《大行報告》招銀國際降中興(00763.HK)目標價至24.8元 料今年增長穩定
招銀國際指中興通訊(00763.HK)人工智能發展速度較預期緩慢,下調其目標價9%,由27.4元下調至24.8元,維持「買入」評級,反映其2023年利潤率改善及預計2024年可穩步增長。
該行指中興通訊去年收入按年增長1.1%至約1,240億元人民幣,符合市場預期,且較該行預測高3%,淨利潤按年升15.4%至93億元人民幣,較市場預期低5%,但仍符合招銀的預測。期內毛利率達到41.5%,按年升4.34個百分點,淨利潤率從2020至2022年的4.2%/5.9%/6.6%增至2023年的7.5%。
展望2024年,招銀國際認為中興通訊將能夠抓住電信行業的新興趨勢,專注於向5.5G/6G和人工智能運算能力方面發展,但考慮到其人工智能發展速度仍低於預期及行業面臨逆風後,下調其目標價。
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