中國電信(0728.HK):三季度股東淨利基本符合我們預期,維持“收集”評級,目標價4港元
機構:國泰君安
評級:收集
目標價:4港元


中國電信2019財年首三季度股東淨利基本符合我們的預期。服務收入同比增長2.5%至人民幣2,714.84億元,好於市場平均。但由於出售商品收入同比大幅下降43.4%,公司的總經營收入同比下降0.8%至人民幣2,828.26億元。由於運營費用的有效控制,公司的營業利潤同比上升5.3%至人民幣266.97億元。由於2018年第三季度來自中國鐵塔的上市收益,股東淨利同比下降3.4%;如果該一次性收益被剔除,則股東淨利同比上升2.5%。此外,公司的用户淨增數也基本符合預期。
由於市場飽和和流量紅利的放緩,我們預計2019年第四季度的移動ARPU同比將繼續下滑,但下滑幅度較2019年上半年將有所收窄。我們預計公司的DICT收入在2019年第四季度仍會快速增長,同時“雲改”策略將為公司的DICT業務帶來發展動力。此外,我們認為與中國聯通(00762HK)的5G網絡共建共享將加快5G網絡的建設並降低建設和維護成本。
公司目前的投資評級為“收集”,目標價為4.00港元。我們預計2019年的收入將低於我們之前的預期,因此我們將在下一份公司報告中下調公司的目標價,但將維持“收集”的投資評級。
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