgfCAxOCUgIHwgMjElICB8IDIyJSAgfCAyNCUgIHwKfCBESUNUIHwgNDM1ICB8IDYyMyAgfCA0ODIgIHwgMTA3MCB8IC0gICAgfAp8IOenu+WKqOS6kSB8IDkyICAgfCAyNDIgIHwgNTAzICB8IDgzMyAgfCAxMDA0IHwKfCDkuK3lm73nlLXkv6EgfCAgICAgIHwgICAgICB8ICAgICAgfCAgICAgIHwgICAgICB8Cnwg5Lqn5Lia5pWw5a2X5YyW77yI5Lq/5YWD77yJIHwgODQwICB8IDk4NCAgfCAxMTc4IHwgMTM4OSB8IDE0NjYgfAp8IFlvWSglKSB8IDEwJSAgfCAxNyUgIHwgMjAlICB8IDE4JSAgfCA2JSAgIHwKfCDljaDmnI3liqHmlLblhaXmr5Tph43vvIgl77yJIHwgMjIlICB8IDI0JSAgfCAyNyUgIHwgMzAlICB8IDMwJSAgfAp8IOWkqee/vOS6kSB8IDExMiAgfCAyNzkgIHwgNTc5ICB8IDk3MiAgfCAxMTM5IHwKfCDmlbDmja7kuK3lv4MvQUlEQyB8IDI4MCAgfCAzMTYgIHwgMzMzICB8IC0gICAgfCAzMzAgIHwKfCDkuK3lm73ogZTpgJogfCAgICAgIHwgICAgICB8ICAgICAgfCAgICAgIHwgICAgICB8Cnwg566X572R5pWw5pm6IHwgNDI3ICB8IDU0OCAgfCA3MDUgIHwgNzUyICB8IDgyNCAgfAp8IFlvWSglKSB8IDMwJSAgfCAyOCUgIHwgMjklICB8IC0gICAgfCAxMCUgIHwKfCDljaDmnI3liqHmlLblhaXmr5Tph43vvIgl77yJIHwgMTUlICB8IDE4JSAgfCAyMiUgIHwgMjIlICB8IDI0JSAgfAp8IOiBlOmAmuS6kSB8IDM4ICAgfCAxNjMgIHwgMzYxICB8IDUxMCAgfCA2ODYgIHwKfCDmlbDmja7kuK3lv4MvQUlEQyB8IC0gICAgfCAtICAgIHwgLSAgICB8IDI0MSAgfCAyNTkgIHwKCui1hOaWmeadpea6kO+8muS4ieWkp+i/kOiQpeWVhuW5tOaKpe+8jOWbveS/oeivgeWIuOe7j+a1jueglOeptuaJgOWIhuaekOW4iOaVtOeQhg==
三大運營商云業務估值（截止2025年3月28日）_第45頁
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
三大運營商云業務估值（截止2025年3月28日）_第46頁
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
三大運營商云業務估值（截止2025年3月28日）_第47頁
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
三大運營商云業務估值（截止2025年3月28日）_第48頁
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
三大運營商云業務估值（截止2025年3月28日）_第49頁
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
所屬報告： 通信行業運營商專題：2024年業績總結與云計算業務重估-250330（31頁）.pdf
打包全文圖表

相關數據

最新數據
聯系我們
  • 0731-84720580
  • sgpjbg002
  • 工作日 9:30 - 18:00
關于我們
侵權處理
關于我們

三個皮匠報告專業的行業報告下載站，每日更新，歡迎大家關注！

copyright@2008-2013 長沙景略智創信息技術有限公司版權所有
網站備案/許可證號：湘B2-20190120

客服
商務合作
小程序
服務號
折疊
午夜网日韩中文字幕,日韩Av中文字幕久久,亚洲中文字幕在线一区二区,最新中文字幕在线视频网站