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《大行報告》瑞銀下調中興(00763.HK)目標價至38元 評級「買入」
阿思達克 08-23 10:15
瑞銀髮表報告指,中興(00763.HK)上半年總收入、毛利率和淨利潤分別按年增長1.5%、18.4%和19.9%。雖然收入增長疲軟,但利潤增長受惠於營運商業務毛利率提高。根據中國電信營運商全年指引,下半年資本支出可能會增長10%,意味着中興通訊收入會有更好的增長。 瑞銀將中興今年至後年淨利潤預測分別下調6%、16%及23%,以反映在宏觀經濟疲軟和研發費用增加下降低收入假設。目前假設今年至後年淨利潤年複合增長率爲10%以上,而之前預測爲20%。 該行假設研發費用增加會提高長期營運商業務的毛利率,部分抵銷較低的盈利預期,將目標價由42元下調至38元,維持評級「買入」。
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