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富瑞:下調中興(0763.HK)目標價至28.2港元 評級“買入”

富瑞發表研究報吿指,中興通訊(0763.HK)公佈去年度業績,其中去年第四季收入較該行及市場預期分別低7%及4%,表現令人失望,季度綜合毛利率僅達31%,低於富瑞及市場預期的38%及36%,相信業績遜預期主要由於5G出貨延遲導致訂單入帳亦推遲,以及各項業務毛利率略有下降所致,該行維持中興“買入”評級,目標價由36.82港元降至28.2港元,相當預測今年市盈率12倍(此前14倍)。

該行指出,考慮到中國在2021年僅增加65.4萬個5G基站,低於預期的69萬個,其中41%集中於第四季建設,由於入帳通常在交付後約2至4個月,因此認為運營商第四季業績轉差亦不足為奇,預期去年第四季完成的訂單將於今年上半年入帳。

富瑞指中興通訊去年第四季錄得13億元人民幣的資產減值,主要是由於庫存估值調整,為應對供應鏈緊張,中興原材料及零部件庫存近年持續提升,當中有部分組件為超過一年前的舊存貨。富瑞指出,相關減值未有影響現金流,去年第四季經營現金流更按季增長10%。

富瑞又指,近日中興遭到拋售,主要由於有前員工牽涉到一宗美國簽證欺詐案件。市場擔心若法院認定公司不合規,中興可能會被列入美國實體清單。富瑞認為中興通訊並未在簽證欺詐案中被點名,相關可能性很小。

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