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《大行報告》瑞銀降中興(00763.HK)評級至「中性」 目標價下調至19.1元
阿思達克 10-30 10:53
瑞銀大幅下調對中興H股(00763.HK)目標價,由34.4元降至19.1元,投資評級亦由「買入」降至「中性」。新目標價為2024年預測市盈率8倍,大致與諾基亞及愛立信同步。 該行預測中國電訊開支將在今年至2025年大致持平,但資本開支結構將顯著改變,由移動網絡轉向數據中心及雲基建,後兩者為中興競爭力較弱的領域。中興過去兩至三年在傳統電訊設備市佔增長,但在數據中心及雲產品擴張能見度較低,尤其基於電訊公司加快人工智能投資,中興的人工智能伺服器產品尚未商業應用,美國亦收緊出口管制,且華為亦推出本地化人工智能方案。 公司的政府、機構及消費者業務收入料將大致維持受壓,估計中興未來數年每年收入增長少於5%,對比2019年至2022年為年複合增長率逾10%。該行亦預期中興研發開支佔收入比重,將由2021至2022年的16%至17%,升至今年及往後的兩成以上,公司淨利潤年複合增長率在今年至2025年將為8%。
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