富瑞:降中兴(0763.HK)目标价至15.86港元 评级降至“逊于大市”
富瑞发表研究报告指,由于中电信(0728.HK)及中联通(0762.HK)共建共享5G网络,加上中联通减少电讯的总资本开支,该行把中兴通讯(0763.HK)的投资评级从“持有”下调至“逊于大市”,H股目标价由21.92港元,下调27.65%至15.86港元。
富瑞表示,中兴上半年在中国的市场份额增长胜于预期,但5G的供应商竞争更激烈,该行认为中兴的市场份额增长空间有限。另外,该行指虽然中兴上半年的利润率胜预期,但当中主要受惠于4G项目,而下半年中国电讯商将减少4G的支本开支,相信毛利率会受5G所拖累。
富瑞预期,中兴2019-2022年的收入及净利润的复合年增长将分别由11.5%及40%下跌至8.4%及24%。该行又预测,中兴2019及2020年的利润低于市场预期12%及13%。
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