《大行报告》花旗:联通(00762.HK)上季纯利逊市场预期 但料本季收入良好增长
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9.7%报5.42元。花旗发表报告表示,联通(00762.HK)公布今年第三季纯利33亿元人民币按年升10.5%,低於市场预期5.3%,主要是来自固网业务服务收入较预期低,而公司季内收入按年升3.9%。
该行指,联通第三季EBITDA利润率32.3%,对比今年上半年32.9%,指EBITDA利润率保持定,基於5G快速推进,公司第三季旗下网络营运成本按年升8.6%。
花旗预计,联通今年第四季可受惠於移动业务ARPU进一步复苏所推动,料本季收入将实现良好增长,由於5G网络的增强以及数字化和智能化转型需求的增长,推动工业互联网业务发展势头呈强劲,公司通过与中电信(00728.HK)共享5G网络,以实现成本协同效应,可以改善收益增长前景,该行维持联通「买入」评级及目标价7.6元。
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