一文綜合券商於聯通(00762.HK)公布中期業績後最新觀點及目標價
中國聯通(00762.HK)今日早市股價飆升近23%收5.62元，有券商指聯通工業互聯網業務增長良好，收入次季開始復甦，加上競爭減弱，預計明年收入有望繼續增長。聯通昨收市後公布截至今年6月底止中期業績，EBITDA按年跌0.1%至494.5億元人民幣，中期純利75.69億人民幣，按年升10.1%；每股盈利0.25元人民幣，不派息。
聯通上半年營業額1,503.97億元人民幣，按年升3.8%，表現勝預期，其中服務收入為1,383.3億元人民幣，按年增長4%。上半年，聯通移動服務收入按年下降2.8%，降幅較2019年全年顯著收窄；移動出賬用戶總數達到3.1億戶；移動用戶ARPU按年提升0.2%；手機上網總流量增長23%，手機用戶月戶均數據流量達到約9.4GB。期內產業互聯網業務收入按年增長36%至227億元
【業績勝預期 料營運改善】
瑞銀表示，聯通第二季業績扭轉首季弱勢，錄得服務收入按年升5.9%及純利升38%，公司管理層對未來的增長前景持樂觀態度，主因工業互聯網將繼續強勁增長，加上公司成本控制，預計EBITDA利潤率將逐步提升。該行維持其「買入」評級。同時將其2020至2022年盈利預測上調2%至3%，目標價相應由6.65港元升至6.9港元。
傑富瑞發表報告表示，從中國鐵塔(00788.HK)早前公布業績已顯示對中資電訊股業績影響正面，聯通昨公布中期強勁的業績表現，再次確認該行的看法，基於聯通一般在行業中錄得最高增長的鐵塔租賃成本，從業績顯示中國鐵塔旗下鐵塔租賃費用放緩。該行指聯通業績顯示，中資電訊商旗下工業互聯網強勁增長，對同業中電信(00728.HK) 及中移動(00941.HK) 均影響正面。
本網綜合11間券商予聯通最新評級及目標價：
券商│評級│目標價(港元)
摩根大通│增持│10.5元
美銀證券│買入│8.8元
高盛│買入│8.2元
傑富瑞│買入│7.63元
花旗│買入│8.5->7.6元
瑞銀│買入│6.65->6.9元
摩根士丹利│增持｜6.5元
匯豐環球研究│買入│6.3元
瑞信│跑贏大市│6.15元
麥格理│跑贏大市│6.03元
野村│中性│4.7->5元
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券商│觀點
摩根大通│移動業務復甦兼工業互聯網強勁勢頭，憧憬5G發展
美銀證券│上半年業績勝預期，聚焦今明兩年5G進展進程
高盛│二季度業績勝預期，純利增長錄自2018年下半年以來最快增速
傑富瑞│憧憬三大電訊商共建農村5G網絡，資本支出未變
花旗│二季度收入增長回升，今財年5G資本支出預算保持不變
瑞銀│預計EBITDA利潤率將逐步提升
摩根士丹利│二季度業績勝預期，資本支出指導不變
匯豐環球研究│工業互聯網業務增長良好，數據中心業務收入按年增22%
瑞信│調高其今年服務收入和淨利潤預期1.8%和6.7%
麥格理│移動業務穩定，ARPU按年持平，重點放在成本控制和更高服務質量
野村│上半年業績表現強勁，憧憬5G規模擴大
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