《大行報告》瑞信升中興(00763.HK)目標價至34.4元 毛利率勝預期
瑞信發表研究報告,指中興(00763.HK)第三季收入按年升14%至308億元人民幣,勝該行預期;純利按年升108%至18億元人民幣,高於其指引的中位數,高於該行原先預期32%,主因毛利率上升等。毛利率按年升8.1個百分點至38%,勝預期,受惠自家設計芯片及競爭放緩下,銷售均價及成本結構改善。
報告料中興下半年可錄強勁雙位數按半年增長,因三大電訊商僅完成其總年度資本開支預算的37%。該行料末季中興電訊商服務按季進一步增長25%,受惠項目付運及收入確認入賬。整體第四季毛利率料維持高企。
瑞信上調中興2021至2023年各年每股盈測分別14%、9%及3%,H股目標價由31.6元升至34.4元,相當於明年預測市盈率15.4倍,評級「跑贏大市」。
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