高盛:降中興(0763.HK)目標價至33.6港元 評級“買入”
高盛報告指出,中興(00763.HK)第三季核心盈利持續改善,營運現金流處於16億元人民幣維持穩健,令人失望的是期內收入較該行預期低22%,主因電訊網絡表現及海外企業收入疲弱。期內純利遜預期6%。全年純利指引介乎43億至53億元人民幣,意味第四季純利在1.72億至11.72億元人民幣之間,若以中位數6.72億元人民幣計算,即按年增143%,按季跌75%,符合該行預期的6.89億元人民幣。
該行維持中興2019-2021年中國5G基站淨增數目14萬、60萬及80萬個不變,集團於內地4G無線網絡市場市佔率達30%,該行預期,集團可在5G發展時期保持相同的市場份額。然而,5G發展初期將集中在內地主要一線城市,集團於該些地區市場份額低於30%,但相信2020年當5G擴展至低線城市時,中興整體市場份額將回升至30%。
該行下調集團2019/20/21年盈測2%、5%及5%,反映企業信息通信技術(ICT)及消費業務收入下降,4G收入因2020/21年資本開支轉移至發展5G而減少,目標價由35港元降至33.6港元,維持評級“買入”。

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