《大行報告》富瑞削中興(00763.HK)目標價至24.97元 上季業績遠遜預期
富瑞發表報告指,中興通訊(00763.HK)第三季度收入按年跌12%、核心經營溢利及純利,分別按年升6%及5%,較市場預期低20%,但毛利率較市場預期高5個百分點。除了宏觀經濟疲弱影響外,來自電信公司的收入,受交付期影響而延遲確認,而相關設備仍被列作庫存。在審慎會計準則下,需要作出額外的庫存減值,不過當項目確認後,有關減值可以作出撥回。若果扣除資產損失影響,上季純利增長16%,符合市場預期。
報告指,中興在第四季首次推出AI伺服器,而電信商由一般伺服器轉往AI伺服器,導致中興在下半年出現產品缺口,不過估計明年可以追上。另一方面,美國制裁中興競爭對手、即內地三大伺服器供應商的風險仍然存在,只是時間不確定,相關因素可能屬中興的催化劑。
該行對中興的正面看法主要反映公司的市場佔有率、毛利率改善及營運成本控制得宜。現價相當於今年預測市盈率8倍、PEG估值0.8倍,仍然非常吸引,評級「買入」,目標價由32.3元下調至24.97元,相當於明年預測市盈率10倍。
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