中金:中國聯通(00762.HK)業績遜預期 4G尾聲陣痛期或仍未結束
中金公司發表研究報告指,中國聯通(00762.HK)2019年淨利潤預計約113億元人民幣,按年升約11%,低於該行預估。
中金表示,4G尾聲陣痛期或仍未結束,用户數下滑或延續至2020年上半年,5G發展面臨應用不足的困境,用户的增長需終端價格大幅下滑及應用創新。另外,5G正式商用2個月,運營商發展了近千萬5G用户,尚未觀察到用户規模增長,因目前5G終端價格較高,且沒有關鍵應用刺激用户遷移。
受提速降費、市場飽和、激烈競爭等因素影響,中國聯通仍面增長壓力,短期內或難因5G商用而出現明顯改善。該行將其2020及2021年淨利潤預測分別下調16%及1%,並預計公司2020年資本支出或增加15%,以完成約15萬5G基站的建設,又預計2019年資本支出約580億元。

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