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杰富瑞:华为美国禁令影响前 中资电讯商今年5G开支指引已低预期
阿思达克 11-13 11:19
杰富瑞近日发表报告表示,中资电讯股早前股价抽高,因市场将聚焦新冠疫苗或可快将推出,投资者焦点由增长主题(互联网、软件及科技)至价值主题(电讯、内房及内银),但投资者亦关注市传华为或以1,000亿人民币出售旗下荣耀所带来潜在影响等。

该行指,外电报道华为计划向神州数码(000034.SZ)出售低端手机品牌荣耀的业务,虽然神州数码已澄清目前无达成协议;若按报道指出售作价1,000亿元人民币,相当於荣耀去年纯利60亿人民币的近16倍,相信藉出售荣耀业务,以避开美国出口禁令。

杰富瑞认为,荣耀未来无论是否分拆出售,其可否避免美国的外国直接生产法(DPR)的制裁禁令仍存不明朗因素。该行怀疑美国仍会持续审视华为所出售荣耀业务的代理人情况,相信不允许所涉企业采购主要部件的机会仍非常高。

该行假设上述交易最终若得以实现,将反映内地地方政府对华为支持。也有证据表明对华为的支持,不再总是来自内地电信公司。而市场一般的看法是,每当华为受到美国攻击或需要支持之时,内地电信公司都必须承担费用。根据美国DPR,华为将不被批准采购美国部件以生产5G网络设备。实际上在美国DPR生效(2020年5月)之前,内地电信公司於今年5G资本开支指引就已经低於预期。

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