一文综合券商於联通(00762.HK)公布中期业绩後最新观点及目标价
中国联通(00762.HK)今日早市股价飙升近23%收5.62元，有券商指联通工业互联网业务增长良好，收入次季开始复苏，加上竞争减弱，预计明年收入有望继续增长。联通昨收市後公布截至今年6月底止中期业绩，EBITDA按年跌0.1%至494.5亿元人民币，中期纯利75.69亿人民币，按年升10.1%；每股盈利0.25元人民币，不派息。
联通上半年营业额1,503.97亿元人民币，按年升3.8%，表现胜预期，其中服务收入为1,383.3亿元人民币，按年增长4%。上半年，联通移动服务收入按年下降2.8%，降幅较2019年全年显着收窄；移动出账用户总数达到3.1亿户；移动用户ARPU按年提升0.2%；手机上网总流量增长23%，手机用户月户均数据流量达到约9.4GB。期内产业互联网业务收入按年增长36%至227亿元
【业绩胜预期 料营运改善】
瑞银表示，联通第二季业绩扭转首季弱势，录得服务收入按年升5.9%及纯利升38%，公司管理层对未来的增长前景持乐观态度，主因工业互联网将继续强劲增长，加上公司成本控制，预计EBITDA利润率将逐步提升。该行维持其「买入」评级。同时将其2020至2022年盈利预测上调2%至3%，目标价相应由6.65港元升至6.9港元。
杰富瑞发表报告表示，从中国铁塔(00788.HK)早前公布业绩已显示对中资电讯股业绩影响正面，联通昨公布中期强劲的业绩表现，再次确认该行的看法，基於联通一般在行业中录得最高增长的铁塔租赁成本，从业绩显示中国铁塔旗下铁塔租赁费用放缓。该行指联通业绩显示，中资电讯商旗下工业互联网强劲增长，对同业中电信(00728.HK) 及中移动(00941.HK) 均影响正面。
本网综合11间券商予联通最新评级及目标价：
券商│评级│目标价(港元)
摩根大通│增持│10.5元
美银证券│买入│8.8元
高盛│买入│8.2元
杰富瑞│买入│7.63元
花旗│买入│8.5->7.6元
瑞银│买入│6.65->6.9元
摩根士丹利│增持?6.5元
汇丰环球研究│买入│6.3元
瑞信│跑赢大市│6.15元
麦格理│跑赢大市│6.03元
野村│中性│4.7->5元
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券商│观点
摩根大通│移动业务复苏兼工业互联网强劲势头，憧憬5G发展
美银证券│上半年业绩胜预期，聚焦今明两年5G进展进程
高盛│二季度业绩胜预期，纯利增长录自2018年下半年以来最快增速
杰富瑞│憧憬三大电讯商共建农村5G网络，资本支出未变
花旗│二季度收入增长回升，今财年5G资本支出预算保持不变
瑞银│预计EBITDA利润率将逐步提升
摩根士丹利│二季度业绩胜预期，资本支出指导不变
汇丰环球研究│工业互联网业务增长良好，数据中心业务收入按年增22%
瑞信│调高其今年服务收入和净利润预期1.8%和6.7%
麦格理│移动业务稳定，ARPU按年持平，重点放在成本控制和更高服务质量
野村│上半年业绩表现强劲，憧憬5G规模扩大
(ta/w)
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