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中信证券首予中移动(00941.HK)「买入」评级 料5G投资成本效益胜同业
阿思达克 02-06 14:34

中信证券发表报告表示,首予中移动(00941.HK)「买入」评级,指为重点推荐,给予目标价介乎89元至104元,指公司成为全球电讯营运商龙头,迎来5G高光时刻。

该行指,中移动是全球最大、现金表现最好科技公司,在竞争趋缓、内地5G用户即将暴涨下,公司迎来收入转折点,与市场认知不同,该行认为中移动在5G资本开支温和,同时有望成携号转网政策的最大受益者,在收入端增长启动、竞争端占优势下,公司进入控费周期,利润释放更有保障。

中信证券指,中移动5G用户将从今年开始高速增长,对收入的明显拉动预计在2021年,通过复盘4G发展,料中移动5G低频资源,建设同等资规模网络或比竞争对手节省40%以上投资,认为公司黄金频率资源红利未被市场充份认识,该行认为中移动资本开支温和增长,未来三年5G主设期复合增长速约为8%,之後资本开支将出现下降。

该行估计,中移动将采取更严格的费用管控措施,通过典型科目梳理,公司销售费、终端补贴今年或可压降100亿人民币,同时认为5G基站能耗加大带来电费增长或可控。

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