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《大行報告》中金降中興(00763.HK)目標價至31元 評級「跑贏行業」
阿思達克 02-07 15:06
中金髮表報告指,中興通訊(00763.HK)發佈業績預告,料2021年實現歸母淨利潤65億至72億元人民幣(下同),按年增長52.59%至69.02%。對應去年末季,公司預計歸母淨利潤爲6.47億至13.47億元,按年下滑13%至58%。根據公司最新公告,2021年全年資產減值損失約14億元,超出該行此前預期;此外毛利率相對較低的消費者終端(含手機、CPE等)、國內政企設備等多元化業務穩健成長,佔收入比例有望提升,綜合毛利率相應下修。 該行下調中興2021及2022年盈測分別7%、6%,至69.72億及83.53億元,首次引入2023年盈利預測爲101.16億元。當前H股估值相當於今年預測市盈率10.1倍。由於盈利預測下修,下調H股目標價7%至31港元,相當於今年預測市盈率15倍,評級「跑贏行業」。
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