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中信証券首予中移動(00941.HK)「買入」評級 料5G投資成本效益勝同業
阿思達克 02-06 14:34

中信証券發表報告表示,首予中移動(00941.HK)「買入」評級,指為重點推薦,給予目標價介乎89元至104元,指公司成為全球電訊營運商龍頭,迎來5G高光時刻。

該行指,中移動是全球最大、現金表現最好科技公司,在競爭趨緩、內地5G用戶即將暴漲下,公司迎來收入轉折點,與市場認知不同,該行認為中移動在5G資本開支溫和,同時有望成攜號轉網政策的最大受益者,在收入端增長啟動、競爭端佔優勢下,公司進入控費周期,利潤釋放更有保障。

中信證券指,中移動5G用戶將從今年開始高速增長,對收入的明顯拉動預計在2021年,通過復盤4G發展,料中移動5G低頻資源,建設同等資規模網絡或比競爭對手節省40%以上投資,認為公司黃金頻率資源紅利未被市場充份認識,該行認為中移動資本開支溫和增長,未來三年5G主設期複合增長速約為8%,之後資本開支將出現下降。

該行估計,中移動將採取更嚴格的費用管控措施,通過典型科目梳理,公司銷售費、終端補貼今年或可壓降100億人民幣,同時認為5G基站能耗加大帶來電費增長或可控。

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