一文綜合券商於聯通(00762.HK)公布季績後最新目標價及觀點
聯通(00762.HK)昨(21日)股價抽高11.1%後，公司昨收市後公布第三季盈利升10.2%，但今早股價急吐9.5%報5.43元。聯通公布今年首三季業績，期內盈利按年上升10.2%至108.24億元人民幣，花旗發表報告表示，聯通(00762.HK)上季純利遜市場預期5.3%，主要是來自固網業務服務收入較預期低。
公司首三季收入按年增長3.8%至2,253.55億元人民幣。今年首三季EBITDA按年升0.8%至737億元人民幣，EBITDA佔服務收入比為35.5%。整體服務收入按年升4.4%至2,073.49億元人民幣。其中移動服務收入按年跌1%至1,165.39億元人民幣，單計第三季按年升2.5%。產業互聯網業務收入按年升34.4%至326.56億元人民幣。
聯通今年首三季移動出賬用戶淨減929萬戶至3.09億戶，移動出賬用戶ARPU按年增長2.6%至41.6元人民幣。固網寬帶業務方面，首三季固網寬帶用戶淨增308萬戶至8,656萬戶；固網寬帶接入收入按年升3.7%至320.96億元人民幣。本地電話用戶累計淨減598萬戶至4,823萬戶。
【上季純利遜 但移動改善】
花旗預計，聯通今年第四季可受惠於移動業務ARPU進一步復甦，收入將實現良好增長，由於5G網絡增強及數字化和智能化轉型需求增長，推動工業互聯網業務發展勢頭，公司通過與中電信(00728.HK)共享5G網絡實現成本協同效應，可改善收益增長前景，該行維持聯通「買入」評級及目標價7.6元。
瑞銀認為，聯通旗下客戶組合改善及5G應用為ARPU上升原因，在5G應用於未來數季加快，與及行業競爭行為具紀律下，相信5G為ARPU帶來的推動將較目前所見較大。該行維持聯通「買入」評級及目標價6.9元。
高盛指出，聯通旗下固網業務增長放緩下，服務收入錄增長，主要是移動業務回復正增長及加快，此情況符合該行預期，指聯通的移動業務改善上軌道。該行亦認為，聯通EBITDA率下跌主要受5G網絡發展及工業互聯網業務影響力，情況亦較中移動(00941.HK)輕微。該行維持聯通「買入」評級及目標價6.7元。
本網最新綜合9間券商對其投資評級及目標價，全數給予「買入」、「增持」或「跑贏大市」評級：
券商│投資評級│目標價(港元)
摩根大通│增持│10.5元
傑富瑞│買入│8.98元
美銀證券│買入│8.8元
里昂│買入│7.7元
花旗│買入│7.6元
瑞銀│買入│6.9元
高盛│買入│6.7元
瑞信│跑贏大市│6.35元
麥格理│跑贏大市│6.03元
券商│觀點
摩根大通│移動業務復甦及固網動力推動盈利增長
傑富瑞│季績低該行預期，但料末季可勝預期
美銀證券│良性經營環境扶助移動業務收入增長
里昂│移動業務超預期
花旗│季績遜預期，移動業務復甦
瑞銀│季績符預期，收入持續穩定增長
高盛│移動業務復甦上軌道，盈利動能持續
瑞信│季績小幅勝預期
麥格理│純利增速加快
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