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《大行報告》野村降中興(00763.HK)目標價至23元 估值吸引評級「買入」
阿思達克 03-11 10:28
野村發表報告指出,中興(00763.HK)去年收入按年增長1.05%,純利升15.4%,分別低於該行預測3%及8%,主要由於消費者和企業領域的需求下降。公司去年第四季收入按年增長15%,相對於去年第三季按年跌12%有所復甦;季內盈利按年增長18%至15億元人民幣。 此外,中興宣布去年現金股息每股68.3分人民幣,意味著派息率達35%,較2022年的23%有所改善。該行認為,公司於成本/費用優化下,估計其營運商網絡業務在中國和海外市場將保持穩定增長,導致今明兩年的收入按年增長5%及6%,盈利升8%及9%。 該行維持對中興的「買入」評級,目標價由32.5元下調至23元,估值吸引。該行將中興今明兩年收入預測下調5%至7%,盈利預測下調9%至14%。另料2026年收入及盈利預測,分別較2025年按年增長7.8%與8.5%。
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