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《大行報告》大摩:中興(00763.HK)上季經常性盈利高於預期 今年基本面仍穩固
阿思達克 01-31 10:43
摩根士丹利發表研究報告指,中興通訊(00763.HK)日前發盈喜,預料去年第四季純利將達到6.47億至13.47億元人民幣;撇除約11億元的存貨撥備成本,經常性盈利或達到17億至24億元人民幣,高於該行及市場普遍預期。 大摩認爲,存貨撥備是來自於公司的保守立場而非存在大量的過時產品,預期今年上半年基站相關產品加快出貨,中興可能會扭轉此類減值損失,令盈利增長勢頭更加強勁。 該行指,新基建投資加速將有積極作用,展望2022年預計收入可增長約15%,營業溢利增長超過20%,主要來自於國內電信資本支出穩定及市場份額持續增長,由於預測未有計入新基建投資加快,預期任何積極信號都將引發向上修正,併爲中興通訊帶來上行動力。 大摩指出,中興今年基本面仍然穩固,給予「增持」評級,目標價29元,預測2021至2031年純利複合年增長率達13%。
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