野村:5G用户遷移趨勢良好 維持中國移動、聯通買入評級
野村發表研究報吿指,2021年的MWC上海於本週進行,電信運營商正在以更為審慎的方式推出5G網絡,並且5G變現化已在眼前,因為隨着智能手機價格的上漲以及網絡覆蓋率的提高,5G用户的遷移趨勢良好。該行維持中國移動(0941.HK)和中國聯通(0762.HK)買入評級,認為三大運營商的基本面復甦將在2021年維持,而估值仍處於低谷。
對於上游5G供應鏈,該行指,逐步的需求復甦可能會部分緩解設備或組件生產商的低利用率或低出貨量的壓力,並且仍然偏愛投資組合更多元化的公司包括中際旭創和生益科技。
該行續指,由於5G用户的持續滲透,認為三大運營商將繼續看到ARPU改善,帶動基本面恢復。此外,由於5G網絡覆蓋全國,相信運營商可以在消費者應用程序和企業市場中提供更多的增值服務。
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