安捷證券:首予俊知集團(1300.HK)“買入”評級 目標價2港元
安捷證券發佈報告稱,根據該行模型得出俊知集團(1300.HK)2020E/21E/22E的每股攤薄盈利分別為0.23元人民幣/0.27元人民幣/0.31元人民幣,採用市盈率 (P/E)估值得到公司未來12個月目標價2.0港元,對應7.9倍FY20E每股盈利水平,該行首次覆蓋給予其“買入”評級。
該行稱,集團是內地領先的通信傳輸解決方案提供商,核心產品連續9年國內銷量第一。集團主要提供移動通信主設備到天線的連接方案和相關產品,應用場景涵蓋3G/4G/5G宏基站、小基站、室內覆蓋、地鐵高鐵等軌道交通。 產品系列形成接入網傳輸配套全產業覆蓋。
2019年6月6日,工信部正式向三大運營商以及內地廣電發放5G商用牌照。根據工信部數據,截至2019年12月31日,全國共建成5G基站超過13萬個,預計2020年將建成60萬個基站。2020-2022年將是5G建設的高峯期,而在國家大力推動、運營商爭取先發優勢快速推進下,該行預計各大運營商2020年的建設目標也可能超額完成。
公司與核心客户保持了超過10年的合作關係,大客户關係穩定。 公司主要客户包括三大運營商、中國鐵塔(0788.HK)、華為、中興通訊(0763.HK)等,其中這三大運營商收入佔比超過90%,公司基於自身在射頻傳輸領域多年的技術積累的前瞻判斷,組建了擁有行業領軍專家、約200人的研發團隊,持續研發投入,面向5G的傳輸系統產品研發了一系列相關產品,配合三大運營商的5G建設,有望分享5G帶來的行業新增量。
該行表示,未來的股價催化劑有以下幾點:新基建驅動下的5G建設加速;基站功耗提高、密度增加對基站傳輸線纜的功率規格及需求量均有更高要求,傳輸線纜環節實現量價齊升;作為行業龍頭公司的長期需求紅利。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.