Nokia：谁在给我打电话？将其升级为买入评级。

Who’s calling my phone? Upgrade to Buy Rating Change: BUY | PO: 10.70 EUR | Price: 8.03 EUR Optical and hyperscaler growth drives Nokia’s third act 13 April 2026 Following its former mobile phone dominance and transition to telco equipment, Nokiais now transforming into an optical powerhouse with a European advantage. On the backof its Infinera acquisition and CEO change in 2025,we believe Nokia has multiple leversas it rides growing momentum in the optical industry, a key bottleneck in the global AIdata center buildout. MI is set to improve margins via cost efficiencies and softwarefocus with further upside potential from Huawei/ZTE replacement in Europe and AIRAN/Nvidia partnership. We are 13-15% above the Street on‘26-28E EPS. We upgrade Equity Optical Networks:Driving beat and raise on CAGR guide Our bottom-up analysis models growth and penetration opportunities in optical systems,pluggables and data center switches, which we expect to lead Nokia to beat and raise its10-12% Optical & IP Networks CAGR guide. We expect Optical systems to continue tobe dominant with organic growth CAGR of 12% through 2028E, given Nokia’s significantcloud customer exposure post-Infinera (~30% in 2025). Nokia is also positioned to take Oliver Wong>>Research AnalystMLI (UK)+44 20 7995 9014 IP Networks: €400mm+ data center switch rev opportunity Nokia’s IP Networks revenue is currently predominantly in the slow-growing routermarket, but we see significant opportunity in the data center switch market (SAMgrowing at 15% CAGR) especially for the sovereign data center buildout in Europe. Didier Scemama>>Research AnalystMLI (UK)didier.scemama@bofa.com Amelia Banks>>Research AnalystMLI (UK)amelia.banks@bofa.com Mobile Infra: Margin improvement, Huawei, AI-RAN, NVDA We expect portfolio pruning, cost initiatives, and a focus on software to help improveoperating margins in Nokia’s MI business from 13.4% in 2025 to 16.3%/17.7%/17.8% in2026/27/28E. Our Huawei/ZTE EU replacement model yields€1bn Nokia incrementalrevenue in MI (and€681mm in NI) in 2028E assuming 50% replacement. Finally, we view >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Refer to important disclosures on page 29 to 32. Analyst Certification on page 27. PriceObjective Basis/Risk on page 27. iQprofileSMNokia Company SectorTelecom Equipment-Wireless/Cellular Company Description Nokia has two main operating segments. NetworkInfrastructure: 1) Optical Networks: supplying fibertransport and optical connectivity. 2) IP Networks: routing,switching, network software andautomation. 3) FixedNetworks: broadband access and fixed connectivity. Mobile Investment Rationale We are positive on Nokia on (A) hyperscaler-driven growthin optical systems, (B) inflection in pluggable revenues onshift to 800G, (C) data center switch revenues associatedwith European sovereign data center buildout, (D) marginimprovement in Mobile Infrastructure on portfolio pruning Stock Data Shares / ADRPrice to Book Value Investment Thesis in 6 Charts Exhibit1: We project OpticalNetworks to grow at 17% CAGROptical Networks segment revenue mix from 2025-28E (€mn) Exhibit2: While IP Networks is projected to grow at 7.4%CAGRIP Networks segment revenue mix from 2025-28E (€mn) Source:BofA Global Research estimates, Nokia Exhibit4: …We expect Nokia to increase its Mobile Infrastructureoperating margins to 17.8% by 2028E Exhibit3: Although the global Mobile RAN market is expected toremain flat in the next few years… Global mobile RAN market revenue from 2018-30E ($mn) MobileInfrastructure EBIT from 2025-28E (€mn) Source:BofA Global Research estimates, Nokia PM Summary – Investment Thesis Nokia is shifting to a new growth profile, on the back of its Infinera acquisition, newCEO and strategy, and ongoing demand for optical and IP connectivity in data centers.We expect Nokia to significantly beat its 10-12% Optical+IP Networks organic growthrate guide for 2026E, with BofAe at 15% growth, driven by hyperscaler-led optical Project Optical Networks to grow above-guide driven by optical systems and We expect Optical Networks to grow above Street estimates, driven by continuedgrowth in optical systems and new incremental revenue in Coherent pluggables. Opticalsystems growth will continue as cloud customers (30% of mix in 2025) continue buildingout data center infrastructure, and we project ~13% organic growth in 2026E. Forpluggable