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一文綜合券商於聯通(00762.HK)公布季績後最新評級、目標價及觀點
阿思達克 04-22 11:02
聯通(00762.HK)今早股價表向好,最新報4.61元升1.5%。聯通昨日(21日)收市後公布截至今年首季業績,收入合計822.72億元人民幣按年升11.4%;純利38.43億人民幣按年升21.4%。摩根士丹利表示,聯通首季業績符合預期,收入及EBITDA大致符合預期,純利則優於預期,指期內服務收入增長穩固,受益於5G業務ARPU提升及行業理性競爭,重申對其「增持」評級及目標價7元。

聯通首季整體服務收入按年升8.2%至739.24億人民幣;移動服務收入增8.8%至410.71億人民幣;固網服務收入增8.1%至323.01億人民幣;產業互聯網業務收入增25.9%至144.08億人民幣。首季EBITDA為236.4億人民幣,按年微升0.3%。5G用戶按季淨增2,102.2萬戶,至9,185.2萬戶。

【首季業績符預期 5G業務ARPU升】

中銀國際發表研究報告指,聯通今年首季服務收入按年增8.2%,超出該行預期3.4%,主因移動ARPU增逾11%所帶動。淨利潤按年增長21.4%,比該行原預期高出8.1%,該行重申聯通「買入」評級,目標價維持8.4港元不變。

花旗表示,聯通今年首季服務收入按年增8.2%,對比2020年增長4.3%,料受移動服務收入及工業互聯網收入增長強勁所動,料市場對公司季績反應正面,但關注行業在今年第二季進行宣傳後競爭或會加劇,關後未來的毛利壓力,維維持其「中性」評級,目標價5.35港元。

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本網最新綜合11間券商其投資評級及目標價:

券商│投資評級│目標價(港元)

摩根大通│增持│10.5元

中銀國際│買入│8.4元

里昂│買入│7.7元

德銀│買入│7.5元

瑞銀│買入│7元

摩根士丹利│增持│7元

招商証券國際│買入│7元

高盛│買入│6.5元

瑞信│跑贏大市│6.35元

中金│跑贏行業│6.1元

花旗│中性│5.35元

券商│觀點

摩根大通│收入強勁,EBITDA令人失望,總體業績仍屬良好

中銀國際│首季服務收入勝預期,淨利潤增長較預期高8.1%

里昂│5G將提供更多數據容量以帶動移動業務重新發展

德銀│服務收入增長帶動首季業績表現強勁

瑞銀│預計全年ARPU大致持平,銷售和營銷成本管理良好

摩根士丹利│5G ARPU提升帶動移動服務收入理想

招商証券國際│首季業績優於預期,移動ARPU表現亮眼

高盛│首季ARPU強勁增長,上調2021-2023年收入及EBITDA

瑞信│受5G普及推動,ARPU按年增11.3%勝預期

中金│首季業績符預期,5G用戶淨增表現亮眼

花旗│估計行業競爭加劇,擔憂盈利受壓

(ta/w)

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