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《大行報告》瑞銀上調中興(00763.HK)目標價至32元 評級「買入」
阿思達克 03-14 10:40
瑞銀發表研究報告指,去年是中興通訊(00763.HK)出現盈利轉捩點後的第二年,期內收入、毛利及淨利潤分別按年增長7.4%、13.3%及18.6%,競爭格局改善、成本控制和收入結構轉向高利潤產品,推動毛利率繼續提升至37.2%。 該行指出,雖然去年第四季在宏觀環境影響下表現疲軟,但中興積極前景仍未改變,去年營運商業務收入按年增長5.7%,為總收入貢獻約65%,預測今年收入增速將進一步提升至10%以上。 市場或擔憂5G資本支出下降,但瑞銀預計電信公司的總資本支出將保持穩定,投資重心向雲端和數據中心等工業數字化產業轉變,相信中興通訊將繼續取得市場份額,其高利潤率產品優勢亦較大。 瑞銀將中興2023至2025年淨利潤預測上調最多17%,目標價由24元升至32元,認為估值仍具有吸引力,予以「買入」評級。
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