富瑞降中兴通讯(0763.HK)目标价至21.92港元评级降至“持有”
富瑞发表研究报告指,内地电信公司严格的价格紧缩及5家设备制造商之间的激烈竞争,将可能导致中兴通讯(0763.HK)今年及第二季的利润差过市场预期。该行将中兴目标价由原来的30.16港元,下调27.3%至21.92港元,评级亦由“买入”降至“持有”。
富瑞表示,在未来3年,由于中国电信公司讨价还价导致5G价格受压,加上5家公司竞争激烈以致市占率或有所下降,以及华为在中国保持较大的业务规模,以抵销海外业务增长放缓的影响,该行因而将中兴今年收入预测下调3.6%,而明年收入预测下调6.7%,2021年则下调3%。
该行指,公司在今年首季录得40%的毛利率创新高,主要由于一次性库存或应收帐款回拨,以及国家补贴增加,预料未来两年毛利率将会下降,因此将2019/2020的毛利率预测由39%降至37.5%。而2021年则由39%降至38%,2020年由39.5%下调至38.5%。该行预计,公司核心利润将会按季跌63%至10亿元人民币,但将会在下半年回升并创新高。
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