中信證券:首予中國鐵塔(0788.HK)“買入”評級 公司未來五年穩健成長可期
中信證券發佈研究報告,從商業模式看,中國鐵塔(00788.HK)具有高護城河、高現金流、高利潤特點,5G週期開啟,公司為最受益標的,拐點明顯。
從收入端看,宏站、微站、室分、跨行業業務四輪驅動公司進入新成長週期,我們對市場擔心的5G共建共享、降價風險進行分析測算,公司未來五年穩健成長可期;公司大規模投資期已過、折舊攤銷將大幅下降,同時現金流、利潤有望爆發。
通過DCF、EV/EBITDA估值,給予公司目標價區間2.56-2.81港元,首次覆蓋,給予“買入”評級。
認為5G共建共享、降價風險影響可控,通過測算5G宏基站總量460萬站,並假設2023年宏站單租户租金下降15%,公司宏站業務仍將穩健增長;通過千萬站址佈局,公司跨行業、微站業務卡位5G流量和物聯網“關鍵入口”,2019-2023年有望以超過49%的複合增速增長;室分業務定位5G室內流量“整合者”,2019-2023年有望實現超44%複合增速。

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