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《大行報告》瑞銀上調中興(00763.HK)目標價至28元 評級「買入」
阿思達克 03-18 10:28
瑞銀發表的研究報告指,去年中興通訊(00763.HK)淨利按年跌17%,不過公司亦預先宣布料今年首季淨利將按年升131-208%,該行認為季內表現強勁主要受惠產品成本下降、毛利率改善,同時網絡業務銷售勢頭穩健,而公司亦受惠本地5G推出及市場份額改善,相信勢頭仍會持續,而現價相當於2021年預測市盈率14倍,較歷史平均低約15%,予評級「買入」,目標價由25.5元升至28元。

在業績亮點方面,該行指出去年各主要產品線包括網絡、消費者及企業分部收入分別錄11%、8%及23%增長,而毛利率亦繼續改善,第四季毛利率升至30.2%。按地區劃分去年內地毛利率收窄11個百分點,主要因為5G設備價格競爭較大,不過海外市場毛利率平均則改善4-5個百分點。此外公司經營現金流增長37%,反映現金流表現強勁,而減值虧損亦由2019財年的22億元收窄至去年的4.3億元,惟部分影響被研發開支增長所抵銷。

公司去年盈利表現差過預期,故該行亦微調2021及22財年的預測,以反映今年首季表現強。(el/k) ~

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