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《大行報告》花旗上調中興(00763.HK)目標價至29.3元 評級「買入」
花旗發表研究報告指出,中興(00763.HK)上半年純利按年增長19.9%至55億元人民幣,超過預期,強勁的純利增長主要由於收入結構改善及成本優化,令營運商網絡業務毛利提高,而集團整體毛利率按年改善6.2個百分點。期內收入按年增長1.5%,主要受海外銷售按年下跌8.5%影響。 該行認為,中興上半年國內銷售按年反彈6.2%,在電訊市場份額持續增長。展望未來,隨著中國電訊公司的5G招標,該行料中興營運商網絡業務收入增長將於下半年加速。 此外,該行將中興2023至2025年的純利預測上調4%至14%,但對其收入預測下調,主要由於政府、企業業務與消費者業務的需求疲弱。目標價由26.4元上調至29.3元,維持「買入」評級。
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