《大行报告》瑞银上调中兴(00763.HK)目标价至28元 评级「买入」
瑞银发表的研究报告指,去年中兴通讯(00763.HK)净利按年跌17%,不过公司亦预先宣布料今年首季净利将按年升131-208%,该行认为季内表现强劲主要受惠产品成本下降、毛利率改善,同时网络业务销售势头稳健,而公司亦受惠本地5G推出及市场份额改善,相信势头仍会持续,而现价相当於2021年预测市盈率14倍,较历史平均低约15%,予评级「买入」,目标价由25.5元升至28元。
在业绩亮点方面,该行指出去年各主要产品线包括网络、消费者及企业分部收入分别录11%、8%及23%增长,而毛利率亦继续改善,第四季毛利率升至30.2%。按地区划分去年内地毛利率收窄11个百分点,主要因为5G设备价格竞争较大,不过海外市场毛利率平均则改善4-5个百分点。此外公司经营现金流增长37%,反映现金流表现强劲,而减值亏损亦由2019财年的22亿元收窄至去年的4.3亿元,惟部分影响被研发开支增长所抵销。
公司去年盈利表现差过预期,故该行亦微调2021及22财年的预测,以反映今年首季表现强。(el/k) ~
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