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《大行报告》瑞信下调中兴(00763.HK)目标价至29元 评级「跑赢大市」
阿思达克 03-30 11:22
瑞信发表的研究报告指,中兴通讯(00763.HK)去年收入970亿元人民币,按年增6%,期内净利则为55亿元人民币,较该行预测高5%,并符合公司指引,期内收入及毛利则大致符预期,受惠政府补贴增加经营溢利及净利均胜预期。

该行估计今年公司收入将回复至被制裁前的水平,主要受惠营运商网络业务今年料增长13%,而内地三大电讯商的资本开支今年料增12%。此外该行认为公司经营现金流健康,而且有较多现金在手,料可应对近期新型冠状病毒疫情带来的不确定性。

该行将公司2020/21年每股盈利预测削7.4%及6.7%,以反映内地电讯商资本开支指引低过预期,但对5G资本开支上行周期仍呈正面看法,将目标价由31.3元降至29元,评级「跑输大市」。(el/k) ~

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