一文了解券商於中移动(00941.HK)公布季绩後最新目标价及观点
中移动(00941.HK)今早股价造好，公司於第三季末5G套餐客户总数达到1.14亿户，已提早完全今年原定上客目标，券商指5G业务及同业竞争更趋理性，均助中移动收入呈苏；该股今早股价盘中曾高见51.4元一度升2.9%，最新升1.9%报50.9元，同业联通(00762.HK)及中电信(00728.HK)股价亦分别弹高6.7%及6.7%。
中移动昨(20日)收市後公布，今年首三季营运收入为5,744亿元人民币按年升1.4%；EBITDA为2,169亿人民币按年下降3.8%；利润为816亿人民币按年降0.3%。单计中移动今年第三季利润则按年录正增长，今年首三季营运收入中通信服务收入为5,257亿人民币按年升2.5%；销售产品收入及其他为487亿人民币，按年下跌9.2%。
【季绩符预期 5G上客佳】
中金指中移动今年第三季收入端延续向好趋势，盈利水平保持稳，指今年第三季净利润按年小幅提升0.4%至258亿人民币，符合该行预期。该行指，中移动业务ARPU维持稳定，固网业务ARPU改善明显。截至第三季度末，中移动已累计建成5G基站35万个，远快於年初建成30万站的建设计划。该行预计中移动将在年内继续加快5G网络建设，结合5G设备成本下探趋势，保持全年5G资本开支预算1,050亿人民币的指引。
摩根士丹利发表报告表示，中移动第三季服务收入略高於该行原预期1.6%，期内纯利大致符合预期，截至今年9月5G业务在内地渗透率12%，指公司推出5G服务十一个月以来上客达1.14亿户，较推出4G服务首十一个月上客9.01亿户为快，指公司盈利迎来拐点正如期推进，维持「增持」评级及目标价80元。花旗料中移动旗下移动业务於今年第四季收入可持续增长，指其稳定的派息指引及盈利透明度，可提振其股价表现，维持「买入」评级。
麦格理则指，中移动第三季服务业务收入轻微优预期，但EBITDA则逊市场预期4%，基於中移动两季服务业务收入录增长，令该行料中电信及联通第三季收入可呈强劲，并料中电信可续在中移动旗下移动电讯业务中取得市场份额。
本网最新综合10间券商其投资评级及目标价：
券商│投资评级│目标价(港元)
美银证券│买入│90元
摩根士丹利│增持│80元
瑞信│跑赢大市│79.5元
花旗│买入│76元
摩根大通│增持│73元
杰富瑞│买入│71.08元
麦格理│跑赢大市│70.15元
瑞银│买入│68元
中金│跑赢行业│65元
高盛│中性│56.8元
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券商│观点
美银证券│ARPU增长受5G所带动，销售费用受控
摩根士丹利│第三季业绩符合市场预期，收益录增长
瑞信│首三季服务收入及净利润增长稳定，有信心维持6.5%股息率
花旗│第三季收益轻微增长，预计第四季移动收入增长持续
摩根大通│收入增长较预期快，收益目标趋於平稳
杰富瑞│季绩无惊敼，料移动业务市场份额流失予中电信(00728.HK)
麦格理│虽然5G客户达1.14亿户，但综合ARPU按年下滑
瑞银│5G用户已超过今年目标，指第三季业绩积极正面
中金│收入端延续向好趋势，盈利水平保持稳
高盛│第三季收益符合市场预期，但息税折旧摊销前利润仍存压力
(ta/w)
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