華泰證券:中國運營商行業價值重估可待
格隆匯12月14日丨華泰證券研報認爲,中國電信運營商在行業政策、競爭環境、成長預期以及經營效率等方面正在經歷顯著變化。5G商用以來,在國內5G用戶滲透率快速提升,以及在運營商行業競爭有望趨於理性背景下,國內運營商移動業務營收有望於未來三年持續回暖。另一方面,5G應用發展有望催生ToB市場機遇,未來企業上雲和數字化轉型將給運營商帶來更爲廣闊的增長空間,產業數字化業務有望成爲國內運營商新的增長點,營收佔比有望持續快速提升。5G時代,運營商有望在業績增長提速、回報期延長、資本開支及費用可控等驅動下取得長期良好的投資回報,行業價值重估可待。
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