《大行報告》花旗上調中興(00763.HK)目標價至16.7元 評級「沽售」
花旗發表的研究報告指,中興通訊(00763.HK)今年首季淨利22億元人民幣(下同),按年增長179.7%,如撇除轉讓Caltta Technologies收益,首季淨利按年升99.5%,主要受惠收入增長及利潤改善,該行認為業績對市場無大驚喜,而盈利亦大致符之前初步公布的數據,相關因素已反映在股價上。該行估計5G發展及內地新基建將有助公司今年收入增長,惟中美糾紛將為其國際市場份額帶來壓力,而疫情下全球5G投資減慢亦會影響到其盈利增長,維持「沽售」評級,目標價由16.5元升至16.7元。
該行指出公司首季收入262億元,按年升22.1%,主要受惠營運商網絡業務錄雙位數增長,而政府、企業及消費者業務亦有顯著增長,期內毛利率升6個百分點至35.4%,主要受惠營運商網絡業務利潤改善。花旗認為今年首季公司經營開支錄強勁增長,主要因為去年同期基數較低,期內研發開支、銷售及分銷開支和開支分別按年增29.4%、27.8%及19.5%。
管理層維持今年收入增長指引15%不變,該行相信考慮到首季收入表現,目標可達到,而其收入增長主要受惠內地電訊商資本開支及政府、企業業務前景正面。(el/a) ~
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