野村:維持對中興通訊(0763.HK)中性評級 目標價27.5港元
野村發表報告稱,今年第四季5G設備需求仍會疲軟,加上電訊運營商資本開支仍謹慎,料明年需求亦難大幅增長。然而,疲弱的需求或於短期內觸底,令中國主要的5G供應鏈商可從更具可持續性及穩定的增長週期中恢復實力,維持對中興通訊(0763.HK)中性評級,目標價為27.5港元。
野村預期,明年電訊商總資本開支將按年增長7%,相信未來兩年資本開支將維持上升週期。而中興管理層指出,雖然中國電訊商5G建設目標大部分已於第三季完成,但不代表第四季收入將停止增長,公司部分5G產品將延至第四季才入帳,並料明年需求將穩定上升。另外,公司亦指出,今年第二季毛利率已見底,受惠於規模效應及成本效率,預期未來幾年5G產品毛利率將每年改善1至2個百分點。
該行續指,就運營商業務,中興料可持續擴大市佔率,另海外業務亦於第三季回穩,料今年收入可持平。企業業務方面,公司將擴大中國市場收入,料可從去年的約50億人民幣,到2023年增至約200元人民幣。至於消費者業務,除美國市場外,其智能手機出貨量已恢復至2017年相似水平,對於中國市場,公司則正穩步重建品牌和渠道,故現階段無需投入太多資金。

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