《大行報告》大摩首予中興(00763.HK)「增持」評級目標價上望26元
摩根士丹利發表大中華科技硬件行業報告,料貿易戰會影響本土採購活動,該行首予中興通訊(00763.HK)「增持」投資評級及目標價26元,此相當於預測今明兩年市盈率各24倍及22倍。
該行指,華為及中興向內地三大電訊商提供網絡設備,具穩定市佔有率,領先其他供應商包括愛立信及諾基亞,雖然基站步伐仍未明朗,但該行估計中興可在推動5G初期享有較高的定價能力,可受惠於中國5G資本開支周期;該行估計內地5G基站在投資初期的價格,將會高於4G基站價格30至40%,可為中興帶來更高毛利。
大摩估計,中興於2019年至2021年每股盈利預測各為1.07、1.48及1.7元人民幣,料2019年至2021年經調整純利預測分別為36.02億、40.07億及50.87億人民幣,料2019年至2021年毛利率預測各為35.20%、36%及36.1%。
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