《大行报告》花旗下调联通(00762.HK)目标价至4.45元 评级「中性」
花旗发表的研究报告指,维持对中国联通(00762.HK)「中性」评级,认为公司面对盈利逊同业的风险,主要因为用户及收入增长呈弱势,将公司目标价由5.35元降至4.45元。
该行引述管理层指,公司目标2021年流动服务收入增长将高於2020年的0.2%,而流动ARPU则持续改善,管理层亦期望固网服务收入在2021年可维持强劲增长,并预期工业互联网网年度收入未来三年将增逾两成。展望将来大数据、IoT及云业务增长将快过IDC业务,另外管理层期望净利可维持强劲增长势头,意味增长速度将与2020年的10.3%增长类近。
在5G发展方面,联通维持整体资本开支在700亿元人民币(下同)水平,而5G资本开支未来两年则为350亿元,公司计划与中电信(00728.HK)透过网络共享於2021年增加32万个5G基站,料明年前将有100万个5G基站正在使用。另外公司亦计划聚焦於智能城市、智能生产等领域,助推动5G在企业方面的应用等。该行相信来自5G的垂直扩张有望带来新收入,长远而言将成公司增长引擎,不过估计仍需额外两年时间才建立出可行的商业模式。
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