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瑞信:下调中兴(0763.HK)目标价至26.1港元 评级跑赢大市
格隆汇 04-27 12:26

瑞信发表的研究报告指,中兴通讯(0763.HK)首季收入按年跌3%至210亿元人民币(下同),符预期,净利则按年跌10%至7.8亿元,好过预期,主要因为期内毛利率胜预期,当中海外市场毛利率有改善,而中国市场则维持稳定,而在疫情期间公司经营开支收紧,但相关影响部分被汇率亏损所抵销。

管理层在之前的业绩会议上指,公司正有效应对疫情影响,而其内地业务受5G基站出货所支撑,当中中国移动(0941.HK)会在次季出货,而联通(0762.HK)及中国电信(0728.HK)则在第三季出货,惟海外业务在第二、三季将受阻,主要因为5G投资受疫情影响而延迟。

该行指出仅一部分的5G基站在今年首季建立,估计按季出货量有所增长,而中兴在中移动的基站佔有率为29%,估计在联通及中电信的标书方面有较大机会逾30%占有率,使公司可达到5G市场佔有率35%的目标。

该行将公司2020-22年每股盈测分别降10%、6%及6%,经营溢利预测维持大致不变,目标价由29港元降至26.1港元,评级维持跑赢大市。

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