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《大行報告》瑞銀下調中興(00763.HK)目標價至23.5元 評級「沽售」
阿思達克 03-30 11:22
瑞銀發表報告指,中興通訊(00763.HK)2019年淨利潤錄51億元人民幣,與市場普遍預期一致,而營業收入增長6.1%較市場預期低2個百分點,下半年收入按年則持平。

報告指,在2018年上半年低基數推動下,中興去年運營商網絡收入按年增長17%,但當中下半年僅增長1.6%,中國地區增長13%,惟受亞洲其他地區下降36%所抵銷;運營商業務的毛利率也從上半年的45%,按半年下降4個百分點至下半年的41%,意味著5G設備競爭可能正在加劇。

瑞銀表示,雖然期內消費者業務收入下降了22%,但該業務毛利卻因利潤率更高的CPE產品銷售增加而增長12%。考慮到5G競爭以及美國潛在調查為公司發展帶來不確定性,有可能令運營商業務毛利率下跌,該行維持「沽售」評級,目標價由24港元降至23.5港元。

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