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瑞銀:維持中興通訊(0763.HK)“沽售”評級 目標價23.5港元
格隆匯 04-27 14:26

瑞銀髮表研究報告,考慮到電信商因為公共衞生事件的發生而沒有采購太多設備,中興通訊(0763.HK)首季淨利潤下跌一成是合理的結果。集團在內地的5G市佔率似乎未能達到管理層的長遠預期,在電信商最近的5G採購中獲得約30%的市佔率,而4G時為30至35%。

此外,5G基站價格較去年下跌約30%,毛利率在未來幾季可能會受到龐大壓力,該行維持對中興“沽售”評級,目標價23.5港元。

該行表示,考慮到公共衞生事件的發生,首季收入同比跌3%並非完全出乎意料之外,因為國內外客户可能都延遲採購基站。庫存水平環比基本穩定,同比增4%,這意味着收入增長勢頭温和。雖然可能是由於缺乏5G採購所致,但毛利率為39%,這是一個正面重點;而行政及銷售費用分別下跌17%和4%,但部分被研發開支增5%所抵銷。

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