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《大行报告》花旗上调中兴(00763.HK)目标价至16.7元 评级「沽售」
阿思达克 04-29 10:06
花旗发表的研究报告指,中兴通讯(00763.HK)今年首季净利22亿元人民币(下同),按年增长179.7%,如撇除转让Caltta Technologies收益,首季净利按年升99.5%,主要受惠收入增长及利润改善,该行认为业绩对市场无大惊喜,而盈利亦大致符之前初步公布的数据,相关因素已反映在股价上。该行估计5G发展及内地新基建将有助公司今年收入增长,惟中美纠纷将为其国际市场份额带来压力,而疫情下全球5G投资减慢亦会影响到其盈利增长,维持「沽售」评级,目标价由16.5元升至16.7元。

该行指出公司首季收入262亿元,按年升22.1%,主要受惠营运商网络业务录双位数增长,而政府、企业及消费者业务亦有显着增长,期内毛利率升6个百分点至35.4%,主要受惠营运商网络业务利润改善。花旗认为今年首季公司经营开支录强劲增长,主要因为去年同期基数较低,期内研发开支、销售及分销开支和开支分别按年增29.4%、27.8%及19.5%。

管理层维持今年收入增长指引15%不变,该行相信考虑到首季收入表现,目标可达到,而其收入增长主要受惠内地电讯商资本开支及政府、企业业务前景正面。(el/a) ~

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