You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
大行評級 | 野村:中興(0763.HK)去年業績遜預期 維持目標價32港元
格隆匯 03-09 10:56

格隆匯3月9日丨野村發表研報指,中興(0763.HK)去年純利按年增長六成至68億元(人民幣.下同),按近早前盈喜的中間水平,但較市場及該行預期差3%,可能是由於第四季減值損失12億元。該行維持“買入”評級以及H股目標價32港元。報吿認為,運營商網絡業務收入按年增長2%至757億元,低於該行預測6%,這可能是由於三家中國電信公司的資本支出增長放緩。

該行又認為,由於產品升級和更好的規模效應,去年運營商網絡的毛利率按年增長8.7個百分點至42.5%,超過預測0.7個百分點。報吿又指,消費業務實現收入按年增長59%至257億元,超出該行預期12%;而由於競爭加劇所導致定價壓力,毛利率收縮5.4個百分點至18.2%,比預測低1.4個百分點。企業和政府部門的收入按年增長16%至131億元,低於預期3%。由於全球企業業務的利潤率較低,毛利率也按年下降1.8個百分點至27.1%。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account