一文综合券商於联通(00762.HK)公布季绩後最新评级、目标价及观点
联通(00762.HK)今早股价表向好，最新报4.61元升1.5%。联通昨日(21日)收市後公布截至今年首季业绩，收入合计822.72亿元人民币按年升11.4%；纯利38.43亿人民币按年升21.4%。摩根士丹利表示，联通首季业绩符合预期，收入及EBITDA大致符合预期，纯利则优於预期，指期内服务收入增长稳固，受益於5G业务ARPU提升及行业理性竞争，重申对其「增持」评级及目标价7元。
联通首季整体服务收入按年升8.2%至739.24亿人民币；移动服务收入增8.8%至410.71亿人民币；固网服务收入增8.1%至323.01亿人民币；产业互联网业务收入增25.9%至144.08亿人民币。首季EBITDA为236.4亿人民币，按年微升0.3%。5G用户按季净增2,102.2万户，至9,185.2万户。
【首季业绩符预期 5G业务ARPU升】
中银国际发表研究报告指，联通今年首季服务收入按年增8.2%，超出该行预期3.4%，主因移动ARPU增逾11%所带动。净利润按年增长21.4%，比该行原预期高出8.1%，该行重申联通「买入」评级，目标价维持8.4港元不变。
花旗表示，联通今年首季服务收入按年增8.2%，对比2020年增长4.3%，料受移动服务收入及工业互联网收入增长强劲所动，料市场对公司季绩反应正面，但关注行业在今年第二季进行宣传後竞争或会加剧，关後未来的毛利压力，维维持其「中性」评级，目标价5.35港元。
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本网最新综合11间券商其投资评级及目标价：
券商│投资评级│目标价(港元)
摩根大通│增持│10.5元
中银国际│买入│8.4元
里昂│买入│7.7元
德银│买入│7.5元
瑞银│买入│7元
摩根士丹利│增持│7元
招商证券国际│买入│7元
高盛│买入│6.5元
瑞信│跑赢大市│6.35元
中金│跑赢行业│6.1元
花旗│中性│5.35元
券商│观点
摩根大通│收入强劲，EBITDA令人失望，总体业绩仍属良好
中银国际│首季服务收入胜预期，净利润增长较预期高8.1%
里昂│5G将提供更多数据容量以带动移动业务重新发展
德银│服务收入增长带动首季业绩表现强劲
瑞银│预计全年ARPU大致持平，销售和营销成本管理良好
摩根士丹利│5G ARPU提升带动移动服务收入理想
招商证券国际│首季业绩优於预期，移动ARPU表现亮眼
高盛│首季ARPU强劲增长，上调2021-2023年收入及EBITDA
瑞信│受5G普及推动，ARPU按年增11.3%胜预期
中金│首季业绩符预期，5G用户净增表现亮眼
花旗│估计行业竞争加剧，担忧盈利受压
(ta/w)
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