富瑞:将中兴通讯(0763.HK)上调至持有评级 目标价升至20.66港元
富瑞发表研究报告指,中兴通讯(0763.HK)去年下半年业绩胜预期,但纯利则差于预期,认为其毛利率可能已经触底,但存在其他不利因素。该行将其评级由逊于大市上调至持有,目标价由16.77港元上调至20.66港元。
该行指,中兴去年下半年收入按年升17.6%,但单计第四季只按年升3.4%。当中下半年营运商收入按年升14.5%,主要受中国5G的建设以及疫情后新兴市场增长的复苏影响。该行续指,其下半年核心营运利润按年跌53%,较该行预期低58%,主要由于毛利率较低及营运支出增加。
该行指,中兴予今年首季纯利中位数预测21亿元人民币,包括一次性税前投资收益7.74亿元人民币,正常化后按年增长85%。该行还认为,中兴的地缘政治风险仍然存在,因为中兴刚刚被美国联邦通信委员会正式列为国家安全威胁。

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