一文了解券商於中移动(0941.HK)公布季绩後最新评级、目标价及观点
中移动(00941.HK)今早股价偏淡，现跌0.8%报51.95港元。该股昨晚公布今年首季度业绩，录得纯利241亿人民币按年增长2.3%。EBITDA为721亿人民币增长5.2%；EBITDA率36.3%，下降1.5个百分点。摩根大通指中移动首季EBITDA及移动业务ARPU回增长，料影响正面；瑞银则指中移动首季业绩符合预期，指公司移动业务ARPU持续上升，显示正面讯号，并对其今年余下日子前景感乐观，维持「买入」评级。
中移动首季营运收入1,984亿人民币增加9.5%。其中，通信服务收入1,777亿人民币增加5.2%；销售产品收入及其他208亿人民币，增加67%，主要由於终端市场5G手机机型的丰富及价格门槛降低，手机销售量大幅增长。移动ARPU为47.4人民币增长0.9%；集团将持续推进基於规模的价值经营，力争全年移动ARPU企稳回升。
【季绩符合预期 移动ARPU升】
花旗表示，中移动首季利升2.3%，相当於该行及市场同业预测其今年纯利的22%，认为其盈利稳定增长，指移动业务ARPU持续改善中及DICT(大数据时代DT(Data Technology)与IT、CT(通信)的深度融合)收入增长，公司首季服务收入按年升5.2%(对比2020年增长3.2%)，指公司目标定及服务收入表现健康，维持「买入」评级及目标价76元。
高盛发表报告表示，考虑中移动首季度EBITDA按年增长5.3%，按季增长5.7%，意味着服务EBITDA利润率稳定在40.6%，净利率为12.1%见显着改善下，可见公司致力於实现稳定，健康的EBITDA及净利润增长。该行上调其2021年至2023年收入预测至多约1%，基於现金流健康稳定，上调对其今年每股盈利预测由5.31元升至5.35元人民币，将其目标价格从54港元上调至54.3港元，此按现金流折现率作估值，维持其「中性」评级。
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本网最新综合7间券商其投资评级及目标价：
券商│投资评级│目标价(港元)
里昂│买入│80元
瑞信│跑赢大市│79.5元
花旗│买入│76元
瑞银│买入│76元
汇丰环保研究│买入│70元
摩根大通│增持│73元
高盛│中性│54->54.3元
券商│观点
里昂│首季净利润符预期，料全年保持约5%服务收入增长和稳定收益
瑞信│首季净利润按年增2.6%符预期
花旗│料今年服务收入/净利润可保持稳定健康增长
瑞银│首季移动ARPU增1%，扭转去年第四季下降趋势
汇丰环球研究│首季EBITDA复苏，5G步伐加快成为服务收入增长催化剂
摩根大通│首季EBITDA和移动ARPU恢复增长
高盛│收入趋势持续，EBITDA毛利率稳定
(ta/w)
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