一文综合券商於联通(00762.HK)公布季绩後最新目标价及观点
联通(00762.HK)昨(21日)股价抽高11.1%後，公司昨收市後公布第三季盈利升10.2%，但今早股价急吐9.5%报5.43元。联通公布今年首三季业绩，期内盈利按年上升10.2%至108.24亿元人民币，花旗发表报告表示，联通上季纯利逊市场预期5.3%，主要是来自固网业务服务收入较预期低。
公司首三季收入按年增长3.8%至2,253.55亿元人民币。今年首三季EBITDA按年升0.8%至737亿元人民币，EBITDA占服务收入比为35.5%。整体服务收入按年升4.4%至2,073.49亿元人民币。其中移动服务收入按年跌1%至1,165.39亿元人民币，单计第三季按年升2.5%。产业互联网业务收入按年升34.4%至326.56亿元人民币。
联通今年首三季移动出账用户净减929万户至3.09亿户，移动出账用户ARPU按年增长2.6%至41.6元人民币。固网宽带业务方面，首三季固网宽带用户净增308万户至8,656万户；固网宽带接入收入按年升3.7%至320.96亿元人民币。本地电话用户累计净减598万户至4,823万户。
【上季纯利逊 但移动改善】
花旗预计，联通今年第四季可受惠於移动业务ARPU进一步复苏，收入将实现良好增长，由於5G网络增强及数字化和智能化转型需求增长，推动工业互联网业务发展势头，公司通过与中电信(00728.HK)共享5G网络实现成本协同效应，可改善收益增长前景，该行维持联通「买入」评级及目标价7.6元。
瑞银认为，联通旗下客户组合改善及5G应用为ARPU上升原因，在5G应用於未来数季加快，与及行业竞争行为具纪律下，相信5G为ARPU带来的推动将较目前所见较大。该行维持联通「买入」评级及目标价6.9元。
高盛指出，联通旗下固网业务增长放缓下，服务收入录增长，主要是移动业务回复正增长及加快，此情况符合该行预期，指联通的移动业务改善上轨道。该行亦认为，联通EBITDA率下跌主要受5G网络发展及工业互联网业务影响力，情况亦较中移动(00941.HK)轻微。该行维持联通「买入」评级及目标价6.7元。
本网最新综合9间券商对其投资评级及目标价，全数给予「买入」、「增持」或「跑赢大市」评级：
券商│投资评级│目标价(港元)
摩根大通│增持│10.5元
杰富瑞│买入│8.98元
美银证券│买入│8.8元
里昂│买入│7.7元
花旗│买入│7.6元
瑞银│买入│6.9元
高盛│买入│6.7元
瑞信│跑赢大市│6.35元
麦格理│跑赢大市│6.03元
券商│观点
摩根大通│移动业务复苏及固网动力推动盈利增长
杰富瑞│季绩低该行预期，但料末季可胜预期
美银证券│良性经营环境扶助移动业务收入增长
里昂│移动业务超预期
花旗│季绩逊预期，移动业务复苏
瑞银│季绩符预期，收入持续稳定增长
高盛│移动业务复苏上轨道，盈利动能持续
瑞信│季绩小幅胜预期
麦格理│纯利增速加快
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