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傑富瑞:華為美國禁令影響前 中資電訊商今年5G開支指引已低預期
阿思達克 11-13 11:19
傑富瑞近日發表報告表示,中資電訊股早前股價抽高,因市場將聚焦新冠疫苗或可快將推出,投資者焦點由增長主題(互聯網、軟件及科技)至價值主題(電訊、內房及內銀),但投資者亦關注市傳華為或以1,000億人民幣出售旗下榮耀所帶來潛在影響等。

該行指,外電報道華為計劃向神州數碼(000034.SZ)出售低端手機品牌榮耀的業務,雖然神州數碼已澄清目前無達成協議;若按報道指出售作價1,000億元人民幣,相當於榮耀去年純利60億人民幣的近16倍,相信藉出售榮耀業務,以避開美國出口禁令。

傑富瑞認為,榮耀未來無論是否分拆出售,其可否避免美國的外國直接生產法(DPR)的制裁禁令仍存不明朗因素。該行懷疑美國仍會持續審視華為所出售榮耀業務的代理人情況,相信不允許所涉企業採購主要部件的機會仍非常高。

該行假設上述交易最終若得以實現,將反映內地地方政府對華為支持。也有證據表明對華為的支持,不再總是來自內地電信公司。而市場一般的看法是,每當華為受到美國攻擊或需要支持之時,內地電信公司都必須承擔費用。根據美國DPR,華為將不被批准採購美國部件以生產5G網絡設備。實際上在美國DPR生效(2020年5月)之前,內地電信公司於今年5G資本開支指引就已經低於預期。

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