大行評級丨傑富瑞:上調中興通訊目標價至18.58港元 市場對AI預期仍可能過高
傑富瑞發表報吿指出,雖然中興通訊股價已由自去年12月13日以來的升幅回調50%,但市場對公司的人工智能(AI)預期仍可能過高。中興旗下子公司中興微電子並無AI芯片設計經驗,且大部分收入來自內部業務。因此,該行認為市場對中興將受惠AI特定應用集成電路(ASIC)的增長是不切實際。該行認為,由於硬件限制,AI智能手機尚未普及,故即使字節跳動允許中興在其智能手機上安裝AI,有關情況仍將持續。
此外,該行相信中興的估值不貴,但由於公司有超過60%的收入來自電訊設備,而電訊營運商的資本開支見頂,意味中興的盈利前景仍然疲弱。該行對中興的2024及2025年盈利預測均低於市場預期,將其目標價由17.94港元上調至18.58港元,評級“持有”。
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