中国铁塔(0788.HK)2019年半年度报告点评业务全线增长效率提升战略坚定把握5G机遇未来可期维持“增持”评级目标价3.05港元
机构：国泰君安
评级：增持
目标价：3.05港元
本报告导读：
公司H1业绩超预期，塔类业务与各新业务实现全线快速增长，经营结构不断优化；公司效率提升费用有所下降验证业绩趋势，预期受益5G周期实现快速增长。
摘要：
维持“增持”评级。公司2019年上半年实现营收人民币379.8亿元，同比增长7.5%；实现归母净利润25.48亿元，同比增长110.6%，业绩超预期，业务发展趋势与业绩验证。塔类业务稳健新业务领域拓展顺利结构不断优化，受益5G机遇业绩有望快速增长，维持预测中国铁塔2019-2021每股EPS为0.03元、0.05元、0.07元，给予公司91.29倍估值，对应人民币目标价2.74元，维持对应港元目标价3.05港元。
塔类业务稳健，新兴业务迅猛：公司铁塔业务收入受益租户数快速提升同比增长5.1%，室内分布式天线系统业务收入为12.54亿元，同比增长52.2%，新兴业务跨行业站址应用与信息业务收入营收8.43亿元，同比增长125.4%增势显著，公司H1非塔类业务收入占比达5.7%，比去年同期增长2.1%。公司经营结构持续优化。
一体两翼战略持续推进，经营效率不断提升：2019年上半年，公司持续推进“一体两翼”战略布局，强调以深化资源共享为核心，以专业化经营与转型发展为主线，全面推进一体两翼战略落地。报告期间公司站址数量进一步提升，站均租户数上升提高单塔盈利能力；公司经营费用率下降，创新社会共享建设模式推行顺利资本开支水平不断降低，资本结构稳定，财务费用率大幅下降，经营效率不断提升。
5G上量驱动需求，战略清晰运营增效未来可期：4G深化覆盖与5G逐渐上量将释放通信塔和室分业务大量需求，运营商资本开支水平预期大幅上升，公司处通信铁塔设施垄断地位预期将快速收益；公司一体两翼发展战略坚定，致力推动运营商业务稳健增长同时发展行业外铁塔共享，推动创新、股权激励、运营增效，未来成长可期。
风险提示：5G建设速度不及预期风险；客户集中度风险与2022年续约价格下降的风险；中国联通与中国电信合并风险。
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